Germany's Colonia Real Estate said on Tuesday that it has finalised debt restructuring of its 1,600-asset portfolio in Schleswig-Holstein. Under the refinancing, new contracts with a total volume of EUR 34 mln have been signed with a state-owned development bank, as well as an additional credit line of EUR 8 mln. The interest rate for the entire refinancing is fixed at around 5% per annuam for the next 10 years, the company said. The additional credit will be used to refurbish the apartments in Schleswig-Holstein during the next years.
Germany's Colonia Real Estate said on Tuesday that it has finalised debt restructuring of its 1,600-asset portfolio in Schleswig-Holstein. Under the refinancing, new contracts with a total volume of EUR 34 mln have been signed with a state-owned development bank, as well as an additional credit line of EUR 8 mln. The interest rate for the entire refinancing is fixed at around 5% per annuam for the next 10 years, the company said. The additional credit will be used to refurbish the apartments in Schleswig-Holstein during the next years.
'In completing the refinancing of our northern German residential portfolio we made another step in successfully restructuring our debt structure and improving recurring cash flow. Despite the fact that we have no significant refinancing due until the end of 2011 we use the current market environment to continuously improve our loan portfolio and deleverage our balance sheet', said Stephan Rind, CEO of Colonia Real Estate.
With around 20,000 residential units, Colonia Real Estate is Germany's third largest publicly traded residential property company.
