Lincoln Property Company secures €91m retail park refinancing with UniCredit
Lincoln Property Company, the U.S. developer and investor, and CEE investor, Fidurock, have refinanced a portfolio of Czech and Slovak retail parks with UniCredit Bank. The total framework facility in the amount of €91m was used to refinance previous loans on the existing retail parks, as well as to be used to finance further development of selected retail parks and future acquisitions in the Czech Republic and Slovakia.
"A single consolidated senior facility with improved financing terms will significantly enhance the portfolio performance, allow further expansion of the existing retail portfolio in the Czech Republic and Slovakia and simplify the overall management and reporting. The portfolio currently consists of 6 existing retail parks and 5 development projects with total area of 71,000 sqm," says Michal Rusinak from Lincoln Property Company, which manages the entire portfolio and arranged the portfolio refinancing.
"This record high financing for our company proves our excellent and long-term relationship with UniCredit Bank and more importantly the trust that our bank puts in us. Thanks to this favorable portfolio financing we will be able to be more efficient with the management and achieve our goals," says David Hauerland, executive director of FIDUROCK. Law firms Dentons and White & Case assisted in negotiations of the loan and all related agreements.