Innovation District IT Park in Lviv Attracts €81,5 Million Loan

07 Apr, 2021

Poland’s largest state-owned bank BGK (Bank Gospodarstwa Krajowego) has agreed to provide a loan for the construction of the Innovation District IT Park, a large-scale infrastructure project of the Lviv IT industry.

Development Group LLC has received approval from Poland’s largest state-owned bank, BKG, for an €81.5 million loan to build the Innovation District IT Park. The technology park with offices for 10,000 tech employees, a multifunctional center and research labs will be located at the intersection of Stryiska and Chmola streets in Lviv.

The total cost of IT Park’s first stage of construction is €136 million. The first stage of construction is estimated to be completed by the second half of 2023.

The project is implemented with the participation of a local investor and the largest real estate fund in the world and with the support and partnership of the Lviv IT Cluster. The general construction contractor will be one of the largest construction companies in Poland Unibep. “We are happy that in such a difficult and uncertain time BGK believed in us and in the success of this project. IT Park is the largest real estate project since Ukraine gained its independence. “Think globally, act locally” is the approach we are guided by,” the local investor comments.

“We’ve been waiting for the bank’s decision for a long time, the investors of the project expected to receive the updates on loan negotiations in February 2020. However, due to the corona crisis, banks around the world suspended important financial decisions. We are glad that the investors of the project received a positive response from the bank and we can say with confidence that the project is moving forward,” comments Stepan Veselovskyi, CEO, Lviv IT Cluster.

Innovation District IT Park is an extremely important project for the city and the tech community since it will offer tech professionals a high-quality space for work and study. In addition to office spaces, the IT Park will also house a lab campus accessible to scientists and students from various educational institutions of the city. The idea behind the educational component of the project is to give students the opportunity to apply the acquired theoretical knowledge in practice, study at the epicenter of the tech industry, attend events and internships in tech companies, located just a few steps from the university. The project already has its first residents, including such tech companies as GlobalLogic, N-iX, Intellias, SoftServe, and Perfectial.