Deutsche Annington Immobilien SE satisfies 70% of 2013 amortisation targets

Deutsche Annington Immobilien SE satisfies 70% of 2013 amortisation targets

  • Deutsche Annington Immobilien SE signs credit agreement with several financing partners totaling EUR 785 million
  • Berlin Hyp granting largest loan of EUR 656.6 million
  • GRAND: credit agreements satisfy more than 70% of the amortisation target for 2013
  • Berlin Hyp provides strong commitment to DAIG
  • Deutsche Annington Immobilien SE opens up alternative financing markets

Bochum, 17 January 2013. Deutsche Annington Immobilien SE (DAIG) has signed financing with Berlin Hyp, amounting to a maximum of EUR 656.6 million and a further EUR 130 million from other financing sources for the partial repayment of the GRAND-CMBS.

The use of the proceeds of these financings are partial repayment of the GRAND-CMBS and aggregate to about EURO 715 million or 71.5% of the first twelve month target. As in previous years, DAIG also anticipates a substantial repayment amount to be generated for GRAND from sales of property during 2013.

DAIG was bought by Terra Firma in 2001. DAIG lets and manages more than 210,000 apartments and is the largest privately owned residential landlord in Germany. This agreement follows the successful refinancing of DAIG which was the largest real estate financing in Europe in 2012.

Berlin Hyp plans to offer participation in the form of a promissory note bond (“real estate promissory note bond”) to affiliated Sparkassen member institutes. The financing volume is secured against over 27.000 residential units at 100 individual locations in the Ruhr industrial area, as well as in the metropolitan areas of Cologne, Munich and Augsburg.
 
Jan Bettink, Chairman of the Supervisory Board of Berlin Hyp, says: “The scale and financing structure made the refinancing a very complex issue for all those involved. However, a high level of professionalism and a constructive approach from all the involved parties made the conclusion of the refinancing possible.”
 
In addition, DAIG has also signed two further loan agreements with other financing partners of EUR 130 million. These transactions open alternative financing sources, away from traditional lending institutions, for DAIG´s refinancing objectives.
 
“We would like to express our thanks for the constructive approach of Berlin Hyp and our other finance partners. These agreements will reinforce the financial strength of DAIG and confirm the support of the capital markets for the company,” says Dr. A. Stefan Kirsten, CFO of DAIG. He underlines: “These transactions confirm our confidence in achieving our agreed amortization targets for GRAND.”

About the GRAND CMBS
Launched in 2006, the GRAND CMBS was the largest European CMBS transaction with an original volume of EUR 5.4bn.  Following successful negotiation with the noteholders, the maturity was extended in December 2012, from July 2013 to July 2018, which includes annual amortisation targets. From amortisation payments from continuing operations and these partial refinancings, GRAND debt is expected to be reduced by the end of January 2013 to EUR 3.8 billion.  
 
This press release was prepared by Deutsche Annington Immobilien SE and/or its subsidiaries (together "DAIG") for information purposes only. This press release may contain statements, estimates, opinions and projections about the expected future development of DAIG ("forward-looking statements"), which reflect various assumptions relating, for example, to results which have been derived from the latest DAIG business or from public sources which have not been subjected to an independent examination or assessed thoroughly by DAIG and which could later prove to be incorrect. Any forward-looking statements reflect current expectations based on the present business plan and various other assumptions and therefore contain not insignificant risks and uncertainties. Any forward-looking statement should therefore not be understood as a guarantee for future performance or results and, moreover, does not necessarily constitute accurate indications that the expected results will also be achieved. Any forward-looking statements only relate to the date when this press release was handed over to the recipients. It is up to the recipients of this press release to make their own more detailed evaluations of the informative value of any forward-looking statements and the assumptions on which they were based.
DAIG excludes any and all liability to the greatest extent permitted by law for any direct or indirect damage or loss or consequential damage or loss or for any penalty which the recipients could incur from the use of the press release, its contents, in particular any forward-looking statements, or in any other connection therewith. DAIG gives no guarantee or assurance (either expressly or implied) in relation to the information communicated in this press release.
DAIG has no obligation to update or correct the information, any forward-looking statements or conclusions in this press release or to include subsequent events or circumstances or to correct inaccuracies which become known after the date of this press release.
 
Deutsche Annington Immobilien SE:
Frank Jungbluth         
Head of corporate communications
Phone +49 234 314 - 1149
Mobile +49 172 318 0645
frank.jungbluth@deutsche-annington.com
 
Berlin Hyp:
Nicole Hanke
Head of corporate communications
Phone: +49 30 25 99 9123
Fax:        +49 30 25 99 9127
Nicole.Hanke@BerlinHyp.de
 
Terra Firma:
Andrew Dowler
+44 20 7251 3801



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