Investors Liebrecht & Wood and BBI Development have secured €89.6 million in bank financing from Bank Pekao for their under-construction Centrum Praskie Koneser mixed-use project in Warsaw. The loan will be used to finance the construction of the above-ground section of the scheme, with the investors having financed the construction of the underground parking lots with their own equity. “The agreement allows us to secure the full financing for the construction of Koneser,” said Mariusz Kozłowski, the president of the management board at Liebrecht & Wood in Poland.
Meanwhile, Liebrecht & Wood and BBI have selected builder Hochtief Polska as the general contractor for buildings ‘F’, ‘H’, ‘O’ and ‘P’, which will comprise a total of around 32,000 sqm of office and retail space. The construction work on the buildings is set to start later this month and finish towards the end of next year. The investors plan to select the general contractor for the remaining commercial phases of the development by the end of this year. Located in the Praga Północ district of Warsaw, the Koneser investment will comprise a total of approximately 100,000 sqm of commercial and residential space.