IMMOFINANZ Group, one of the largest foreign property investors in the Moscow retail sector, has recently signed a USD 55 million long-term credit agreement with ZAO Raiffeisenbank. The debt-facility will be granted for the Fifth Avenue Shopping Mall, one of the four existing shopping-centres, that forms the quality portfolio of IMMOFINANZ Group in Moscow. The successful deal with RAIFFEISEN Bank Russia is another step in optimizing returns on a strong income-generating portfolio in Russia.
IMMOFINANZ Group signed a long-term credit agreement for the Fifth Avenue Shopping Mall, with ZAO Raiffeisenbank. «Following recently increased volatility in the banking sector, our deal with ZAO Raiffeisenbank again underlines the strength of our Russian portfolio. This agreement is another important step in optimizing our financing structure which is based on a defensive leverage approach. For quality properties like our fully rented Fifth Avenue Shopping Mall, long-term debt financing is available at comparatively reasonable terms and conditions from well-regarded financial institutes», explained Eduard Zehetner, Chief Executive Officer of the IMMOFINANZ Group.
«We are very glad to now have IMMOFINANZ Group as our client in Russia, especially as the company has been a reliable partner of Raiffeisen Bank International in Austria, and CEE for a long time — says Oxana Panchenko, Board Member of ZAO Raiffeisenbank, Head of Corporate Banking and Corporate Finance Directorate. — Given the level and scale of the tasks set by IMMOFINANZ Group in Russia, we hope that the deal will help the company to realize its goals».
Following other successful refinancing deals in Russia with high profile institutional lenders, the IMMOFINANZ Group has now taken the next step towards optimizing returns with this credit facility. The resulting liquidity will be invested in selected projects in Russia to further improve the market position of the IMMOFINANZ Group.
The Fifth Avenue Shopping Mall has been part of the IMMOFINANZ portfolio since 2006. This quality neighbourhood centre, with approx. 21,200 sqm of leasable area, is located in Shchyukino, North-West Administrative District of Moscow, a district with primarily residential character and approx. 800,000 residents. The Fifth Avenue Shopping Mall is fully let to Russian and international quality tenants like Perekrestok, Cinema Park, Lady & Gentleman City, Henderson, Mothercare, Oggi, Esprit, Mexx, Profi Sport, Gerry Weber, Geox, Burger King, Starbucks etc.
The IMMOFINANZ Group is one of the five largest listed property companies in Europe and is included in the leading ATX index of the Vienna Stock Exchange. Since its founding in 1990, the company has compiled a high-quality property portfolio that now comprises more than 1,600 investment properties with a carrying amount of approx. EUR 8.4 billion. The core business of the IMMOFINANZ Group covers the acquisition and management of investment properties, the realisation of development projects and the sale of objects. The IMMOFINANZ Group concentrates its activities in the retail, office, logistics and residential segments of eight regional core markets: Austria, Germany, Czech Republic, Slovakia, Hungary, Romania, Poland and Russia. Further information under: http://www.immofinanz.com/.
ZAO Raiffeisenbank is a subsidiary of Raiffeisen Bank International AG. Raiffeisenbank ranks 10th among the Russian banks in terms of assets, based on Q3 2011 results (Interfax-CEA). According to the same Interfax-CEA data, ZAO Raiffeisenbank ranked 5th in terms of private deposits and 6th with regard to consumer lending.
Raiffeisen Bank International AG regards both, Austria, where it is a leading corporate and investment bank, and Central and Eastern Europe (CEE) as its home market. In CEE, RBI operates an extensive network of subsidiary banks, leasing companies and a range of other specialised financial service providers in 17 markets. RBI is the only Austrian bank with a presence in both the world’s financial centres and in Asia, the group’s further geographical area of focus. Around 60,000 employees service about 13.5 million customers through around 3,000 business outlets, the great majority of which are located in CEE. Raiffeisen Bank International is a fully-consolidated subsidiary of Raiffeisen Zentralbank Oesterreich AG (RZB). RZB indirectly owns around 78.5 per cent of the common stock, the remainder is in free float. RBI’s shares are listed on the Vienna Stock Exchange. RZB is the central institution of the Austrian Raiffeisen Banking Group, the country’s largest banking group, and serves as the group head office of the entire RZB Group, including RBI.