Central and Eastern Europe property investor and developer Atlas Estates says it has refinanced the loan secured against its Hilton Hotel asset in
The AIM-listed company said it had also extended its loan facility with Investkredit Bank from €51.4m (£40m) to €65m (£51m) with the repayment date extended to September 2015.
The company said the additional funding would be put towards its development pipeline.
Chairman Quentin Spicer said: “The completion of this refinancing demonstrates third party confidence in the underlying quality of our assets and management programmes and is a strong endorsement of the results that we have achieved at the Hilton, where trading continues above expectations.
‘The extension of the repayment date and change in payment terms also provides us with additional flexibility, which is vital in times of greater economic volatility and will enable us to focus on progressing our development and asset management programmes, which we believe will deliver shareholder value over the medium to long term.”
