Germany's Alstria Office REIT has announced that it has secured financing for its Dive property portfolio from Helaba Landesbank Hessen-Thüringen.
Germany's Alstria Office REIT has announced that it has secured financing for its Dive property portfolio from Helaba Landesbank Hessen-Thüringen.
In a statement on Tuesday, Alstria said it has agreed a new loan of EUR 42.5 mln, reflecting a loan-to-value ratio of 47%. The bullet loan has a term of seven years, thus improving the average maturity of the company's liabilities from 3.2 to 3.4 years.
The loan will be used to finance Alstria's acquisition of six buildings worth EUR 95 mln in early 2012.
'The new loan is again testimony to the strength of our balance sheet and the trust of the lenders in Alstria’s asset management capability, as the maturity of the loan exceeds the remaining lease length of the portfolio,' said Olivier
Elamine, CEO of Alstria. 'Our recent positive trend in leasing up the vacant space in the portfolio is clearly supportive in this respect.'
