Briefs

EBRD to buy Rheinhyp-BRE's mortgage bonds

The European Bank for Reconstruction and Development is to buy mortgage bonds totalling EUR 54 mln (EUR 25 mln and USD 25 mln) from Rheinhyp-BRE Mortgage Bank over a 3-year period. BRE Bank SA will act as arranger, dealer and depository for each of the bond issues. Noreen Doyle, First vice-President of EBRD, who signed the deal in Warsaw, said that by supporting the issuance of mortgage bonds (the proceeds of which are used by mortgage banks to finance mortgage loans), made more funds available for long-term, lower cost mortgages. Piotr Cybert, President of Rheinhyp BRE's management board, said that EBRD's engagement ,underscores the high level of safety characteristic to such mortgage bonds and should convince other potential investors to invest in the bonds - a new financial instrument in Poland." Sven Torsten Kain, Managing Director of Rheinhyp in Warsaw, said; ,We believe that this step by EBRD is something comparable to the international recognition of Polish mortgage bonds and we at Rheinhyp - BRE are proud to be taking part in such transactions.
The business we did last year encouraged us to seek this and our ambitious plans for 2002 also require new solutions concerning the funding of our bank."
Rheinhyp BRE mortgage bank, in which Rheinhyp-Rheinische Hypothekenbank AG and BRE Bank SA are equal shareholders, was set up in 1999.

4th mortgage bank

The vice-Minister of Finance, Jacek Bartkiewicz, has announced the establishment of a fourth mortgage bank under the Polish mortgage bonds and mortgage banks law. Two-thirds of the capital for the new bank will be delivered by PKO BP bank and the rest by Bank Gospodarstwa Krajowego. The three other mortgage banks in Poland are HypoVereinsbank, Rheinhyp-BRE and Slaski Bank Hipoteczny.

ING Warsaw office

Prague-based ING Real Estate Asset Management Central Europe has opened an office in Warsaw. Its main aim is to manage properties developed by ING Real Estate, including the Holland Park office and retail building on Plac Trzech Krzyzy. The company is preparing to launch its Central European Property Fund soon.

Merger final stages

The final stages of the merger between German mortgage banks Eurohypo (Deutsche Bank group), Deutsche Hypothekenbank (owned by Dresdner Bank) and Rheinische Hypo (Commerzbank), are underway. Following the agreements, 35,9% of stock in the new bank will belong to Deutsche Bank, 35% to Commerzbank, and 29% to Dresdner Bank.

Mercedes buys Kinopolis site

Mercedes has purchased a 52,000-sqm site on Al. Jerozolimskie from cinema operator Kinopolis in a deal brokered by international real estate consultancy DTZ. The site, located between Castorama and the Kopernik office development, will house Mercedes' headquarters and main showroom facility.

Stewart introduces Escrow

Stewart International, a subsidiary of US-based Stewart Title Company, has increased its service to include Escrow settlement services and loan registration GAP coverage. The Escrow service includes the surety and full indemnity of Stewart with guarantee of up to USD 250,000,000 per transaction. The GAP coverage, available to international lending institutions, is designed to allow lenders to fund loans prior to registration in the perpetual book.