PHN with €40 million financing for Domaniewska, boasts good H1 results

Real estate holding PHN has signed a loan agreement with Bank Pekao and Pekao Bank Hipoteczny which will provide financing for its Domaniewska Office Hub office project, currently at early stages of construction in Warsaw’s southern Mokotów district. The loan includes PLN 67.94 million and €22.94 million, as well as an additional renewable credit line of PLN 19.4 million for VAT payments. “Obtaining the financing is a significant step getting us closer to a timely completion of the investment and its delivery to tenants,” said Włodzimierz Stasiak, member of PHN’s board. The Domaniewska Office Hub will consist of two class A office buildings, with a total GLA of 27,000 sqm. It is scheduled for completion in Q2/Q3 2015. PHN recorded PLN 12.7 million of consolidated net profit in H1 2014, against a loss of PLN 16.3 million it saw in the corresponding period of 2013. The firm’s operating profit stood at PLN 3.2 million (a PLN 22.9 million loss last year), while its consolidated revenue stood at PLN 78.5 million for the first six months of the year, compared to PLN 92.20 million in 2013.