Portfolio financing

Fund / Portfolio financing

Arcona Property Fund is financed by a combination of equity and third-party debt.

As at 30 June 2021 the ratios were as follows:
 
Equity                                                      EUR 43.14 million
Bankfinancing EUR 34.09 million
Two short term loans  EUR 3.50 million
Investorsloan EUR 2.09 million
Three short term loans EUR 1.50 million
 

The loan to value ratio of the entire portfolio (including convertible bonds and seller loan) is currently 46.3%.

Equity

The equity comprises 3,758,683 shares with a total nominal value of EUR 43.14 million. The equity reflects an intrinsic value per share of EUR 11.91 as at 30 June 2021.

Bank financing

Arcona Property Fund has debt arrangements with four regional banks, in Austria, Czech Republic, Slovakia and Bulgaria.

The outline terms of these financing arrangements (after refinancing) are as follows: 

Austria (Polish portfolio)

Bank                                                        HYPO NOE Landesbank         
Amount    EUR 14.0 million
Ter 31 March 2026

Interest rate

6-month EURIBOR + 2.95% 

Czech Republic

Bank                                                        Sberbank CZ, a.s.                  
Amount EUR  8.4 million
Term 31 March 2024

Interest

3-month PRIBOR + 1.80% 

Slovakia

Bank                                                        Slovenska Sporitelna, a.s.      
Amount EUR 9.4 million 
Term 30 September 2024

Interest

3-month EURIBOR + 2.45% 

Bulgaria

Bank                                                        Alpha Bank         
Amount EUR 2.3 million
Term 30 June 2021

Interest

3-month EURIBOR + 4.75%   

Two short term loans.

The convertible bonds have been replaced by two short term loans on November 1, 2021.

 

Amount                                                   EUR 3.5 million                     
Coupon 8.0%
Term Short term

 

 

Investment loan

For refinancing the purchase loan of three leasehold shopping centres in Poland, Arcona Property Fund agreed a loan from the seller of the properties.

 

Amount                                                   EUR 2.09 million                   
Interest EURIBOR + 8.5%
Term 31 March 2023

Loan

Arcona Property Fund attracted three short term loans. Two loans (EUR 1.25 million) end 31 December 2021, the other loan (EUR 250,000) ends 15 Januari 2024.

 

Amount                                                   EUR 1.50 million                  
(Average) Coupon 10.00%
Term 31 December 2021 / 15 January 2024

 

Downloads

Structure Arcona Property Fund N.V.
1 April 2021
Download PDF

The dividend policy for Arcona Property Fund is to pay at least 35% of the annual direct result as a dividend. The target is, within a three to five year time frame from end 2016, to increase annual dividend payments to a level of 8% of the prevailing share price.

Arcona Property Fund counts the following substantial companies amongst its tenants: