Amsterdam-listed real estate firm Nieuwe Steen Investments (NSI) has announced the completion of a EUR 250 mln refinancing with ING Real Estate Finance. The finance transaction was originally announced in April and this week NSI said negotiations between the parties on the replacement of an existing short-term facility with the new longer-term EUR 250 mln facility have been finalised.
Amsterdam-listed real estate firm Nieuwe Steen Investments (NSI) has announced the completion of a EUR 250 mln refinancing with ING Real Estate Finance. The finance transaction was originally announced in April and this week NSI said negotiations between the parties on the replacement of an existing short-term facility with the new longer-term EUR 250 mln facility have been finalised.
In cooperation with ING REF as arranger, EUR 50 mln of the facility has been syndicated to Luxembourg-based Banque LBLux. NSI said this was in line with its strategy of diversifying finance facilities. In addition, the use of the internationally recognised Loan Market Association documentation, NSI said, gives the firm access to the international syndicated loan market and will support NSI's growth strategy.
Under the refinancing, the average maturity of NSI's loan portfolio has now been extended from 1.8 years to 2.6 years. The majority of NSI's financing requirements for 2010 and 2011 are covered at financing costs that are comparable to the previous short-term credit facility.
NSI manages a EUR 1.3 bn portfolio of office and retail assets in the Netherlands and Switzerland.