CEE property group Immofinanz said this week that it signed a €120 mln 15-year refinancing arrangement with Unicredit for the Vienna Twin Towers at myhive am Wienerberg.
With rentable space of around 150,000 m2 in total, myhive am Wienerberg is one of the largest office and business locations in the city and Immofinanz has invested significantly in the location in recent years. The Vienna Twin Towers hotel and office complex opened last autumn following an extensive renovation programme.
'We began the year receiving an investment grade rating from S&P and issuing a €500 mln benchmark bond and we are ending it now with a very attractive refinancing with a maturity of 15 years. This is currently the real estate financing with the longest duration period within the company,' said CFO Stefan Schönauer. 'This further improves our credit and maturity profile and underpins the attractiveness and development of our location myhive am Wienerberg.'
At the end of September 2019, Immofinanz’s average financing costs were 1.95% including hedging costs. The net loan to value ratio stood at 44.2%, within the target range of around 45%.
