This refinancing, amounting to €260 million in total, is one of the largest ever granted in commercial real estate in Central Europe.
The project’s initial financing during the development phase in 2014 already set a record in this area. Posnania, the 100,000-sq-m GLA shopping center opened in October 2016 in Poznan, should welcome 15 million visitors by the end of the year, a result that has exceeded targets.
“The long-term refinancing of Posnania is an important step for Apsys and will allow us to accelerate our ambitious five-year development plan: the creation of 300,000 sq m of iconic projects in France and in Poland, in line with Manufaktura, Beaugrenelle, and Posnania,” said Fabrice Bansay, CEO of the Apsys group.
In this transaction, Apsys and Foncière Euris, respective owners of 73% and 27% of Posnania capital, were advised by Stepling and the law firm Dentons; Linklaters represented the banking consortium Berlin Hyp AG, ING Bank Śląski S.A., Société Générale, and Deutsche Postbank AG.