Sponda said has signed financing agreements with banks for a total €200m to fund its strategic expansion in Russia. The Finnish property company has agreed a seven-year, EUR 150 mln credit facility with Danske Bank and is getting a further EUR 50 mln in financing from Ilmarinen Mutual Pension Insurance Company. Last week, Sponda purchased two fully-leased shopping centres in Moscow for a total of $109m (EUR 71.5m) from LR Russia.
Sponda said has signed financing agreements with banks for a total €200m to fund its strategic expansion in Russia. The Finnish property company has agreed a seven-year, EUR 150 mln credit facility with Danske Bank and is getting a further EUR 50 mln in financing from Ilmarinen Mutual Pension Insurance Company. Last week, Sponda purchased two fully-leased shopping centres in Moscow for a total of $109m (EUR 71.5m) from LR Russia.
Built in 2004, the 9,000 m2 Sun Paradise I mall was bought for $66m. The shopping centre accommodates food, domestic appliance and cosmetics services retailers. The Sun Paradise II complex, focusing on consumer goods and food services, was purchased for $43m. Completed in 2005, the mall is located in the centre of Ramenskoe in the Moscow region and provides 6,500 m2 of leasable retail space.
