Financing EUR 92 million syndicated loan for Baltic Retail Properties
We are financing a syndicated loan of EUR 92 million with another bank to UAB Baltic Retail Properties, real estate managers. The loan is intended for the refinancing of the company's existing obligations – an extension of financing for the acquisition of leased shopping centers for Kesko Senukai retail network.
The loan will be provided in equal parts, with both banks lending 46 million euros each. Through this refinancing, the loan term has been extended until the end of the company's operating term, which is two years until 2026.
"We work with leading companies in their industries – that is our bank's strategic direction. The Senukai retail network is a market leader in the DIY sector, and the shopping centers are well-located and successfully managed by an international investment fund. Therefore, we are pleased to contribute to this significant financing deal for the Lithuanian market," says Leda Irzikeviciene, Country Manager of OP Corporate Bank's Lithuanian branch.
"We secured the company's financing in a challenging market situation. The banks understood the company's needs well and found the necessary solutions, which led to an agreement on the structured refinancing of the company's real estate portfolio spread across Lithuania, Latvia, and Estonia," confirms Zydrunas Lukauskas, CEO of Zabolis ir partneriai kapitalo valdymas.
The initial purpose of Baltic Retail Properties' obligations was the financing of the acquisition of 18 Kesko Senukai shopping centers in Lithuania, Latvia, and Estonia. The company leases these centers to the retail network.
Baltic Retail Properties' main investor is the U.S.-based real estate investment group W.P. Carey. W.P. Carey is listed on the New York Stock Exchange and specializes in acquiring strategically important single-tenant real estate in North America and Europe.
We are the fifth-largest bank in the country in terms of business loans granted and belong to the largest financial services group in Finland OP Financial Group.