Iceland's Kaupthing Bank has extended the Invista Celsius joint venture's existing senior debt facility. Invista Real Estate said the two-year extension is on the same terms as the original loan agreement.
Iceland's Kaupthing Bank has extended the Invista Celsius joint venture's existing senior debt facility. Invista Real Estate said the two-year extension is on the same terms as the original loan agreement.
Celsius is a portfolio comprising 11 office and industrial properties located in Ile-de-France and regional France. According to Invista, the portfolio's income is secured from strong covenants with over 63% generated by Carrefour, the leading French hypermarket group and Areva, the state controlled French power company. The portfolio is held in a 50/50 joint venture.
While keeping its investment in Celsius at zero, Invista said it has agreed a two-year extension to the existing asset management agreement, expiring in September 2011. The firm said the new agreement involved a revised fee basis which was more than twice the previous amount.
Kaupthing Bank was a significant property financier during the boom years but the bank was taken over by the Icelandic Financial Supervisory Authority in October 2008 to prevent its collapse.
