CMS advises on the financing of Galeria Północna in Warsaw

CMS has advised Globe Trade Centre S.A. (GTC) on the financing of Galeria Północna in Warsaw – one of the largest investments in Poland’s shopping centre market in recent years. The credit agreement with Bank Pekao S.A. for the construction of the shopping and entertainment centre in the north-east of Warsaw includes a EUR 116 million construction loan and a EUR 150-175 million investment loan.

GTC Group has built more than 60 commercial properties across the CEE region. Its investments in Poland include Galeria Mokotów in Warsaw, Galeria Jurajska in Częstochowa and Galeria Kazimierz in Krakow. Completion of the new centre in Warsaw is planned for 2017.

CMS’s Konrad Werner, legal advisor and senior associate in the Banking and Finance Department, led the negotiation process for the credit documentation on behalf of GTC.

Galeria Północna is one more GTC investment which has benefitted from the participation of CMS. CMS previously advised both GTC’s lenders (e.g. on financing for the Newton and Edison office buildings in Krakow) and GTC (e.g. on financing for the Platinum IV and V office buildings in Warsaw and the Pascal office building in Krakow, as well as on refinancing for Galeria Kazimierz in Krakow and Galeria Mokotów in Warsaw).