First CEE deal for Arcapita

The bank has formed two joint ventures with Layetana Developments, a leading Spanish residential developer, to construct approximately 1,500 mid-income appartments in central Warsaw, for a total development cost of over PLN1.1bn.

The joint ventures will be managed from Layetana’s offices in Warsaw and Barcelona. Equity for the projects will be provided by Arcapita and Layetana’s development fund. The financing facilities for the Mokotów project are being provided by KBC Bank. The financing facilities for the Zoliborz project are expected to close in October 2007.