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Atrium cuts debt costs with €125m unsecured RCF

Retail specialist Atrium European Real Estate has signed a €125m five-year unsecured revolving credit facility with a club of three banks. ING Bank, Citibank and HSBC have provided the facility, which comprises of €100m of new credit and the extension of an existing €25m of facility.

Retail specialist Atrium European Real Estate has signed a €125m five-year unsecured revolving credit facility with a club of three banks.

ING Bank, Citibank and HSBC have provided the facility, which comprises of €100m of new credit and the extension of an existing €25m of facility.

Following the deal, Atrium said it had €150m of undrawn revolving credit facilities.

Galeria Dominikanska, Poland, one of Atrium's 81 assets
Galeria Dominikanska, Poland, one of Atrium’s 81 assets

“With this new revolving credit facility we have taken advantage of the continued current favourable credit market conditions to improve the company’s financial flexibility and extend the average maturity of our debt at improved costs,” said Ryan Lee, chief financial officer at Atrium.

Atrium, which is based in Jersey and dual-listed on the Vienna and Euronext Amsterdam Stock Exchanges, focuses on shopping centre investment in Central and Eastern Europe .

It currently has 82 assets located across the region with Poland, Hungary and the Czech Republic accounting for most of the portfolio. The assets are valued at €2.7bn in total.

Atrium recently acquired a 75% interest in the Arkády Pankrác shopping centre in Prague for €162m from Unibail-Rodamco SE. In June, it raised €130m in an issue to help fund acquisitions.

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