French residential property company Foncière Développement Logements (FDL) had completed financing with two German banks for an amount of EUR 568 mln. The company said the financing allows it to repay the full balance of its securitised debt in Germany. Backed by a portfolio of approximately 17,000 homes and an average duration of 7.5 years, this new financing has been signed at the fixed rate of 3.6%.
French residential property company Foncière Développement Logements (FDL) had completed financing with two German banks for an amount of EUR 568 mln. The company said the financing allows it to repay the full balance of its securitised debt in Germany. Backed by a portfolio of approximately 17,000 homes and an average duration of 7.5 years, this new financing has been signed at the fixed rate of 3.6%.
From an initial sum of EUR 1.4 bn, FDL's securitised debt was put in place at the end-2006 as part of the acquisition of the Immeo Wohnen portfolio, consisting of 40,000 homes in the Rhin-Ruhr region in Germany.
Foncière Développement Logements is a French listed real estate investment trust (SIIC), specialised in holding residential properties. Active in France and Germany, it owns a portfolio valued at EUR 3.3 bn.
