Dentons’ Banking and Finance team in Warsaw advised HB Reavis on the €350 million financing granted to its three subsidiaries by a multinational syndicate of banks (Santander Bank Polska, Helaba, Bank Pekao and UniCredit) for the construction of Varso Place, HB Reavis’ flagship development in Warsaw. This is the largest construction loan in the history of the Polish real estate market.

Dentons’ legal advice involved the preparation of the term sheet, comments, negotiations and participation in the execution of the transaction documents. Lawyers assisted HB Reavis on the fulfilment of the conditions precedent to the disbursement, as well as on the tax and hedging-related issues. Lawyers from Dentons’ network in the Netherlands, Luxembourg, Slovakia and the Czech Republic supported the transaction in respect of the foreign aspects of the financing, including the issuance of foreign legal opinions and a legal memorandum.

Partner Mateusz Toczyski, Head of Dentons’ Banking and Finance practice in Europe, supervised the project. Counsel Bartosz Nojek and Piotr Nerwiński led the transaction team with the support of associate Magda Kulesza. Counsel Tomasz Krasowski advised on tax issues.

The development of Varso Place is already underway, at the corner of Al. Jana Pawła II and ul. Chmielna, right next to Warsaw Central Railway Station. It will be an exceptional complex of approximately 144 500 sq. m. space for business, local residents and tourists. Comprised of three buildings, Varso Tower will be the most distinctive – a 53-floor high-rise building topped by a spire soaring up to a height of 80 meters. This, the tallest building in Poland (310 meters), designed by the renowned international architects Foster + Partners, will mainly accommodate well-appointed offices. A particular feature of the building will be a terrace at 230 meters (double the height of the Warsaw Palace of Culture and Science terrace) from which viewers will be able to admire the city’s panorama. A restaurant on the 46th and 47th floor of the building will offer its patrons spectacular views of Warsaw and beyond. On the ground floor of the two lower buildings (Varso 1 and Varso 2), there will be small shops, service facilities, restaurants and cafes. Varso Place is expected to creep onto the Warsaw skyline gradually, with Varso 1 coming into view in 2019, followed by Varso 2 in 2020 and Varso Tower in 2021.

HB Reavis is an international property developer specializing in building workspaces. It identifies investment opportunities, designs, builds and manages its assets, from bespoke headquarters and retail malls to co-working spaces. It has delivered 1 million sq. m. of space since 1993, and currently has projects in the UK, Poland, the Czech Republic, Slovakia, Hungary and Germany.

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