IREIT Global has refinanced debt under its EUR200 million German portfolio, which is to mature by end of this year.
According to the REIT on Oct 10, the average interest rate margin of the loans is 2.5%.
IREIT will continue to hold the existing interest rate swaps until its expiry in January 2026, before they are replaced with new interest rate swaps.
With the refinancing, the maturity has been extended to July 2029.
In addition, the lenders have given the REIT a credit facility of EUR20 million to finance some of the capex for the repositioning of Berlin Campus.
"This will allow IREIT to draw down the facility on a progressive basis to execute its plans to reposition Berlin Campus into a multi-let, mixed use asset, while managing its capital structure within the regulatory thresholds," says the REIT.
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“We are pleased to have successfully completed the refinancing exercise for our German Portfolio," says Peter Viens, CEO of the REIT's manager.
"We thank our banking partners for their continued support and commitment, which reinforces the resilience of our portfolio and the strength of our long-standing relationships," he adds.
Next up, the REIT's EUR68.6 million debt for its Spanish portfolio is due Dec 2026. The REIT is "in an advanced stage of discussion" to refinance these four freehold office properties.
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When so, the REIT will have no more refinancing requirements until July 2027.
IREIT Global units closed at 29 cents on Oct 10, unchanged for the day and up 3.57% year to date.
