Andersia Tower – the highest building in Poznan debt financing closed!

14.10.2005

Von der Heyden Group, a pan-European investor and developer is pleased to announce to have entered  into a credit agreement with two renowned Polish banks: Pekao S.A. and Kredyt Bank S.A. to finance its flagship mixed-use development in Poznan –” Andersia Tower”.

The total amount of the credit agreement reaches Euro 40 million and will be repaid in 16 years.

As Sven von der Heyden, Chairman of Von der Heyden Group said: “These days developing a hotel in Poland is not an easy task but we are glad that our banking Partners, with whom we have been co-operating partly for many years,  again gave us the trust that an ambitious development such as “Andersia Towers” requires. The Hotel component will be managed by IBB Hotels who already successfully manages another 4 star hotel in Poland, which has also given credibility to the investment. The office component will certainly meet the highest expectations of our future Tenants as all buildings developed by our Group do.”

Adam Trybusz, Managing Director of Von der Heyden Group in Poland said: “Persistence and patience is always rewarded. I have strongly believed in this big project the same I believe in Poland and Poznan, the place where my children have been brought up, Poland – the country of great opportunities.”

“Andersia Tower” is a joint venture between Von der Heyden Group and the City of Poznan. It is the second phase of the Anders Square development and after Poznan Financial Centre was successfully completed in 2001 and sold to AIB Fund in December 2004.

Above-ground construction works of “Andersia Tower” started in September 2005 after a heavily competed tender finally won by a reputable European construction company, Hochtief Polska Sp. z o.o.

“Andersia Tower” will be a mixed-use development comprising 35,000 sqm of office, hotel, and retail space. The lower floors will be used for a ****deluxe hotel with 171 rooms, suites with an executive floor, retail outlets, restaurants, conference centre and a large banquet & ball room for up to 800 people. The hotel will be operated by the Hotel Operator of Spanish origin  – IBB Hotels Polska Sp. z o.o.

The upper floors of the “Andersia Tower” will be designated for class “A” office space and the top floor will feature an exclusive restaurant with a terrace on the roof, offering superior panoramic view of Poznan from 100 meters above ground. The building will have a swimming pool, a fitness club, saunas and steam baths.

The entire development will be built using state-of-the-art technologies and will conform to the most strict standards of “intelligent” facilities as well as set-up standards performed by Von der Heyden Group in its European projects.

Completion is scheduled for spring 2007.

Investment costs are estimated at approximately Euro 53 million.

Von der Heyden Group has a proven track record of successful commercial developments in Poland during 15 years and enjoys the trust of national and international banks and other financial institutions. Since 1989 the companies comprising the Von der Heyden Group have completed an investment program in real estate valued at well over Euro 145 million. In 2005/2006 there are investments under development and/or acquisition in the amount of approximately 75 million EURO in Poznan, Warsaw, Leipzig and Berlin.