Italian real estate investment trust Immobiliare Grande Distribuzione SIIQ has secured a €135 mln loan from the Italian branch of BNP Paribas bank.
Italian real estate investment trust Immobiliare Grande Distribuzione SIIQ has secured a €135 mln loan from the Italian branch of BNP Paribas bank.
The loan will be used to repay the remaining €107.1 mln of a €230 mln convertible bond, which was partly repaid via an exchange offer on 18 April 2013. The balance will be used to support the development plans of the company, Bologna-based IGD Siiq said in a statement.
The loan has a five-year maturity and a spread of 425 basis points over 3-month Euribor.
'The confidence placed in us by a leading European bank such as BNP Paribas confirms the good standing of the company and represents an excellent starting point for next year’s initiatives,' said Claudio Albertini, CEO of IGD Siiq.
The Italian retail property specialist recently unveiled plans to transform a major industrial site on the waterfront of the city of Livorno into a mixed-use scheme. The project, known as Porta a Mare, is worth more than €200 mln and is managed by Porta Medicea, a 80-20 joint venture between IGD and local developer CMB di Carpi.
Developed in phases, Porta a Mare aims to transform the former Cantieri Orlando industrial area on the waterfront of Livorno into a mixed-use complex comprising commercial, tourist and residential space and covering over 10 hectares of land.
