Sirius Real Estate Limited said it completed the early refinancing of its €58.3mln debt facility with Deutsche Pfandbriefbank seven months before the due date.
A statement from the owner and operator of business and industrial parks said the refinancing comprises a seven-year €58.3mln facility with a fixed interest rate of 4.25%.
The new facility will replace the existing one upon its expiry on 31 December 2023 and will run until December 2030.
Refinancing of the facility extends the group’s total weighted debt expiry to five years from 3.3 years, while the average weighted cost of debt will increase to 2.1% from 1.4%, it added.
Sirius Real Estate said that as of 31 March 2023, it has €975.1mln of debt, of which €735mln is unsecured, with the remaining €240.1mln comprising of mortgage-backed debt.
Over the next year, the company said it has €20mln of debt expiring, which it is confident of either extending terms with existing lenders or replacing with new lenders, with a total of €49.3mln of debt expiring within the next three years.