At a time when many local Polish players are having difficulties finding financing due to tighter conditions and lack of track record, Belgian developer Ghelamco claims it is at a distinct advantage.
'The worsening credit conditions have worked in our favour,' says Jeroen van der Toolen, the group’s managing director of Central and Eastern Europe. 'A large part of the smaller, local players in Poland still have difficulties in securing financing. For those of us who continued to have backing from lending institutions throughout the crisis, this means less competition in the market,'he explains in an interview with PropertyEU.
Ghelamco recently announced a string of new development projects in Poland after cashing in on the sale of its Crown Square office project in Warsaw to Invesco Real Estate for EUR 64 mln. With the development spree, the company hopes to capitalise on the lack of high-quality office product in Warsaw at a time when investor interest in the Polish capital is rising.
The Belgian company was one of only three developers that received bank credit (€60 mln) in Poland in 2009 for the construction of new buildings.
The full article appears in the March edition of PropertyEU Magazine. Click on the link below to subscribe | 
.jpg)
