Austrian property group Immofinanz has agreed a deal to restructure debt backed by its Shushary logistics facility in St Petersburg, Russia with Rosbank, the Russian subsidiary of French financial group Société Generale. Financial details were not disclosed.

Immofinanz said the new funds will allow it to invest in further projects in Russia, where the company has recently upped its exposure with the takeover of the GoodZone shopping centre development project in Moscow.

The Shushary logistics centre has been part of the Immofinanz portfolio since 2008. The class-A property provides 41,300 m2 of rentable space and is fully let to Kuehne+Nagel, Agrotorg and NLC.

Chief Executive Eduard Zehetner said the transaction confirms recent positive developments in the Russian real estate financing market. 'The market for real estate financing has improved substantially for borrowers in recent months,' said Zehetner. 'For top properties like Shushary, debt financing is available at a comparatively reasonable price.'

'Rosbank is continuing to grow its corporate credit portfolio in St Petersburg, cooperating not only with the largest companies in the north-west of the country, but also with companies from the European Union,' said Elena Sheveleva, deputy regional coordinator of Rosbank in St. Petersburg. 'This large-scale deal with Immofinanz confirms the bank´s focus.'

Last autumn, Immofinaz refinanced its Babylon 1 and 2 shopping centres in Moscow with Scandinavian financial group Nordea.