Atlas Estates Limited – Successful in refinancing loan

Atlas Estates Limited (ATLS), the Central and Eastern Europe property investor and developers, has successfully refinanced the loan secured against its Hilton Hotel asset in Warsaw, extending its facility with Investkredit Bank AG from EUR51.4m to EUR65m. The additional funding will be utilised in the continued advancement of its development pipeline. Subject to certain conditions, the facility will be increased to EUR75m upon completion of a syndication facility. The facility’s repayment date has been extended to September 2015 and the loan structure has been changed to an investment loan with favourable repayment schedule and long term amortization. This facility will therefore provide the Company with additional funds to progress its development pipeline and zoning programmes.

Commenting, Quentin Spicer, Chairman of Atlas, said: “The completion of this refinancing demonstrates third party confidence in the underlying quality of our assets and management programmes and is a strong endorsement of the results that we have achieved at the Hilton, where trading continues above expectations.