23rd May 2023 11:06
(Alliance News) - First Property Group PLC on Tuesday said that it has restructured the loan secured against Galeria Corso, in which it is a shareholder.
First Property is a London-based property fund manager and investor. Galeria Corso, which it holds a 29.1% stake in, is a shopping centre in Swinoujscie, Poland.
The property was valued at EUR25 million as at March 31, against a purchase price of EUR23.9 million in 2016.
As part of the terms of the loan restructuring, the loan expiry date was extended by seven years and the loan size increased by EUR600,000. The loan to value ratio is around 50%.
"To be able to refinance a shopping centre in these difficult markets and secure a cash release is a testimony to the strength of the shopping centre, which has come through lockdowns in very good shape," said Chief Executive Officer Ben Habib.
First Property Group shares were trading 3.4% lower at 27.05 pence each in London on Tuesday morning.
By Holly Beveridge, Alliance News reporter
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