CMS advises Erste Group and Erste Bank Polska on financing for the Elektrownia Powiśle mixed-use project in Warsaw
CMS has advised Erste Group and Erste Bank Polska on the €172m long-term refinancing of the mixed-use Elektrownia Powiśle project in Warsaw, Poland. The transaction represents one of the largest single-asset real estate financing transactions completed in Poland in 2026.
The facility is structured under a facility agreement governed by Polish law based on the Loan Market Association (LMA) standard, accompanied by a comprehensive set of Polish law governed security documents. The financing arrangement addresses the multi-borrower structure, with five borrowers acting as parties to the documentation from the outset. The transaction also involved cross-border elements, including Austrian stamp duty considerations in respect of Erste Group.
Elektrownia Powiśle is a mixed-use development in central Warsaw comprising more than 54,000 sqm of Grade A office space, a flagship food hall and entertainment section, convenience retail, hospitality and residential buildings, all of which are owned by the borrower companies. Since its opening in 2020 and following the revitalisation of Warsaw’s historic power plant, Elektrownia Powiśle has become one of Poland’s leading mixed-use developments.
The transaction is notable for its multi-asset, multi-borrower financing structure, bringing together office, retail, hospitality and residential components under a single facility. The involvement of both an Austrian parent bank and its Polish subsidiary adds a cross-border dimension, requiring careful coordination across jurisdictions. This is the first financing transaction jointly executed by Erste Group and Erste Bank Polska following Erste’s expansion into the Polish market.
Elektrownia Powiśle is a joint venture between majority owner EPISO 4, a fund managed by Tristan Capital Partners, and White Star Real Estate, minority owner and developer of the project. CMS provided comprehensive lender-side legal support, including legal due diligence, drafting and negotiation of the finance documents, hedging documentation review, conditions precedent support, Polish law legal opinion, pay-off letter review, Austrian stamp duty advice, VDR management and preparation of the transaction bible.
The CMS team was led by Kamila Singer, supported by Natalia Wysk-Konieczna and Mateusz Tymowski and supervised by Jakub Podkowa. The legal due diligence was prepared by the Real Estate team led by Dominik Rafałko and supported by Aleksandra Rudnicka and Magdalena Lech.
