10:31 ZAO Raiffeisenbank opens long-term credit line for IMMOFINANZ Group's Fifth Avenue Shopping Mall | |
IMMOFINANZ
Group, one of the largest foreign property investors in the Moscow
retail sector, has recently signed a US $55-million (approx.
€40-million) long-term credit agreement with ZAO Raiffeisenbank.
 The Fifth Avenue Shopping Mall has been part of the IMMOFINANZ portfolio since 2006. IMMOFINANZ Group signed a long-term credit agreement for the Fifth Avenue Shopping Mall, with ZAO Raiffeisenbank. "For quality properties like our fully-rented Fifth Avenue Shopping Mall, long-term debt financing is available at comparatively reasonable terms and conditions from well-regarded financial institutes,” explained Eduard Zehetner, Chief Executive Officer of the IMMOFINANZ Group. Following other successful refinancing deals in Russia with high profile institutional lenders, the IMMOFINANZ Group has now taken the next step towards optimizing returns with this credit facility. The resulting liquidity will be invested in selected projects in Russia to further improve the market position of the IMMOFINANZ Group. The Fifth Avenue Shopping Mall has been part of the IMMOFINANZ portfolio since 2006. This quality neighborhood center, with approx. 21,200 m² of leasable area, is located in Shchukino, North-West Administrative District of Moscow, a district with primarily residential character and approx. 800,000 residents. The Fifth Avenue Shopping Mall is fully let to Russian and international quality tenants like Perekrestok, Cinema Park, Lady & Gentleman City, Henderson, Mothercare, Oggi, Esprit, Mexx, Profi Sport, Gerry Weber, Geox, Burger King, Starbucks etc. Source: Immofinanz Group, europe-re.com | |
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