Hansteen refinances Netherlands Light Industrial Property with €145m 5-year facilityHansteen has announced that it has refinanced two loans secured against its Netherlands light industrial property portfolio with a single loan totalling €145.0m. The company says that this has resulted in a reduction in the cost of borrowing on the portfolio from 3.57% to 2.49%, excluding fees, representing a saving of €1.3m per annum. Specifically, the company says that its €80.0m loan with FGH bank N.V. and €57.8m loan with ING Bank N.V., due for repayment in April 2017 and June 2019 respectively, have been refinanced with a €145.0 million five-year facility provided by ING Bank N.V. and various entities managed or advised by AXA REIM SGP. The company says that the loan-to-value ratio is 48% with hedging against 66% of the loan, which results in an interest cost of 2.49% per annum, excluding fees. The debt maturity profile has been extended from 1.69 years to 5 years.
Hansteen refinances Netherlands light industrial property with new €145m 5 year facility : HSTN