Vastned, the listed European retail property company focusing on venues for premium shopping, has placed a €75 million long-term loan with AXA Real Estate Investment Managers SGP acting on behalf of its clients.
This unsecured €75 million loan subscribed by AXA Real Estate Investment Managers SGP (AXA REIM) acting on behalf of its clients extends the average duration of Vastned loan portfolio and also contributes to further diversification of the funding base. The loan will increase the share of non-bank financing to over €300 million. After entering the US private placement market, with this loan Vastned now also enters the European private placement market.
The loan has a tenor of seven years and a floating interest rate with a competitive margin. In addition to extending the average duration of the loan portfolio, this loan will contribute to lowering the average interest rate on Vastned's loan portfolio. Rabobank acted as sole arranger and placement agent of this transaction.
Tom de Witte, CFO Vastned said “We are delighted with this transaction with an established party such as AXA REIM SGP. The new loan fits perfectly with our strategy to further diversify our financing. The fact that Vastned has been able to take out an unsecured long-term loan in the European private placement market, as one of the first property companies, is something we consider as confirmation of our attractive risk profile, and broadens Vastned's financing options going forward.