Russian listed property group Mirland said on Thursday it has secured a new non-revolving $50 mln (EUR 40 mln) refinancing loan agreement with Sberbank of Russia for two of its Moscow office investment assets.
Russian listed property group Mirland said on Thursday it has secured a new non-revolving $50 mln (EUR 40 mln) refinancing loan agreement with Sberbank of Russia for two of its Moscow office investment assets.
The loan agreement is for a seven-year term, at a fixed interest rate of 9.5%, payable on a quarterly basis. The loan refinances existing debt of $24 mln and additional funds will be used for the company's working capital.
Commenting on the loan, Mirland’s chairman Nigel Wright said: 'This additional loan agreement is further evidence of the company’s ability to source financing domestically on attractive terms, in spite of the broader challenges in the market and the widespread scarcity of debt.'
