Listed housing property firm Gagfah said the offering of its 鈧�700 mln CMBS was 1.6 times oversubscribed, a further indication of investors' strong appetite for residential assets.
Listed housing property firm Gagfah said the offering of its 鈧�700 mln CMBS was 1.6 times oversubscribed, a further indication of investors' strong appetite for residential assets.
The CMBS has a 2.71% coupon and a five-year maturity plus a one-year extension option.
Gagfah also closed a new 鈧�91 mln loan for the OWG portfolio with a coupon of 3.54% and a seven-year maturity.
With the closing of these transactions, the property firm has refinanced over 鈧�4 bn of debt in the past nine months alone, decreasing its overall interest rate from 4.35% at the end of last year to 3.10% going forward.
At the same time, Gagfah said it has reduced its loan-to-value ratio from 65% to 62%.
'With the increased headroom after the successful refinancings, the focus is now fully back on the operations side,' the company said in a statement.
The only loan left to be refinanced is the 鈧�358 mln Malibu loan which is set to mature in October 2014. Gagfah said, however, that it plans to sell a large share of the regional non-core assets of the Malibu portfolio before refinancing the remainder in the second half of next year.
