KWG Kommunale Wohnen AG: Refinancing reduces cost of capital by EUR 0.5 mn p.a.- Refinancing of loans in the amount of EUR 22 mn
- Reduction of annual interest expenses by EUR 0.5 mn
- Long-term duration of 10-year loans guarantees high planning reliability
Hamburg - 16 July 2012 - KWG Kommunale Wohnen AG, long-term oriented holder of German residential real estate, does not have any significant refinancing requirements until the end of 2014 after the successful refinancing of a loan in the amount of EUR 22.3 mn. The long-term financing provided by a global insurance company and two German commercial banks replaces the loans expiring in 2012 at attractive conditions.
The average nominal interest rate of the new financing amounts to 3.3 per cent and has been secured at more than 200 bps. below the loans it replaces. KWG thus lowers its annual interest expenses by approx. EUR 0.5 mn. In addition the company has increased its planning reliability through the lock-in of interest rates for a duration of 10 years.
The new loans are classic German mortgage loans. The new financing provided by the lenders reflects their confidence in the company's cash generation and the value of the company's real estate portfolio.
About KWG AG
KWG Kommunale Wohnen AG is a long-term oriented owner and operator of German residential real estate units. The company acquires residential real estate portfolios at attractive conditions in promising micro-locations of metropolitan regions and German regional centres and sustainably increases their value through an active real estate asset management. By refurbishments to high energy efficiency standards incidental costs for tenants are being lowered. KWG AG covers the complete value chain from acquisitions to construction management and its own internal property management. As a result vacancies are being reduced and income from net cold rent is being increased. This leads to value enhancements of the properties, above average Returns on Equity and profitability. KWG's shares are listed in the Entry Standard of the Frankfurt Stock Exchange.
KWG Kommunale Wohnen AG
Tel.: +49- 40- 2263088-100
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