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Deal 5: Matthias Schultz, CFO of Trei Real Estate GmbH on Financing for Polish Subsidiaries from Deutsche Pfandbriefbank

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On October 8, 2020, CEE Legal Matters reported that JDP had advised Trei Real Estate GmbH on financing of EUR 51 million it received for its Polish subsidiaries from pbb Deutsche Pfandbriefbank, a German specialist lender for commercial real estate finance. CEEIHM spoke with Matthias Schultz, CFO at Trei Real Estate GmbH, to learn more about the financing.

CEEIHM: Please tell us a few words about Trei Real Estate.

Matthias: Trei Real Estate GmbH, with its headquarter in Dusseldorf, Germany, invests, develops, and manages tailor-made and sustainable residential and commercial properties. In the context of our long-term strategy, we – as a wholly-owned subsidiary of the German Tengelmann group – focus on real estate investment in Germany, Poland, the Czech Republic, Slovakia, Portugal, and the USA. In addition to our portfolio of approximately EUR 1.2 billion, Trei has a pipeline of property developments totaling approximately EUR 960 million. Under the Vendo Park brand, we build and lease retail parks in Poland, the Czech Republic, and Slovakia. 

We’re also focused on the development of residential properties in the USA, Poland, and Germany and have approximately 3,800 residential units under development or planning in three markets in total.

CEEIHM: What is the financing intended for?

Matthias: It is used for the financing of our investments and the implementation of our strategy. Specifically, it’s intended for the development of our Vendo parks and residential properties in Poland.

CEEIHM:  Why was it preferable to secure financing for the Polish subsidiaries from a German lender rather than a Polish one?

Matthias: As the Polish economy continues to develop well, the Polish market is generally becoming more and more attractive for German banks. In this case, however, they were also able to offer better conditions than Polish lenders.

CEEIHM: What would you say was the most complex aspect of the deal from a legal perspective?

Matthias: The coordination between German and Polish law and legal understanding. Overall, however, due to the good cooperation with the bank, the bank's law firm, and our law firm, we kept the coordination process as simple as possible, so that there were no major problems.

CEEIHM: What were the considerations based on which you chose JDP as your legal advisor on this matter?

Matthias: The long-term cooperation, and therefore the great trust. JDP has extensive knowledge of both Polish and German law. In addition, JDP is always very oriented to results and to clients.

Originally reported by CEE In-House Matters.

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