Amsterdam-listed Nieuwe Steen Investments (NSI) has reached agreement with ING Real Estate Finance on refinancing its current short-term credit lines with a new longer EUR 250 mln facility. The loan has a term of two to four years split over a revolving and fixed loan facility.
Amsterdam-listed Nieuwe Steen Investments (NSI) has reached agreement with ING Real Estate Finance on refinancing its current short-term credit lines with a new longer EUR 250 mln facility. The loan has a term of two to four years split over a revolving and fixed loan facility.
Johan Buijs, CEO of NSI said the new facility provides a solid basis for the company's further expansion plans. 'This loan will help us boost our financial flexibility and significantly increase the average duration of our total loan portfolio.'
The new facility provides for all of NSI's financing needs for the current year and 70% of its requirements for 2011. The average duration of the total financing portfolio has now been extended from 1.8 years to 2.6 years while the costs remain unchanged.
NSI currently has assets under management totalling EUR 1.3 bn.
