Société de la Tour Eiffel (STE) has refinanced the main credit line for its office and business park assets after a consortium of banks granted the French REIT a new, five-year mortgage loan of EUR 287 mln.
Société de la Tour Eiffel (STE) has refinanced the main credit line for its office and business park assets after a consortium of banks granted the French REIT a new, five-year mortgage loan of EUR 287 mln.
The consortium is led by German financier pbb Deutsche Pfandbriefbank and includes French banks Crédit Foncier de France, Société Générale and Crédit Agricole Corporate & Investment Bank . The overall cost of the facility for STE subsidiary Locafimo equates to about 3.9% per annum, taking new hedging instruments into account.
STE said the agreement marked the conclusion of its strategy to restructure and extend its financing.
The company reimbursed an existing Deutsche Pfandbriefbank facility of EUR 318 mln at end-June this year, and subsequently arranged additional mortgage financings of EUR 117 mln and EUR 8 mln for respectively 7 and 10-15 years.
So far this year STE has paid off debts totalling EUR 490 mln, through previously announced asset sales and new mortgage finance with an average maturity of 5.5 years.
Listed on Euronext Paris, STE owns a portfolio of office space spread evenly between the Paris area and the regions and valued at close to EUR 1 bn.
