Treveria plc (AIM: TRV), the German retail-focused real estate investment company, announces that it has signed a one-year loan extension to its 216 million Silo D securitized debt facility (Deutsche Bank/Citigroup) with debt servicer Deutsche Bank. The loan was due to mature on July 20, 2011.
The intention of both the servicer and Treveria during the negotiation process had been to extend the loan in order to deleverage it to a re-financeable loan-to-value ratio. However, the securitization documents of one of the two lenders only provided for an extension of up to one year at a time.
Bernhard Fuhrmann as Chief Executive of Treveria Asset Management, said: "This one-year extension will enable Treveria to continue its strategy of maximizing the value of the properties within Silo D with a targeted capital expenditure and asset management program, in order to reduce leverage on the loan.
"This extension, in addition to the recently announced standstill agreement on Silo E, reflects the strong support we are receiving from our lenders and we look forward to continuing to work with them on our debt management program."