Vastned signs bridge financing
Hoofddorp, 15 April 2024 – Vastned, the listed European retail property company, has signed the bridge financing facility of € 225 million, with relationship banks ABN AMRO Bank and Rabobank. Agreement on the bridge financing was previously announced on 15 February 2024. The Bridge Facility provides Vastned with flexibility to cover the loan maturities as per September 2024 and to continue to execute on its divestment program as part of the strategic reorientation.
ALIGNING FINANCING WITH STRATEGIC REORIENTATION
The bridge facility that has now been signed for an amount of € 225 million covers the loan maturities that Vastned has to repay as per September 2024. The size of the bridge facility is flexible and will be adjusted in case of any divestments as part of the strategic reorientation. Vastned continues to focus on divesting parts of the portfolio and on reviewing opportunities to adapt the structure of Vastned, as communicated before.
ABN AMRO Bank has acted as arranger of the bridge facility. Vastned received legal advice from NautaDutilh and the lenders received legal advice from Clifford Chance LLP.
FINANCIAL CALENDAR VASTNED
25 April 2024 Annual General Meeting
16 May 2024 before trading Q1 trading update 2024
25 July 2024 before trading HY Results 2024
24 October 2024 before trading 9M trading update 2024
Vastned is a European publicly listed property company (Euronext Amsterdam: VASTN) focusing on the best property in the popular shopping areas of selected European cities with a historic city centre where shopping, living, working and leisure meet. Vastned’s property clusters have a strong tenant mix of international and national retailers, food & beverage entrepreneurs, residential tenants, and office tenants. The property portfolio had a size of approximately € 1,373 million as at 31 December 2023.
