DGAP-News: GAGFAH GROUP Refinances EUR 176 Million GBH Loan with HSH Nordbank


DGAP-News: GAGFAH S.A. / Key word(s): Miscellaneous
GAGFAH GROUP Refinances EUR 176 Million GBH Loan with HSH Nordbank

23.04.2014 / 09:37

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Press Release: April 23, 2014
GAGFAH S.A.
2-4, rue Beck
L-1222 Luxembourg

ISIN: LU0269583422
Frankfurt Stock Exchange (Ticker Symbol: GFJ)
Regulated Market (Prime Standard)

GAGFAH GROUP Refinances EUR 176 Million GBH Loan with HSH Nordbank

  - Two loan tranches of EUR 134 million and EUR 42 million reflect the
    portfolio strategy for the underlying assets

  - Weighted average maturity of the new loan is six years

  - Weighted average interest rate is 3.05%, about 130 basis points lower
    than for the previous loan

Luxembourg, April 23, 2014 - GAGFAH GROUP successfully refinanced the GBH
portfolio with more than 4,400 residential units mostly located in Southern
Germany in the city of Heidenheim with HSH Nordbank. The previous loan was
fully repaid on its final maturity date.

The new loan from HSH Nordbank comprises two tranches, reflecting the
strategy for the underlying portfolio. The first tranche of EUR 134 million
for the core portfolio has a seven-year maturity while the second tranche
with EUR 42 million is mostly secured by a sales portfolio and has a
three-year maturity.

With a weighted average of around six years, the maturity rate has been
significantly extended compared to the previous loan, and on the basis of
the current hedging strategy and the current Euribor rate the weighted
average interest rate of the new loan is 3.05%, about 130 basis points
lower than for the previous loan. In addition, GAGFAH was able to save
one-off refinancing fees of ca. 1% that would have been incurred if GAGFAH
had executed the two-year extension option with the previous lender.

Gerald Klinck, CFO of GAGFAH GROUP commented, "Securing stable and
long-term financing for the GBH portfolio is another important step for us
in our continuous efforts to improve our capital structure and maturity
profile. We are very happy to have reached another financing agreement with
HSH Nordbank. We have already worked with them in the past, and we
appreciate their reliability and professionalism."

 

Contact
GAGFAH S.A. 
Investor Relations
Rene Hoffmann
2-4, rue Beck
L-1222 Luxembourg 
Tel.: +352 266 366 21
rhoffmann@gagfah.com 
www.gagfah.com
R.C.S. Luxembourg B 109.526

Media
Dirk T. Schmitt
+49 175 721 4836
dschmitt@gagfah.de 

About GAGFAH S.A.

GAGFAH S.A. is a joint stock corporation organized under the laws of the
Grand Duchy of Luxembourg qualifying as a securitization company under the
Luxembourg Securitization Law of March 22, 2004. The core business of
GAGFAH S.A.'s operating subsidiaries is the ownership and management of a
residential property portfolio located in Germany.

GAGFAH is a leading owner and operator of residential real estate in
Germany. Our portfolio includes about 144,000 own residential units that
are mostly located in the large German cities and their respective commuter
belts. We believe that our size, our significant presence in the key
residential markets and our scalable operating platform make us one of the
leading providers of affordable housing for low- to medium- income
households in Germany. Our operating subsidiaries are full-scale service
providers for a broad range of property and facility management services.

Our objective is to generate shareholder value through sustainable and
growing cash flows, increasing net asset value and sustainable dividends by
efficiently managing our portfolio, carrying out value-enhancing property
investments, pursuing accretive growth opportunities, and realizing value
through selected asset sales.


End of Corporate News

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23.04.2014 Dissemination of a Corporate News, transmitted by DGAP - a
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Language:    English                                               
Company:     GAGFAH S.A.                                           
             2-4, rue Beck                                         
             1222 Luxemburg                                        
             Grand Duchy of Luxembourg                             
Phone:       + 352 266 366 1                                       
Fax:         + 352 266 366 01                                      
E-mail:      info@gagfah.com                                       
Internet:    www.gagfah.com                                        
ISIN:        LU0269583422, LU0269583422                            
WKN:         A0LBDT                                                
Indices:     MDAX                                                  
Listed:      Regulierter Markt in Frankfurt (Prime Standard);      
             Freiverkehr in Berlin, Düsseldorf, Hamburg, München,  
             Stuttgart                                             
 
 
End of News    DGAP News-Service  
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