Arcona Property Fund N.V. agrees major refinancing in Poland
9 March 2021
Arcona Property Fund N.V., a listed fund that invests in commercial real estate in Central Europe, has agreed terms to refinance the majority of its Polish portfolio. The refinancing will cover Arcona Property Funds entire freehold portfolio in Poland, comprising one modern office building and seven supermarkets, with a current gross value of EUR 24.9 million.
Detailed terms have been agreed with a major regional bank to replace both the current loan with BNP Paribas Bank Polska on the seven supermarkets and the loan from DNB Bank Polska which finances the Maris office building.
The new loan, in the sum of EUR 14 million, will have a term of five years and an annual interest rate of 6-month Euribor plus 2.95%. The loan-to-value after refinancing will be 47.4%. The weighted average maturity of all debt rises from 1.6 to 3.1 years.
Arcona Property Fund N.V. expects to complete documentation on the loan within the next 4-5 weeks.
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Arcona Property Fund N.V. agrees major refinancing in Poland 9 March 2021 |
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