IMMOFINANZ AG: IMMOFINANZ Group successfully closes a USD 100 million refinancing deal for two properties located in Moscow

IMMOFINANZ AG / Key word(s): Miscellaneous

08.09.2010 09:47
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IMMOFINANZ Group successfully closes a USD 100 million refinancing deal for
two properties located in Moscow

Nordea Bank provides a non-recourse loan facility for the two shopping
centres 'Golden Babylon 1' and 'Golden Babylon 2'


The refinancing efforts for the two properties were begun at the end of
2009 and successfully closed in August 2010, despite the extremely
challenging situation in the international financial markets. IMMOFINANZ
Group closed a USD 100 million refinancing deal with Nordea, one of the
leading banks in the Scandinavian and Baltic region. Both shopping centres
have excellent locations and are 100% occupied. Until now, both properties
were entirely financed with equity.

The two properties have formed part of the IMMOFINANZ Group's property
portfolio since mid-2006, and were the first investments made by the
IMMOFINANZ Group in Moscow. With a combined footfall of more than one
million visitors per month, the two shopping centres Golden Babylon 1
(Otradnoe district) comprising 25,370 sqm and Golden Babylon 2 (Yasenevo
district) comprising 9,049 sqm of leasable area, are both among the retail
properties with the highest turnover figures in Moscow. Some of the largest
tenants are Russian top brands such as Perekrestok (X5 group), L'Etoile,
O'Stin, Centro and Luxor Cinemas. Thanks to the attractiveness of both
properties, IMMOFINANZ Group has been able to achieve a high occupancy rate
and a stable rent level over the past several years.

Shopping Centres are the Strongest Asset Class
IMMOFINANZ Group already owns four shopping centres in Moscow and is one of
the most important investors in the retail property market in the Russian
capital. Only a few months ago, the shopping centre Golden Babylon
Rostokino, one of the largest shopping centres in Europe with 170,000 sqm
of leasable area and more than 5,200 parking spaces, was completed and put
into operation. Full occupancy of Golden Babylon Rostokino is expected by
end of the year.

The fourth property, named '5th Avenue', comprises a leasable area of
21,150 sqm and, with close to full occupancy levels, is also among the best
performing shopping centres in Moscow.

Dr. Eduard Zehetner, CEO of IMMOFINANZ Group: 'In light of the recently
completed restructuring process of the group and despite a still difficult
economic environment, we are delighted that we successfully closed this
refinancing deal in our operational core business. The funds raised can be
used to invest in further business development'.


Contact:
Margit Hermentin
Head of Investor Relations & Corporate Communications
IMMOFINANZ Group
A-1120 Vienna, Gaudenzdorfer Gürtel 67
Tel.: +43 (0) 5 7111 - 2290
Fax:  +43 (0) 5 7111 - 8290
 
m.hermentin@immofinanz.com
www.immofinanz.com


Press-Coordination:
Hieronymus Tupay
ACCEDO Austria GmbH
Tel.: +43 1 533 87 00 - 23
Hieronymus.Tupay@accedogroup.com




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Language:     English
Company:      IMMOFINANZ AG
              Gaudenzdorfer Gürtel 67 
              A-1120 Wien
              Österreich
Phone:        +43 (0) 5 7111 - 2290
Fax:          +43 (0) 5 7111 - 8290
E-mail:       investor@immofinanz.com
Internet:     http://www.immofinanz.com
ISIN:         AT0000809058
WKN:          911064
Listed:       Freiverkehr in München, Berlin, Stuttgart; Open Market in
              Frankfurt; Foreign Exchange(s) Wien (Amtlicher Handel /
              Official Market)
 
End of Announcement                             DGAP News-Service
 
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