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Dentons advises HB Reavis on a record-breaking financing in the Polish market – the refinancing of Varso Place

February 15, 2023

Dentons has advised HB Reavis on obtaining financing for the development of the Varso Place mixed-use building complex in the center of Warsaw. The €475 million financing represents the largest non-portfolio loan in the history of the commercial real estate market in Poland and one of the largest in Central and Eastern Europe. The financing was provided by a consortium of banks, including Santander Bank Polska, Bank Pekao, Helaba and Berlin Hyp.

Varso Place consists of three buildings comprising 144,000 sqm of leasable space, including offices, a hotel, an innovation center and retail units. The centerpiece of the development is the 310m Varso Tower skyscraper that was completed in 2022. Certified by the BREEAM (Outstanding) and WELL (Gold) schemes, the Varso Place complex has won many accolades in the sector, including the “Office Building of the Year”.

Dentons provided comprehensive support to HB Reavis in preparing, negotiating and executing the finance documents as well as advising on the tax and corporate aspects of the transaction.

“Supporting HB Reavis on their investment strategy is always a source of great satisfaction and distinction for us. We are glad that we were able to once again advise the client on an exceptional financing of such a prestigious project as Varso Place,” said Bartosz Nojek, Partner in the Banking and Finance team, who supervised the transaction.

Bartosz Nojek was supported by Aleksandra Czyż (senior associate) and Mateusz Ciechomski (associate) from the Banking and Finance team. The transaction team also included Dariusz Stolarek (partner) and Maciej Sopel (senior associate) from the Tax team, Michał Wasiak (partner) and Natalia Greiner (associate) from the Corporate and M&A team, as well as Katarzyna Bilewska (partner), Wojciech Łysek (counsel) and Radosław Żygadło (associate) from the Litigation and Arbitration practice. A team consisting of Stéphane Hadet (partner), Christophe Renaudin (counsel), Yifan Zhang (senior associate), Jinjing Zheng (associate) and Arnida Alija (associate) from the Luxembourg office advised on Luxembourgish law, and Petra Štrbová (counsel) and Dávid Stanek (associate) from the Bratislava office assisted in connection with the Slovak law aspects of the transaction.

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