Vastned, the listed European retail property fund, has received a new EUR 31 mln bank loan from BNP Paribas.
Vastned, the listed European retail property fund, has received a new EUR 31 mln bank loan from BNP Paribas.
In a statement, Vastned said this is the first financing received from the French banking group and broadens the company's funding sources. The loan has a maturity of three years.
'This loan fits perfectly in our finance strategy,' said Tom de Witte, Vastned Chief Financial Officer. 'One of the key issues there is striving for diversity in sources. With this new corporate loan and the existing loan to Intervest Retail, BNP Paribas becomes an important bank within our banking group.'
In order to diversify its financing sources, Vastned carried out a EUR 50 mln private placement at the beginning of this year. 'Now we are setting another step forward by increasing diversity within the bank loans,' De Witte added.
