Paris-listed Société de la Tour Eiffel (STE) has secured the refinancing of a EUR 117 mln credit line with an unnamed German Landesbank. The facility was originally provided by the Royal Bank of Scotland in 2004 when STE converted to SIIC (French real estate investment trust) status in 2004.
Paris-listed Société de la Tour Eiffel (STE) has secured the refinancing of a EUR 117 mln credit line with an unnamed German Landesbank. The facility was originally provided by the Royal Bank of Scotland in 2004 when STE converted to SIIC (French real estate investment trust) status in 2004.
The new, mortgage-backed finance faciilty comprises eight individual amortizable loans to special purpose vehicles for a seven-year term. The overall cost of funds is less than the previous loan, whereas the LTV of 52% reflects the deleveraging achievements of the group, STE said.
The portfolio underpinning the credit line comprises eight properties, of which five are in the Paris region, with three others located in Caen, Sochaux and Grenoble. All are recently built or renovated, offering a total floor area of 116,000 m2. They are fully leased, mainly to large quoted companies and an administration.
STE also announced it recently increased its capital by EUR 6 mln as a result of the scrip issue corresponding to 50% of shareholders taking their final 2011 dividend in shares.
The company's overall portfolio comprises almost EUR 1 bn of assets spread evenly between the Paris area and the regions.
