German property developer Trei Real Estate (Trei) has secured a €27.5 mln loan from Polish bank Pekao to finance the construction of residential developments and additional Vendo Parks in Poland.
The five-year loan is secured against seven Vendo Parks in Poland, all of which were completed during the past 12 months. They are the retail parks in Czestochowa, Mysliborz, Lukow, Solec Kujawski, Piekary Slaskie, Zielonka and Wladyslawowo.
Matthias Schultz, the CFO of Trei Real Estate, commented: ‘We are glad to report that we managed to take out a loan from a local bank in Poland for the first time. The construction costs of our Vendo Parks are generally financed with equity capital. In line with our funding strategy, we have these costs successively refinanced in a package once a year. Another effect achieved with the loan is to keep increasing our leverage ratio. The medium-term goal we pursue is a debt ratio of around 50%.’
Trei’s portfolio currently includes 38 Vendo Parks, thereof 28 in Poland, with another 16 locations already secured for future development.
