Trei Real Estate said this week that it has secured a new €35.5 mln loan secured by a portfolio of 17 retail properties in Germany let to a major German food discount chain.
Lender Postbank is providing the facility which is split into two tranches: €15.6 mln have a maturity of five years, while the remaining €19.9 mln will have to be repaid after ten years.
The flexible loan covers liquidity needs in connection with developments in Germany, Poland and the United States.
Matthias Schultz, the CFO of Trei Real Estate, commented: 'I am grateful to Postbank for the trust-based collaboration and for their professional handling of the matter. The loan facility offers us a high degree of flexibility and supports our long-term funding strategy. It enables us to meet short-term liquidity needs and to act quickly within the scope of our residential developments in Germany, Poland and the United States as well as in the context of our retail park developments of the Vendo Park brand in Poland.'
Trei currently has about 6,100 residential units under development in Germany, Poland and the United States. The majority of these are located in Poland, with 2,500 units spread across eight different developments. Another seven developments are located in the United States, which will deliver around 2,200 units. Third in line is Germany with 1,400 units across 12 developments. The development pipeline in the retail segment with a combined volume of €200 mln consists of retail parks of the Vendo Park brand in Poland.
The latest financing arrangement with Postbank brings the debt-to-equity ratio of Trei up to 36.1%.
