Bank loan needed? Be innovative

The great opening of the GPP Business Park’s Goeppert-Mayer building – the first office facility in Poland using the tri-generation system – was celebrated in the last days of August. It seems the green, innovative solutions applied in the project helped the investor to conduct the investment process in spite of higher costs of the construction work and equipment.

Total costs of the undertaking reached PLN 39 million. The investment was half-financed by the European Union funds. The remaining half of the amount was partially supported by a bank loan.

The construction work on the building was started in December 2010 when the vacancy rate of the office space in Katowice stood at the level of 16,8 percent (now it is about 10%). Nevertheless, the authorities of the Upper Silesian Industrial Park (GPP) decided to launch the works on the first office building of the Park.

What had made the project was co-financed by the bank in spite of the difficult situation on the local office market? The question is answered by representatives of DZ Bank, a creditor of the GPP’s undertaking.

„In each investment project, particularly in the property ones, there are a few factors that decide whether the bank grants a loan or not. The first important factor is the investor, his potential and determination. The second thing is the project itself, how far it is interesting” – said Piotr Lisiecki, relationship manager at DZ Bank Polska.

“Also we have to consider if the project is competitive for the market, will the building attract tenants and how many pre-lease agreements are signed. Then we calculate future rental earnings and interest due. After the whole analysis, we have found this project very innovative and interesting and our bank decided to launch out into the undertaking.” – Piotr Lisiecki added.

The amount of the DZ Bank’s financial support is kept confidential.

See the photos of the great opening of the Goeppert-Mayer building >>>