Italian listed property company Immobiliare Grande Distribuzione (IGD) SIIQ has secured an EUR 18 mln loan from Mediocredito Italiano, part of the Intesa Sanpaolo banking group.
Italian listed property company Immobiliare Grande Distribuzione (IGD) SIIQ has secured an EUR 18 mln loan from Mediocredito Italiano, part of the Intesa Sanpaolo banking group.
IGD said the credit line is a 5-year mortgage loan indexed to the six-month Euribor rate with a spread of 365 basis points.
The company also exercised a term-out option with Cassa di Risparmio del Veneto, another affiliate of Intesa Sanpaolo, extending the maturity of the original EUR 30 mln mortgage loan to 1 May 2014 at the six-month Euribor rate with a spread of 310 bps.
'The new funds complete the financing needed in order to finish the projects in the pipeline for the current year', Claudio Albertini, CEO of IGD, said.
IGD develops and manages shopping centers throughout Italy and has a significant presence in Romanian retail distribution. Listed on the Star
Segment of the Italian Stock Exchange, IGD was the first SIIQ (real estate investment trust) in Italy.
The company had a real estate portfolio valued at EUR 1.9 bn at end-June 2012.
