Arcona Property Fund N.V. completes refinancing of Czech portfolio
28 December 2023
Arcona Property Fund N.V (the Fund), a listed fund focusing on commercial real estate in Central Europe, has successfully completed the refinancing of its Czech real estate portfolio. The loan from Česká Spořitelna (CS) to the Fund's Czech subsidiary, which matures in March 2024, will be refinanced by a new five-year loan from UniCredit.
CS recently took over the loan portfolio of Sberbank Czech Republic and indicated to the Fund's Czech subsidiary that it did not wish to extend the loan. UniCredit offered the most competitive financing. The loan, intended to repay the debt to CS, amounts to CZK 145 million (EUR 5.92 million). In addition, UniCredit has made a credit line of up to EUR 2 million available for investments, including in the office building in the center of Prague (PV 10). The interest on the CZK 145 million loan is set at 3-month Pribor plus a surcharge of 2.1%. Initially, the credit line is fractionally more expensive. The term of the loans is set at five years.
With this new financing, the Fund has guaranteed the financial stability of its Czech real estate portfolio.
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Arcona Property Fund N.V. completes refinancing of Czech portfolio 28 December 2023 |
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