German property firm Gagfah refinances over 4 bln eur in debt
FRANKFURT Oct 21 (Reuters) - German real estate company Gagfah finished restructuring more than 4 billion euros ($5.5 billion) in debt due to mature by the end of next year, after securitising a part of its portfolio and taking out a new loan.
Gagfah said on Monday its overall interest rate going forward will be 3.10 percent, lower than the 4.35 percent at the end of last year, while the loan-to-value has been reduced to 62 percent from 65 percent. The average maturity of its liabilities has been lengthened to 6.2 years from less than three years.
"The only loan left to be refinanced is the 358 million euro Malibu loan which is set to mature in October 2014," it said in a statement, adding it would sell a large share of the regional non-core assets of the Malibu portfolio before refinancing the remainder in the second half of next year.
($1 = 0.7302 euros) (Reporting by Christiaan Hetzner; Editing by Peter Dinkloh)
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