PIE Events
- German Property Breakfast
14 February 2012
Stockholm
- Distressed Property Breakfast
22 February 2012
London
- Central and Eastern Europe Real Estate Conference
03-04 May 2012
Vienna, Austria
Dutch REIT VastNed Offices/Industrial completes e370m refinancing
The Dutch VastNed Offices/Industrial, an externally managed REIT/FBI, has completed the refinancing of the Dutch and German office and semi-industrial property portfolios, renewing loan financing totalling some e370m. It said the refinancing was agreed with existing bankers and was mainly aimed at widening loan covenants. No changes were made to agreed conditions, of which the main points were to structure the total facility as a working capital facility, revolving credit facility and bullet loans; convert uncommitted short-term into committed long-term loans; mortgage the portfolios to the banks; widen conditions on loan to value and interest coverage ratio; bring pricing on Euribor plus a margin related to LTV