Immoconsult, a subsidiary of Osterreichische Volksbanken, has arranged project financing for four developments in central Europe, with a total value of some $25m.
In Warsaw, it has provided a credit facility of $14m for Mahler Project’s Ochota office park. The scheme has already attracted top name tenants including Hewlett-Packard and Ford.
In Bratislava, Immoconsult is funding a development of the Erdodi palace to the tune of $2.2m. Tenants include Price Waterhouse and Gaz de France.
In Szombathely, Hungary, it has provided a $2.5m loan for the Arkadia Shopping Centre, which is to be anchored by a subsidiary of the German retailer Tengelmann. The developers are three Hungarian businessmen.
And it is financing another shopping scheme on the periphery of Budapest, by an Austrian developer, to the tune of $4m.
Immoconsult advises on the best financing structure for projects and helps progress them through the legal and tax hurdles. It also sometimes takes equity stakes in projects; for example, it provided 40% of the equity for the 6,000 m2 Nagymexo II office development in Budapest XII.
