4th Mar 2014 12:52
LONDON (Alliance News) - European industrial real estate investment trust Hansteen Holdings PLC Tuesday said it has refinanced two loans secured against its German portfolio with two new loans totalling EUR343 million.
The UniCredit loan, due for repayment in February 2015, has been refinanced with a EUR235 million five-year facility provided by a consortium of lenders, including Landesbank Hessen-Thüringen Girozentrale (Helaba), Natixis Pfandbriefbank AG, SEB AG and various entities managed or advised by AXA REIM SGP.
The loan-to-value ratio is 51% with hedging against 80% of the loan which results in an interest cost of 3.5% per annum excluding fees, according to Hansteen.
The second loan, from Lloyds Banking Group PLC, which is due to expire in October 2014, has been refinanced with a EUR108 million five-year facility from HSBC PLC at a loan-to-value ratio of 48%.
Hansteen said it has hedged EUR55 million of the loan with an interest rate swap, resulting in an average interest cost of 2.9% per annum, excluding fees.
"It is a testament to the strength of our business model that we have been able to raise two substantial new loans on multi-let industrial property in Germany. The terms equate to less than 4% per annum gross interest costs, including amortised fees, and we are delighted with our new banking relationships," Ian Watson, joint chief executive, said in a statement.
Hansteen shares were Tuesday quoted at 111.89 pence, up 1.3%.
By Samuel Agini; [email protected]; @samuelagini
Copyright © 2014 Alliance News Limited. All Rights Reserved.
Related Shares:
HSTN.L