Pioneer Property Group ASA's Finish subsidiary Pioneer Public Properties Finland Oy (PPPF) has entered into a definitive agreement to replace its existing loans with a single MEUR 70 loan from a European-based infrastructure debt fund. The current loans from Danske Bank and Pareto Bank, indirectly via an intra-group loan from Pioneer Public Properties II AS, will be fully refinanced. The new financing has a ten-year fixed rate of 3.75% and will start to amortize from year six at the same time as PPPF has the option of repaying the loan at par. The total value of the PPPF portfolio with 41 properties and annual rent of MEUR 5.8 has been updated by Newsec to MEUR 92.
Pareto Securities acted as financial advisor to the company.
Enquiries
Martin P. Hoff, CFO
+47 47214721
www.pioneerproperty.no