PL

Forest financed

Office & mixed-use development
POLAND A consortium of four banks have provided HB Reavis with a loan of EUR 162 mln to finance the construction of the Forest office park, which is under construction on the edge of Warsaw’s Wola, Śródmieście and Żoliborz districts.

The banks involved in the loan are Santander Bank Polska (the loan agent), BNP Paribas Bank Polska (the collateral agent), PKO Bank Polski (the account agent) and Bank Pekao (the arranger). Dentons advised HB Reavis while the banking consortium was advised DLA Piper on the terms of the loan.

Forest is HB Reavis’ second largest project in Poland so far, the largest being Varso Place in Warsaw city centre. The complex will comprise 78,000 sqm of offices, with restaurants, cafés and other services on the ground floors as well as a green patio. The construction process has been in progress since June 2019.

“HB Reavis’ projects reflect the changes on the labour market – they are designed for those people who are the most valuable commodity of modern organisations. We want our buildings to meet the needs of their users in the best way possible and encourage their greater productivity. At the same time, our focus is on the highest sustainability standards,” insists Peter Pecnik, the CEO of HB Reavis in Poland.

The completion of the first stage of the project has been scheduled for the end of this year. The construction of the above-ground storeys of the buildings facing onto ul. Burakowska is currently in progress. The tallest building (120m in height), located closer to the Rondo Zgrupowania AK ‘Radosław’ roundabout, should come into use by the end of 2021.

Forest has been designed to offer healthy and creative conditions for employees of corporations and start-ups. It will also have the largest floor-plate in the city (almost 8,000 sqm), with corporate tenants in mind, as well as flexible and co-working space. A pedestrian square between the buildings will also be created as well as green areas the size of two football pitches and planted with around 400 trees and shrubs.

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