French real estate investor MRM Group said that it has reached an agreement with German regional bank Landesbank Saar (SaarLB) to refinance nearly EUR 94 mln of debt maturing in April 2010. The Euronext-listed company has been granted a new EUR 91 mln five-year credit line backed by a portfolio of retail properties. The new financing facility consists of a EUR 86 mln tranche expiring in 2015 and a second tranche of EUR 5 mln maturing next year.

French real estate investor MRM Group said that it has reached an agreement with German regional bank Landesbank Saar (SaarLB) to refinance nearly EUR 94 mln of debt maturing in April 2010. The Euronext-listed company has been granted a new EUR 91 mln five-year credit line backed by a portfolio of retail properties. The new financing facility consists of a EUR 86 mln tranche expiring in 2015 and a second tranche of EUR 5 mln maturing next year.

'SaarLB has already financed a number of other retail and office properties of the MRM Group, and is now strengthening its partnership with the company,' MRM said in a statement. Jacques Blanchard, Chief Executive of the group, added that the operation 'demonstrates the quality of the refinanced assets and the good work carried out on the properties'.

MRM was advised by law firm Orrick Rambaud Martel on the operation while Didier Lasaygues acted for SaarLB.

The company bought the assets in 2004 and three years later took a EUR 149 mln loan on the properties, which has been partially paid down through a disposal programme launched in early 2009.

MRM Group, which is managed by CB Richard Ellis Investors, has built up a EUR 500 mln commercial real estate portfolio since the second half of 200, in particular through the transfer of assets by Dynamique Bureaux and Commerces Rendement, two other investment units created and managed by CB Richard Ellis Investors.