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.
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