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| Immofinanz closes refinancing deal for two properties in Moscow Austrian real estate group Immofinanz has closed a US $100 million refinancing deal with Nordea, one of the leading banks in the Scandinavian and Baltic region, for the Golden Babylon 1 and Golden Babylon 2 shopping centers. The refinancing efforts for the two properties began at the end of 2009 and successfully closed in August 2010, despite the extremely challenging situation in the international financial markets. Both shopping centers have excellent locations and are 100% occupied. Until now, both properties were entirely financed with equity. The two properties have formed part of the Immofinanz Group's property portfolio since mid-2006, and were the first investments made by the Immofinanz Group in Moscow. With a combined footfall of more than 1 million visitors per month, the two shopping centers Golden Babylon 1 (Otradnoe district) comprising 25, 370 m² and Golden Babylon 2 (Yasenevo district) comprising 9, 049 m² of leasable area, are both among the retail properties with the highest turnover figures in Moscow. Some of the largest tenants are Russian top brands such as Perekrestok (X5 group), L'Etoile, O'Stin, Centro and Luxor Cinemas. Thanks to the attractiveness of both properties, Immofinanz Group has been able to achieve a high occupancy rate and a stable rent level over the past several years. write your comments about the article :: © 2010 Construction News :: home page |