VIENNA, Austria & SOFIA, Bulgaria--(BUSINESS WIRE / ME NewsWire)--UniCredit Bank Austria AG and UniCredit Bulbank AD have jointly underwritten a € 103.3 million senior facility to refinance Business Park Sofia (BPS), the largest office park in Southeastern Europe. The transaction closed in June 2015.
The facility is being jointly provided by UniCredit Bank Austria AG and UniCredit Bulbank AD as mandated lead arrangers and underwriters. UniCredit Bulbank AD is acting as facility and security agent, account bank, and hedge provider of this transaction.
The Business Park Sofia office complex consists of fourteen Class A modern buildings, located in the prime location for business in Sofia. The total built-up area is 187,000 m² and is fully leased to more than 150 international tenants and accommodating more than 11,000 employees. The business park comprises more than fifty percent of Sofia’s central business district currently leased Class A office space. Also, further development of buildings and infrastructure within the park is under consideration.
Lukasz Motyl, Head of Real Estate CEE, at UniCredit Bank Austria AG, said: "We are very pleased to have worked with our partner to support the financing of what is the premier office park in Southeastern Europe. We are very happy that we had a chance to expand our lending relationship with BPS, and its fund sponsor Arco Capital Corporation Ltd., and are looking forward to continue supporting them as they grow their business not only at BPS, but also in the CEE region. The financing of BPS at current time is also a very good example that with appropriate expertise and local know how – in this case provided by UniCredit Bulbank‘s Real Estate Financing team – it is always a good time to finance long term sustainable projects backed by reputable Sponsors.”
Francesco Piovanetti, Chief Executive Officer of Arco Capital Corporation, added: “Arco Capital Corporation, Business Park Sofia and UniCredit have had a longstanding relationship and we are pleased to continue this cooperation. The consolidation of numerous legacy facilities into one master facility, combined with the addition of a strong partner in UniCredit, further enhances BPS’s operational and financial standing. The transaction will increase our leading position in the Sofia institutional office market and solidify our overall flawless financial performance. This is another fine example of how UniCredit is the only pan-CEE financier with the foresight and shrewdness to finance distinctive projects like BPS; only a limited number of sophisticated financiers are able to capitalize in opportunities like this.”