Appeninn, Erste sign €5.5 mln refinancing contract
Property holding company Appeninn and Erste Bank have signed a €5 million refinancing agreement as part of the restructuring of Appeninnʼs real estate loans, the holding told Hungarian news agency MTI today.
An earlier CHF 13 mln loan has been replaced with the €5.5 mln and a €3 mln payment has been offered by major owners of the company, MTI said.
The loan portfolio of the company has decreased by €6.5 mln due to the restructuring and the annual debt servicing expenditure has seen a decrease of €650,000, MTI said, adding that at the moment Appeninnʼs loans stand at €37 mln, of which 95.5% are denominated in euros and 4.5% in Hungarian forints.
Newly available funds are expected to be used for efficiency improvements and purchasing property, Appeninn operating manager Gábor Székely told the news agency.
Appeninn owns and operates 12 real estate properties worth €57.85 mln, MTI said, adding that in the first nine months of the year it had gross consolidated revenue of €3.36 mln.
SUPPORT THE BUDAPEST BUSINESS JOURNAL
Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.