Immofinanz Finances Three Properties for $335M

WARSAW-Vienna-based property investor Immofinanz has completed a $335-million refinancing of three major properties in Poland with Frankfurt-based landesbank Helaba. It also opened three new specialty shopping centers Stop.Shop, as well as the first shopping and entertainment centre in northwest Romania, Gold Plaza Baia Mare.

The Polish portfolio includes an award-winning mall in Katowice and two office buildings in Warsaw. “Successful refinancing, especially in economically challenging times, confirms our strategy,” says CEO Eduard Zehetner. The 1.2 million square foot Silesia City Center with 240 retail outlets, acquired in 2005, is the largest mall in Upper Silesia, one of the most important economic centers in Poland. The centre is set to expand by 215,000 square feet and open in autumn 2011. It is fully let and tenant interest is substantial, according to Immofinanz.