Arcona Property Fund N.V. refinances Czech portfolio
18 March 2019
Arcona Property Fund N.V., the exchange-listed fund that invests in commercial property in Central Europe, has agreed a refinancing deal with Sberbank CZ for its complete Czech real estate portfolio.
Arcona Property Fund has agreed a new loan facility of € 9.2 million with Sberbank Czech Republic for its Czech real estate portfolio. The facility includes a specific line for capital expenditure of € 390,000 and has a term of 5 years with an interest charge of 3.79% (3M PRIBOR + 1.80%).
The new bank loan replaces the existing € 7.1 million facility with Sberbank which was due to expire shortly. The new loan has the same interest charge as before.
Arcona Property Fund plans to use the € 390,000 capital expenditure facility to improve the quality of its Czech portfolio.
This refinancing takes the Loan-to-Value ratio of the Fund to 52.5%.
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Arcona Property Fund N.V. refinances Czech portfolio 18 March 2019 |
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