Swedish property group Sagax has secured a five-year extension of a SEK 4.3 bn (EUR 500 mln) secured credit facility from German lender pbb Deutsche Pfandbriefbank. Under the deal, Sagax said it has agreed heads of terms to extend an existing pbb facility for two industrial and warehouse portfolios through 2018.
Swedish property group Sagax has secured a five-year extension of a SEK 4.3 bn (EUR 500 mln) secured credit facility from German lender pbb Deutsche Pfandbriefbank. Under the deal, Sagax said it has agreed heads of terms to extend an existing pbb facility for two industrial and warehouse portfolios through 2018.
The extension is expected to close in Q4 2012. The loan represents around 65% of the company's interest-bearing liabilities, Sagax said. The company originally signed the facility in June 2007 to finance growth of its portfolio from SEK 4.45 bn to SEK 9.45 bn.
'The facility is the backbone of Sagax's capital. By extending both equity and fixed interest, we get the best possible position to continue to develop the business,' said David Mindus, CEO of Sagax.
