Portfolio financing

Fund / Portfolio financing

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

As at 30 June 2019 the ratios were as follows:
 
Equity € 40.36 million
Bank lending € 34.48 million
Convertible bonds       4.49 million
Seller loan € 4.71 million
Loan € 2.00 million

The loan to value ratio of the entire portfolio (including convertible bonds and seller loan) is currently 51.3%.

Equity

The equity comprises 3,165,149 shares with a total nominal value of € 40.36 million. The equity reflects an intrinsic value (EPRA NNNAV) per share of € 13.29 as at 30 June 2019.

Bank financing

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

The outline terms of these financing arrangements are as follows: 

Poland

Bank                     BNP Paribas Polska S.A.
Amount  10.1 million
Term 30 November 2021

Interest rate

1-month EURIBOR + 3.25% 

 

Bank                     DNB Bank Polska S.A. 
Amount € 6.08 million
Term 31 May 2020

Interest rate

3-month EURIBOR + 3.00% 

Czech Republic

Bank                     Sberbank CZ, a.s.
Amount € 9.2 million
Term 31 March 2024

Interest

3-month PRIBOR + 1.80% 

Slovakia

Bank                     Slovenska Sporitelna, a.s.
Amount € 11.5 million
Term 30 june 2021

Interest

3-month EURIBOR + 2.45% 

Convertible bond

Arcona Property Fund has placed a convertible bond on the market through a private placement. This convertible bond is not exchange-listed and is not tradeable.

Amount        € 3,500,000
Coupon 6.5%
Term 31 October 2021

Conversion price  

€ 8.76

Seller loan

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

Amount                € 4.71 million
Coupon 6.0%
Term March 2020

Loan

Arcona Property Fund attacted two loans to install a convertible bond of € 1.07 million and a tranche of the BNP Paribas Polska loan.

Amount               € 2.5 million
Coupon 10.0%
Term 1 December 2020

 

Downloads

Structure Arcona Property Fund N.V.
20 February 2018
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: