UK-listed real estate investor Wichford has announced that a loan servicer has agreed to extend the standstill agreement on a EUR 67.50 mln German facility for an additional 60 days.
UK-listed real estate investor Wichford has announced that a loan servicer has agreed to extend the standstill agreement on a EUR 67.50 mln German facility for an additional 60 days.
The VBG1 Facility is held within two of Wichford's German subsidiaries. The standstill agreement has been extended until 18 May.
In a statement on Friday, Wichford said: 'Since the last update (in February) the company and the servicer have continued to make progress with restructuring the loan and both parties remain confident that an agreement, which is beneficial to both the borrowers and the lender, can be reached.'
Wichford targets investment property occupied exclusively by central and state government bodies. Approximately a quarter of the portfolio comprises public sector rented properties in France, Germany and the Netherlands. The rest is located in the UK.