Gagfah, Germany’s second-biggest residential landlord, said in a web call yesterday that it is splitting the commercial mortgage-backed securitisation German Residential Funding with a debt volume of just over €2bn.
According to investor relations head Rene Hoffman: “It will be divided into different asset pools and we are discussing each one with different lenders; one pool is earmarked for securitisation.”
Gagfah, which is controlled by New York-based Fortress Investment Group, is also selling its 38,000 apartments in Dresden in an effort to pay down €3.1bn of debt due next year.
According to Gagfah chief executive Stephen Charlton: “Refinancing will remain an important driver for our share price, and we are on track towards resolving our 2013 debt maturities.”
