German residential property company Vivacon has secured a 'triple-digit million' credit line from Frankfurt office of Dutch bank NIBC. The credit line will enable Vivacon to acquire commercial and residential leasehold properties 'arising from market opportunities'.
German residential property company Vivacon has secured a 'triple-digit million' credit line from Frankfurt office of Dutch bank NIBC. The credit line will enable Vivacon to acquire commercial and residential leasehold properties 'arising from market opportunities'.
Vivacon said the credit line taken together with a convertible bond issued in April of this year leaves it in a strong position to acquire the forecasted
new ground lease interest cash flows of EUR 10mln in 2008. The total volume of self generated or directly acquired ground lease cash flows
already amounts to around EUR 17.1mln per annum.
Vivacon said ground lease cash flows are 100% inflation adjusted and in general provide a 198-year cash flows, which is highly secured by a first ranking land registry charges and do not incur any noteworthy operating costs.
