European retail property company Vastned has concluded a five-year, €300 mln revolving credit facility with a syndicate of five banks.
European retail property company Vastned has concluded a five-year, €300 mln revolving credit facility with a syndicate of five banks.
Vastned’s existing credit providers ABN Amro, Belfius, BNP Paribas, ING Bank and Rabobank are all participating in the refinancing for €60 mln each.
The mechanism has been used to refinance virtually all bilateral credit facilities which were due to expire in 2015. The new facility has a variable interest rate and an expiry date of 1 February 2020.
Vastned says the facility gives it sufficient flexibility for future acquisitions.
Taco de Groot, CEO of Vastned, said: ‘The fact that the credit facility was oversubscribed, combined with the favourable conditions at which we were able to take out the facility endorse our low-risk profile and strengthens our confidence in the chosen strategy.’
Vastned is a listed European retail property company investing in retail property in Europe and Turkey, with assets of €1.5 bn.