Foncière Développement Logements (FDL) has completed financing with two German banks for the amount of 568 million, allowing it to repay the full balance of its securitized debt in Germany.
Backed by a portfolio of approximately 17,000 homes and an average duration of 7.5 years, this new financing has been signed at the fixed rate of 3.6%.
From an initial sum of 1.43 billion, FDL's securitized debt was put in place at the end of 2006 as part of the acquisition of the Immeo Wohnen portfolio, consisting of 40,000 homes in the Rhin-Ruhr region in Germany.
FDL, which owns almost 2.4 billion in assets in Germany, has pursued a strategy of asset diversification and dynamic debt management since its arrival on this market, achieving in total:
- 395 million in sales
- 125 million in bonds redemptions
- 1,163 million in new financing operations (two previous financing operations of 208 million and 387 million were signed in December 2010 and December 2011)
With this new banking finance, FDL today benefits from a consolidated debt with an average maturity greater than six years at an average rate of 3.8%, and diversified banking pools (12 banking establishments in total).
Source: Foncière Développement Logements