AIM-listed German retail property company Treveria has been granted an extension of up to three years on its EUR 421 mln Silo E securitised debt facility. The company has signed an agreement with servicer Hatfield Phillips, acting on behalf of the lenders to Silo E, whereby the loan will be extended for an initial period of 12 months with options for the lender to extend for two further successive periods of 12 months each.

The extension is contingent on the borrowers meeting agreed financial targets and complying with ongoing covenants and conditions.

The announcement follows the standstill agreement for the Silo E facilities which was announced in July 2011 and put in place to allow completion of the agreement of the extension terms.

Silo E will remain fully independent with its cashflow to be used to pay all operating costs, including the management fees to Treveria Asset Management, and to fund a cap expenditure programme in line with Treveria's strategy for active asset management to lower the loan-to-value ratios in all silos to 65% by 2014.

Bernhard Fuhrmann, CEO of Treveria Asset Management, said: 'The extension of the Silo E facility represents a significant step forward for the group, and improves the overall stability of Treveria's capital structure. We can now focus on growing value for all of our stakeholders and improving the quality of our real estate through careful investment.'

N M Rothschild & Sons and Norton Rose advised the group for the duration of the process.