European real estate landlord CPI Property Group (CPIPG) has secured a €635 mln three-year bridge loan that should be drawn by the end of October and replace the existing bridge arrangements.
The loan is provided by a consortium of banks, including Santander, Société Générale, Komercní banka, Raiffeisen, SMBC, Barclays, and Erste Bank.
The facility includes an accordion feature of up to €1 bn to accommodate potential additional lending interest from the same banks.
As of 31 August, CPIPG repaid about €1.7 bn of the €2.7 bn borrowed through bridge loans in connection with the 2022 acquisition of Immofinanz and S Immo.
The bridge loans were repaid through disposals, fresh external financing, and existing liquidity resources.
CPIPG expects to make additional bridge repayments during September and October, further reducing the balance.
In its H1 2023 results reported on 1 September, the Luxembourg-based group indicated that total assets amounted to €23.1 bn, the property portfolio was worth €20.3 bn, while disposals in the period reached €657 mln.
CPIPG also said rental income continues to rise, reaching €399 mln in June, as it continues to make progress on the disposal plan announced in August 2022.
