Patrizia Immobilien has extended EUR 48.5 mln of loans due at end-June 2009 by a further 18 months. The German real estate group said the extension was in line with its business model.
Patrizia Immobilien has extended EUR 48.5 mln of loans due at end-June 2009 by a further 18 months. The German real estate group said the extension was in line with its business model.
In March, the company extended loans of over EUR 530 mln by a further 24 months.
Patrizia said the extensions reflected the confidence of the financing banks in the value of the group's real estate portfolio and the underlying business plans.
Patrizia CFO Arwed Fischer: 'Based on our financing structure, financing costs for the full fiscal year 2009 will be slightly below those of 2008. At present, around 70% of our loans payable are hedged by way of interest rate hedging instruments.'
Further loan extensions amounting to EUR 13.3 mln are expected for the end of 2009, Fischer said. 'We will be discussing the extension according to the maturities of these loans with the lending banks.'
