Belgium developer Atenor announces the signing, through its Romanian subsidiary NGY Investment SRL of a financing of 80 million Euro with pbb Deutsche Pfandbriefbank and Erste Bank, two international banks active in Central Europe.
This funding for a period of 5 years (2020 – 2025) covers the three buildings that make up the HERMES BUSINESS CAMPUS real estate complex (75,000 sqm of offices).
The company press release reads: HERMES BUSINESS CAMPUS is a high quality office campus, certified ‘BREAAM Excellent’ and located just across the road from the district’s main metro station and along the Dimitri Pompeiu Boulevard, north of Bucharest. HERMES BUSINESS CAMPUS enjoys good accessibility and immediate connection to airports. Soft mobility is also favoured. A true success story, the campus welcomes prestigious tenants such as: Genpact Romania, the world leader in business process operations, DB Schenker, Luxoft, Lavalin, Mondelez, etc.
These buildings have already been subject of lease renewals and generate rental income in the order of 10.3 million euros per year. The health crisis had no material impact on rental income (impact less than 0.1 million euros).
For ATENOR, this new credit transaction in Central Europe broadens the diversification of financing sources and maturities, a cornerstone of ATENOR financing policy. Notwithstanding the economic and financial environment troubled by the health measures taken to counter the Covid-19 pandemic, ATENOR enjoys, at the end of this refinancing and following the capital increase achieved in June 2020, appropriate financial resources to pursue its international growth strategy (see the two recent acquisitions in The Hague and Düsseldorf) and the development of the projects in portfolio.
Concerning the real estate complex as an asset, ATENOR maintains its intention to proceed with the sale of this asset, in accordance with its general policy. Given the attractive return on invested capital generated by this asset, and given the implementation of this new financing, ATENOR has the flexibility to solicit optimal selling conditions from investors, in a market with investment that is still attractive in the long term, but currently marking a pause due to the health crisis.