Orco Germany subsidiary GewerbesiedlungsGesellschaft (GSG) has refinanced a €284.5m loan.
The loan, originally issued by the Royal Bank of Scotland, will be refinanced by a club of five German banks, which will provide the bulk of the total, €271m. A further €13.5m will be supplied by parent company Orco Germany.
Orco Germany has just sold the Sky Office building in Düsseldorf to Allianz Real Estate and the sale secures GSG’s remaining refinancing needs, said Orco. The deal is expected to close in December 2012.
“With this important step done, we are glad to maintain the timing aimed at refinancing the GSG loan by year end,” said GSG’s managing director Oliver Schlink.
