This article is from the Australian Property Journal archive
APN/UKA European Retail Property Group has received a new credit approved offer to extend its working capital facility from the Royal Bank of Scotland.
The offer is for a €30 million 18 months facility from November 21 at interest rate three month EURIBOR plus margin of 7% pa, reducing to 5% pa once the limit is reset to €20 million and 3.5% pa once the limit is reset to €10 million.
The group will have to pay upfront fee of 2.5% on €30 million and provide a fixed and floating charge at trust level and second mortgages and share pledges on RBS financed assets (German, Spanish, and Italian assets)
APN said this is a good result for AEZ in extraordinarily challenging credit market conditions.
“Management and the board continue to review the impact of this facility and constantly changing capital market conditions and will provide an update as soon as this review is completed,” APN said.
Australian Property Journal
