Treveria today said it has agreed new covenant arrangements for one of its bank loans and announced the resignation from the board of Michael Neubuerger.
In a market update today, the German retail-focused real estate investor said it had amended and suspended some financial covenants until April on its Treveria C loan with Deutsche Bank.
As part of the agreement, Treveria said it had agreed to replace the property manager and the asset manager, Treveria Asset Management.
“As a result of these amendments, the aggregate asset management fee income of Treveria Asset Management budgeted for 2010 will be marginally reduced,” the company said.
It added that Michael Neubuerger had been appointed as managing director of subsidiary Treveria Asset Management and he would therefore resign as a non-executive director of the company.
Christopher Lovell, chairman, said: “The appointment of Michael Neubuerger as managing director of Treveria Asset Management and the other measures we are announcing today underline our commitment to the ongoing process of ensuring the company is best placed to deliver the long-term value potential in its property portfolio for the benefit of all shareholders.”
