Hansteen Holdings, announced that it has refinanced two loans secured against its German portfolio with two new loans totaling €343 million.
The Company’s UniCredit loan, due for repayment in February 2015, has been refinanced with a €235 million five-year facility provided by a consortium of lenders including Landesbank Hessen-Thüringen Girozentrale (Helaba), Natixis Pfandbriefbank AG, SEB AG and various entities managed or advised by AXA REIM SGP. The loan-to-value ratio is 51% with hedging against 80% of the loan which results in an interest cost of 3.5% per annum excluding fees.
The second loan from Lloyds Banking Group, due to expire in October 2014, has been refinanced with a €108 million five-year facility from HSBC plc at a loan-to-value ratio of 48%. The Company has hedged €55 million of the loan with an interest rate swap, resulting in an average interest cost of 2.9% per annum, excluding fees.
Ian Watson, joint chief executive of Hansteen, commented: “It is a testament to the strength of our business model that we have been able to raise two substantial new loans on multi-let industrial property in Germany. The terms equate to less than 4% per annum gross interest costs, including amortized fees, and we are delighted with our new banking relationships.”