Vastned Retail N : Vastned extends credit facilities
September 20, 2022 at 09:20 am
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PRESS RELEASE
Vastned extends credit facilities
200 million euro in credit facilities extended to September 2025 at unchanged conditions
Hoofddorp, 20 September 2022 - Vastned successfully completed an extension of credit facilities, thereby increasing the duration of 200 million euro in existing facilities by one year to September 2025. The conditions of these facilities remain unchanged during the agreed extension period, allowing Vastned to continue to benefit from a cost of debt which was locked in at attractive rates.
Interest coverage ratio per 30 June 2022 stands at 4.9, versus a minimum of 2.0 as agreed with lenders. Solvency ratio per 30 June 2022 stands at 55.6%, versus a minimum 45% as agreed with lenders. In terms of upcoming debt facility maturities, 55 million euro is due in 2023. Expirations in 2024 amount to 340 million euro, which are reduced by almost 40% resulting from this extension (was 540 million euro).
Kempen & Co acted as sole financial adviser for this transaction.
About Vastned
Vastned is a European publicly listed property company (Euronext Amsterdam: VASTN) focusing on the best property in the popular shopping areas of selected European cities with a historic city centre where shopping, living, working and leisure meet. Vastned's property clusters have a strong tenant mix of international and national retailers, food & beverage entrepreneurs, residential tenants, and office tenants. The property portfolio had a size of approximately € 1.5 billion euro as at 30 June 2022.
VastNed Retail NV published this content on 20 September 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 20 September 2022 08:19:08 UTC.
Vastned Retail N.V. is a European listed property company focusing on the best retail property on the popular high streets of selected European cities with a historic city centre, also referred to as « core city assets ». The tenants of VastNed Retail N.V. include international and national department stores that are leading in their sector; major luxury, fashion and sports brands; supermarkets; and a wide range of other retailers.
By investing in historic city centres Vastned Retail N.V. contributes to the preservation of the cultural heritage in these city centres. Vastned Retail N.V. also provides a positive contribution to the liveability and safety in city centres by creating and renovating residential space above retail units. In this way, the company endeavours to create long-term value for its shareholders, tenants, employees and society as a whole.
At year-end 2023, the group's real estate portfolio amounted to EUR 1,373 million. Over 80% of the portfolio is comprised of property located in the historic centres of selected European cities. The remainder of the portfolio is mostly made up of Belgian retail parks, supermarkets and high-quality retail property in smaller cities in the Netherlands and Belgium.