Gagfah says on track to refinance 2 bln eur loan

FRANKFURT Wed May 15, 2013 1:37am EDT

FRANKFURT May 15 (Reuters) - Gagfah, a German real estate group owned by private equity investor Fortress , said it was on track to refinance a 2 billion euro ($2.6 billion) loan that matures in August after successfully refinancing a 1 billion euros facility in January.

"We are on track towards refinancing the full loan amount with improved terms," the company said on Wednesday.

It will break down the loan into four parts instead of six as originally planned, it said.

In the first three months of the year, funds from operations stood at 23.6 million euros, compared with 23.8 million euros in the same period a year earlier, it said.

Gagfah in January secured a 1 billion-euro loan to refinance its Woba unit, which consists of 38,000 flats in Dresden and which it had planned to sell to service the loan that was due to mature on May 15. ($1 = 0.7705 euros) (Reporting By Peter Dinkloh)