Gránit Pólus Group has refinanced the Westend mixed-use complex with a 290 million euro green loan provided by a banking consortium led by Erste, the company announced on Monday.
The financing is being provided by Erste Group Bank AG, Erste Bank Hungary, UniCredit Bank and K&H Bank, with Erste acting as the lead arranger.
Under the agreement, the consortium will replace Westend’s previous financing with a new long-term loan facility. According to the company, the 290 million euro transaction is one of Hungary’s largest real estate refinancing deals and sets a record for financing secured by a single property in the country.
The loan is secured by the Westend complex, the most valuable asset in the Gránit Pólus portfolio.
Westend welcomes nearly 20 million visitors annually and features more than 50,000 square metres of retail space with over 400 shops. The complex also includes approximately 16,000 square metres of office space across three office towers and a 230-room hotel operating under the Crowne Plaza brand.
The company said the property’s strong market position and proven long-term value were reflected in the improved financing terms.
A key feature of the refinancing is that it qualifies as a green loan. The financing became possible following sustainability and energy-efficiency investments worth around €10 million carried out at Westend in recent years.
As part of the programme, Gránit Pólus improved the building’s energy efficiency, increased the share of renewable energy sources to nearly 80 per cent, introduced nature-based solutions, implemented artificial intelligence-powered building management systems and completed a range of technical upgrades.
According to the company, these improvements have transformed the more than 25-year-old complex into one of Central Europe’s most technologically advanced commercial properties.
Gránit Pólus noted that the agreement marks another milestone in its nearly decade-long partnership with the financing banks, which have supported Westend since 2017.
The company added that the refinancing demonstrates both confidence in Westend’s commercial performance and the growing importance of sustainability and energy efficiency in commercial real estate financing decisions.
Related articles:
At a time when public debate is increasingly polarized and superficial, Hungarian Conservative remains committed to depth, intellectual honesty, and independent conservative thought.
Producing high-quality journalism requires resources. Your contribution helps us expand our coverage, reach new audiences, and keep our content accessible.
Please consider supporting our mission.
