Nordic office landlord Technopolis said on Thursday that it has secured a refinancing for over €720 mln of loans across several loan facilities from a syndicate led by Citibank together with a number of global and local lenders.
The company, which is owned by Kildare Partners, said that the agreement 'in the current market environment is a testament to the quality of the Technopolis office portfolio'.
'The lenders were universally impressed with the performance of our portfolio, particularly its resilience during Covid, which allowed us to secure the ongoing support of the existing lenders, but also to attract a few new lenders into the syndicate,' commented Ellis Short, Chief Investment Officer at Kildare Partners.
The syndicate includes NorthWall Capital, an international credit investment firm, which provided a €120 mln second lien facility.
Technopolis said it had navigated Covid, the war in Ukraine, the energy crisis, inflationary shock, and high interest rates while maintaining an over 90% occupancy rate. The company’s income has also been growing year-on-year, with record sales, NOI, and EBITDA achieved in the financial year 2023.
'The company’s focus on delivering sustainable, high-quality office solutions with a wide range of services and amenities, refined over four decades, aligns with market demands for superior service and convenience,' added Technopolis CEO Niko Pulli.
In addition, Technopolis has completed the sales of its two campuses in the Baltics.
The sales involve the Ozas campus in Vilnius and the Ülemiste campus in Tallinn.
'As part of our strategic efforts to enhance our focus on the core Nordic markets and realign our geographic footprint, we are pleased to report substantial progress in reducing our exposure to the non-core Baltic region. This initiative reflects our commitment to concentrating our resources and investments in the Nordic region, where we see the greatest potential for growth and value creation,' Pulli said.
