Eurocommercial extends €525m in long-term loans

European retail property specialist Eurocommercial Properties has refinanced €525 mln in long-term debt. 

I Gigli, Florence

This will extend the company’s average debt maturity to nearly five years, ensuring that no major refinancing is required until 2029.
The new financing covers three key assets—Carosello and I Gigli in Italy, and C4 in Sweden—with interest margins remaining consistent with previous agreements.
A new seven-year agreement worth €200 mln has been signed with Intesa Sanpaolo for the Carosello shopping centre in Milan, replacing the former €186 mln facility.
Eurocommercial secured a five-year €270 mln loan from Unicredit and BayernLB for I Gigli in Florence, refinancing the existing €213 mln debt.
The company also finalised a five-year loan with Postbank (Deutsche Bank) worth €55 mln (SEK 600 mln) for C4 in Kristianstad. The facility was increased from SEK 510 mln to SEK 600 mln to support this Swedish shopping centre.
By addressing these obligations now, the Group has secured a stable funding position with an improved average loan term, effectively insulating the portfolio from significant refinancing pressures for several years.
Eurocommercial currently owns and operates 24 shopping centres in Belgium, France, Italy, and Sweden with total assets of €4 bn.