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Press release Warsaw, September 17, 2014 The Koszyki Hall Will Emerge with Support of Bank Gospodarstwa Krajowego Today, the agreement on financing the Koszyki Hall project was signed. Bank Gospodarstwa Krajowego will finance the revitalisation of the historic buildings, as well as the development of their surroundings. The project, as part of the Polish Investment Programme, is the first in Mazovia to be co-financed with the funds of the JESSICA initiative. The project, worth approx. EUR 81 million, is financed by Bank Gospodarstwa Krajowego with: - BGK commercial credit as part of the Polish Investment Programme of EUR 60.84 million; - JESSICA loan of PLN 25 million – the funds of the Regional Operational Programme of the Mazovian Province for Years 2007-2013; - revolving VAT credit facility of PLN 13 million. The agreement on financing was signed today at the Bank by Piotr Lasecki, Vice President of the Management Board of Bank Gospodarstwa Krajowego and Przemysław Krych, President of the Management Board of the Griffin Group. “It is not the first time that we have had the opportunity to execute an investment project together with Bank Gospodarstwa Krajowego. The bank is a proven and experienced partner,” said Przemysław Krych, President of the Management Board of the Griffin Group realising the project of the revitalisation of the Koszyki Hall. The conclusion of the agreement on financing is the last stage preceding the launch of the construction process. In August, the executive board of Warsaw issued a final building permit giving a green light to the construction works. The general constructor – Erbud – has been chosen, and a formal ceremony of laying a cornerstone will be held in a few weeks. “We are glad that funds of the JESSICA initiative that we operate will co-finance a project in the heart of Warsaw. A modern building in a functionally developed urban surroundings will emerge,” said Piotr Lasecki, Vice President of the Management Board of BGK, during the event. “This was the main reason why we made the decision to finance the project with a commercial credit provided by the Bank as part of the Polish Investment Programme,” he added. This project is of huge importance to Warsaw. So, it is financed as part of the Polish Investment Programme and with funds of the Regional Operational Programme of the Mazovian Province for Years 2007-2013 within the JESSICA initiative. The purpose of the project is to completely revitalise the Koszyki Hall and its surroundings. The project includes the maintenance and renovation of two existing gate outbuildings, a monumental gate and an administrative building, as well as the reconstruction of the Hall’s main building. Additionally, three A class office buildings will be developed around the Hall. In 2016, there will be 21 000 sq m of office area and commercial area available there. The new Koszyki Hall will combine a modern office area with the old-time hall’s trade tradition in the very heart of Warsaw. The exceptional atmosphere will make the Hall an attractive place to arrange meetings and spend free time. The complex will also offer a few squares open to the public. The biggest one, of 600 sq m, will be located in front of the historic part of the Koszyki Hall. A part of the renovated area will be occupied by non-profit organisations, which on the one hand, will allow public benefit organisations to expand their activity, and on the other – ensure savings in their current activity. The saved resources will be utilised in the non-governmental organisations’ activity according to their statutes. JESSICA (Joint European Support for Sustainable Investment in City Areas) is an initiative the purpose of which is to finance urban development projects. The repayable instrument is used to finance urban undertakings (e.g. in the form of loans) with European funds, which distinguishes the JESSICA initiative from subsidy programmes. After a project is completed, the beneficiary starts to repay the loan, which enables to invest the repaid funds in further projects of serious importance to the development of cities. Implementation of the JESSICA initiative is financed as part of the regional operational programmes of provinces. In this form of financing provincial authorities transfer a part of the regional operational programme funds to the Trust Fund. Then, the so-called Urban Development Funds (UDF) are chosen. Their role is to manage the JESSICA funds and to invest them directly into urban projects via repayable financial instruments, e.g. loans provided on preferential terms. Bank Gospodarstwa Krajowego performs the role of a UDF as part of the JESSICA initiative in three provinces: the Pomerania, the Greater Poland and the Mazovia. Acting as a UDF the bank offers preferential loans to investors executing urban projects that combine a commercial aspect (ensuring repayment of a loan) with social components desirable from the perspective of the local society (e.g. execution of a project enhances the attractiveness of a particular area, attracts investors, improves the quality of life of individuals). JESSICA in the Mazovian Province BGK implements the JESSICA initiative in Mazovia in cooperation with the companies: Agencja Rozwoju Mazowsza S.A. and Mazowiecka Agencja Energetyczna Sp. z o.o. The executive Board of the Mazovian Province spent for this purpose approx. PLN 190 million of the regional operational programme of the Mazovian Province. In other words, the JESSICA initiative is a financial and also repayable support provided to urban projects, offered in the form of preferential loans (with interest as low as 0.5 percent per year, with the maximum repayment period of up to 20 years and a grace period of up to 12 months since the project completion, without any fees or commissions for the loan provision and service). The JESSICA initiative arouses considerable interest; the value of loan applications filed is twice as big as the amount of proceeds entrusted to the Bank. Now, the last urban projects are being evaluated. The projects financed in the Mazovian Province so far include the revitalisation of two historic buildings of the Warsaw University and the railway station in Płock, as well as the expansion of the educational complex of the ‘Helenów’ Society of the Friends of Children in Warsaw. Bank Gospodarstwa Krajowego is the only in Poland state-owned bank. It was established in 1924 by the initiative of Władysław Grabski, the then Prime Minister and Minister of Treasury. Since the very beginning, BGK has been supporting social and economic governmental and territorial self-governmental, as well as regional programmes. Presently, Bank Gospodarstwa Krajowego both executes and initiates numerous programmes enhancing the economic growth of Poland. The Bank is a pillar of the Polish Investment governmental programme as part of which it provides long-term financing of investment projects, including projects of strategic meaning to the national economy and the state interest. The Bank executes export supporting programmes, as well as infrastructural programmes, it develops the surety and guarantee system. It takes part in financing selfgovernmental units, municipal companies and health centres, as well as in executing programmes focused on housing market recovery and offering the Poles access to apartments. It is a leading institution in the process of consolidation of the public finance and the system of flow of European funds. Griffin Real Estate was established in 2006 as a platform for management of funds investing in the real estate sector. Ever since its inception, Griffin has also invested its own assets in real estate. In March 2013, Griffin acquired a strategic investor – Oaktree Capital Management – the cooperation with which it has continued since 2010. Oaktree is an American hedging fund with offices located all over the world. It employs over 650 staff and manages resources of approx. USD 90 billion. Griffin, a leading investor on the Polish real estate market, actively invests in prestigious projects on behalf of the funds it manages. Its strategic objective is to develop a unique real estate portfolio within a few years’ time. The current portfolio of the Griffin Group includes for instance the Koszyki Hall in Warsaw, the Renoma Shopping Centre in Wrocław, the Supersam in Katowice, as well as other office and commercial buildings and plots of land intended for investment. Griffin supports numerous initiatives, such as the Jan Karski Educational Foundation. The facilities owned by the funds managed by Griffin are also a home to artistic projects initiated by Griffin Art Space, an institution established by Griffin to support art and promote its presence in public space. Contact persons for the media: Anna Czyż Spokesman Bank Gospodarstwa Krajowego tel. 22 59 98 067 [email protected] Magdalena Kaca High Profile Strategic Advisors tel. 694 685 098 [email protected]