Ghelamco secures financing for The Bridge in Warsaw from Santander Bank Polska

Developer Ghelamco has secured significant financing from Santander Bank Polska for its flagship office complex, The Bridge, located in Warsaw. The financing package includes a construction loan of approximately €181 million, a VAT loan of up to PLN 35 million, and an investment loan of around €185 million.

“The funding will enable us to complete The Bridge on schedule, while also ensuring the highest standards of finishing and implementing cutting-edge solutions. This will be our most technologically advanced and environmentally sustainable project to date. We are confident that The Bridge, like Warsaw Spire, will set a new benchmark for the Polish office market,” said Jarosław Zagórski, Managing Director of Ghelamco Poland. He emphasized the importance of the financing deal with Santander Bank Polska, which is not only providing the loan but has also become a key tenant in the development.

Brendan Long, Head of Property at Santander Bank Polska, praised the project, saying, “We congratulate Ghelamco on its vision to create a fantastic office space in Warsaw, blending modern and historic architecture. Santander Bank Polska is proud to support this market-leading ESG initiative and is committed to backing projects that contribute positively to Poland’s future.”

In September 2024, Santander Bank Polska became the strategic tenant of The Bridge, signing a lease for nearly half of the complex—around 24,500 sqm across 19 floors. This agreement marks the largest lease transaction on the Polish office market since 2022.

The Bridge is a prominent new development in Warsaw’s Wola district, combining a 40-storey skyscraper with the historic building of the former Bello Publishing House. Together, the structures will offer 52,000 sqm of premium office space at Plac Europejski, one of Warsaw’s key business hubs.

Ghelamco Poland, a major player in the commercial real estate sector, has been active in Poland for nearly 30 years, delivering over 1 million square meters of office, residential, retail, and warehouse space. The company’s iconic Warsaw Spire complex remains a flagship development in the capital’s skyline.

Santander Bank Polska, one of Poland’s top universal banks and a subsidiary of Spain’s Santander Group, continues to strengthen its presence in the country. With total assets amounting to PLN 276.65 billion at the end of 2023, Santander Bank Polska plays a significant role in Poland’s financial sector, offering a wide range of services including investment funds, insurance, leasing, and factoring.

Source: Santander Bank Polska and ISBnews