Cedet gets Polish Investments loan

State-owned Bank Gospodarstwa Krajowego (BGK) has announced it would provide an €56.5 million loan to Immobel for the redevelopment of the Cedet building in downtown Warsaw. The financing comes from the Polish Investments program. The retail and office scheme is located on Al. Jerozolimskie and ul. Krucza in Warsaw. Its reconstruction is set to be completed in Q1 2017. The redeveloped scheme will comprise 22,050 sqm of GLA and feature 7 storeys above ground and 4 underground levels. It will combine office and retail functions, with 15,000 sqm designated for offices on levels 1 through 7 and 7,050 sqm for retail units on floors -1, 0 and 1. Levels -4 through -2 will feature parking for 140 cars.