FDL raises €568 million of new debt at a rate of 3.6% for a period of 7.5 years (FR/DE)

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

Related News