FRANKFURT Dec 20 Deutsche Annington, Germany's
biggest real estate group, has completed a refinancing, paving
the way for it to list next year.
"(The refinancing) gives it (Deutsche Annington) a balance
sheet which will help it to move ahead strongly on the next
stage of its development," said Guy Hands, chairman of private
equity firm Terra Firma which owns Deutsche Annington.
Deutsche Annington chief financial officer Stefan Kirsten
had said in October the firm could list its shares in late 2013,
potentially making it the first real estate company in Germany's
As part of the refinancing - rubber-stamped by a London
court on Thursday after creditors agreed to it - Deutsche
Annington's outstanding debt will be reduced to 3.8 billion
euros ($5 billion) from 4.3 billion, which is to be redeemed
over the next five years.
Noteholders will benefit from an increase in margins by 1.17
to 1.65 percent, while the company will benefit from lower
overall financing costs, Kirsten said.
($1 = 0.7542 euro)
(Reporting by Arno Schuetze; Editing by Dan Lalor)