Warsaw office specialist Adgar Poland has signed a refinancing deal worth €75.2 mln with an unknown financier.

Warsaw office specialist Adgar Poland has signed a refinancing deal worth €75.2 mln with an unknown financier.

The aim of the deal was to repay bank debt of €64.7 mln and to take up new financing to the value of €10.5 mln.

The new agreement consists of two loans for €54.3 mln and €20.9 mln for the period of 10 and 7 years respectively, carrying an interest rate over 200 bps below that of the previous financing. The lower interest rates are mainly a result of currently lower market rates.

The increased financing and lower interest rates reflect the strong financial standing and confidence of financial markets about the current and future performance of the company, Adgar Poland said.

Recent projects by Adgar Poland include the modernisation of Adgar Park West at Aleje Jerozolimskie in Warsaw, and the creation of AdgarFit, a high-performance sports zone. In Q3 2014 Adgar also expanded its portfolio, acquiring a 14,000 m2 GLA office building in Mokotów, now operating under the name Adgar Wave.

Further growth plans, supported in part by the refinancing deal, include the construction of a new office building and a new data centre on land sites the company already owns, the renovation and re-letting of an office building in Adgar’s portfolio, as well as the purchase of more office buildings.

Adgar Investments & Development is a public company traded on the Tel Aviv Stock Exchange, and acts as the real estate arm of the Zur Shamir group. The company operates in Israel, Canada, Poland and Belgium, and owns 30 income-producing properties with a total area of some 276,000 m2.