London-listed office investor CLS Holdings announced that it has completed the refinancing of 19 French loans valued at EUR 128 mln, and raised an additional EUR 35 mln.
London-listed office investor CLS Holdings announced that it has completed the refinancing of 19 French loans valued at EUR 128 mln, and raised an additional EUR 35 mln.
CLS also raised SEK 300 mln (about EUR 33 mln) through a revolving credit facility in Sweden.
As a result of the financing deals, CLS has over £225 mln (just under EUR 250 mln) of firepower available to it in cash, corporate bonds and undrawn facilities.
The French loans were financed by Landesbank Saar and Société Générale. Saar LB provided EUR 100 mln, comprising 15 loans with maturities of between five and seven years. The other EUR 28 mln was raised from Société Générale in four loans, each of seven years, with a weighted average loan-to-value of 70% and a margin of 1.5% above Euribor.
Separately CLS signed the SEK 300 mln revolving credit facility with Danske Bank for working capital purposes.
CLS has a property portfolio in London, France, Sweden and Germany valued at £877 mln at end-December 2010.
