Austrian real estate company Immofinanz has successfully closed a $100 mln (EUR 79 mln) refinancing deal with Nordea Bank for two shopping centres located in Moscow. The refinancing efforts for the two properties were begun at the end of 2009 and successfully closed in August 2010, despite the extremely challenging situation in the international financial markets, the company said in a press release.

Austrian real estate company Immofinanz has successfully closed a $100 mln (EUR 79 mln) refinancing deal with Nordea Bank for two shopping centres located in Moscow. The refinancing efforts for the two properties were begun at the end of 2009 and successfully closed in August 2010, despite the extremely challenging situation in the international financial markets, the company said in a press release.

The shopping centres, Golden Babylon 1 and Golden Babylon 2, are 100% occupied. Until now, both properties were entirely financed with equity. The two properties have formed part of the Immofinanz property portfolio since mid-2006, and were the first investments made by the company in Moscow.

Golden Babylon 1 comprises 25,400 m2 of leaseable space and Golden Babylon 2 comprises just over 9,000 m2. They have a combined footfall of more than one million visitors per month.

Immofinanz owns four shopping centres in Moscow and is one of the most important investors in the retail property market in the Russian capital. The 170,000-m2 Golden Babylon Rostokino, one of the largest shopping centres in Europe, opened its doors to the public earlier this year.