Dentons has advised Santander Bank Polska, Erste Group Bank, and Rand Merchant Bank on their EUR 145.2 million loan extended to EPP and Echo Investment for the refinancing of the Galeria Mlociny shopping center in Warsaw. Clifford Chance advised EPP and Echo Investment.
"It is the first such large-scale transaction on the Polish retail property market since the pandemic," Dentons announced. "The financing was classified as meeting the EU taxonomy for sustainable activities because Galeria Mlociny complies with the environmental objective of adapting to climate change."
According to the firm, Galeria Mlociny is one of the newest shopping centers in Warsaw and holds the BREEAM In-Use certificate at the Excellent level. The building offers about 81,000 square meters of retail and office space with more than 200 shops and 50 cafes. Retail real estate asset manager EPP owns a 70% stake in Galeria Mlociny, while developer Echo Investment holds the other 30%.
The Dentons team was led by Partner Bartosz Nojek and Counsel Patrycja Polasz and included Co-Managing Partner Bartlomiej Kordeczka, Counsel Pawel Dlugoborski, and Associates Katarzyna Kaptur, Aleksandra Grzeskowiak, and Karolina Kordulska.
The Clifford Chance team included Partner Milosz Golab and Associates Bartosz Zielinski and Krzysztof Burda.
Editor's Note: After this article was published, CEE Legal Matters learned that DLA Piper's Vienna office advised Erste Bank on Austrian law aspects of the transaction. The firm's team included Partners Marcell Nemeth and Dimitar Hristov and Senior Associates Michail Fouzailov and Lukas Krenn.
