Initiated and led by Warimpex, ZAO AVIELEN A.G. – a joint venture of the Austrian real estate companies Warimpex, CA Immo Group and UBM – has successfully reached an agreement with a local bank on the refinancing of a €60 million credit line for its AIRPORTCITY in St.Petersburg.
Following the successful start of the Crowne Plaza hotel at AIRPORTCITY and the lease of 100% of the first office phase, Jupiter 1 and 2, the refinancing by a local bank shows the trust in this successful project.
The new financing facility provides a significant reduction in short- and medium-term liabilities, as it has a longer term than the original project loan. The new loan has lower annual installments during the initial years of operation and it improves the project’s cash flow.
The current agreement comes after the company achieved a similar success for its hotel project at the airport in Ekaterinburg early this year and confirms the strategy of reducing cross-border financing and increasing local financing.
Source: Warimpex
