Trei Real Estate just borrowed €27.5 million in its first financing arrangement with a Polish bank. The lending bank is “Bank Polska Kasa Opieki Spólka Akcyjna” (“Pekao”). Collateral for the loan was provided in the form of seven Vendo Parks in Poland, all of which were completed during the past twelve months. The loan has a five-year maturity. The debt capital is earmarked for further residential developments and the construction of additional Vendo Parks in Poland.
Matthias Schultz, the CFO of Trei Real Estate, commented: “We are glad to report that we managed to take out a loan from a local bank in Poland for the first time. The construction costs of our Vendo Parks are generally financed with equity capital. In line with our funding strategy, we have these costs successively refinanced in a package once a year. Another effect achieved with the loan is to keep increasing our leverage ratio. The medium-term goal we pursue is a debt ratio of around 50 percent."
Dieter Lobnig, Managing Director at Pekao, added: “Trei is the leading developer of retail parks in Poland. We gladly support its important development activities by providing the necessary funding. The negotiations were conducted in a spirit of partnership and clearly peer to peer.”
Trei’s portfolio currently includes 38 Vendo Parks, thereof 28 in Poland, with another 16 locations already secured for future development. The collateral put up for the new loan includes the retail parks in Częstochowa, Myśliborz, Łuków, Solec Kujawski, Piekary Śląskie, Zielonka and Władysławowo.
