Invel Real Estate has refinanced banking facilities used to acquire 95% of Prodea Investments, the largest Reit in Greece.
The newly issued €600 mln 15-year bond was fully subscribed by the National Bank of Greece and Piraeus Bank.
Inrev said since the initial acquisition of a 66% share in 2013, it had increased its participation in Prodea by exercising its call option in 2019, becoming the largest ever investor in the Greek real estate market.
Over the last nine years, Prodea has increased its GAV from around €900 mln to €2.4 bn, whilst also returning in excess of €700 mln to its shareholders.
The refinancing follows the successful launch by Prodea in July 2021, of the first ever green bond in real estate in Greece, with a 7-year maturity and a 2.3% fixed interest rate.
Chris Papachristophorou, managing partner and founder of Invel, said: 'This refinancing is a hugely important milestone for Invel and comes at a key timing as Prodea has embarked on its new strategy to further enhance its exposure to energy efficient buildings and new generation logistics warehouses.’
‘Over a short period of time and against a backdrop of challenging macroeconomic conditions our team has secured a complex refinancing with two syndicate banks that is one of the largest European real estate financings this year.’