Cibus Acquires Six Properties
Finland Cibus has signed the acquisition of a portfolio of six daily-goods properties in Finland. In conjunction with the transaction, Cibus has refinanced one of its three senior-loan facilities. The new EUR 142M facility has a lower margin than the previous one and includes the financing of the portfolio acquired today. The acquisition and the refinancing will have a positive effect on Cibus’ future cash flow.
The properties acquired today are all let to Kesko and Tokmanni. They have a combined area of some 23,000 sqm and the total acquisition cost was EUR 30M. The sellers were funds managed by WasaGroup Funds Oy, a Finnish real estate fund manager and developer.
In conjunction with the transaction, one of Cibus’ senior-loan facilities was refinanced, lowering the margin, prolonging the maturity and allowing for the acquisition. Nordea Bank acted as the mandated lead arranger and coordinator of the bank consortium, where the other lenders are Swedbank and Aktia Bank.
“We are very happy to be able to continue the execution of the business plan we set out for Cibus at the time of the IPO in an even quicker pace than anticipated. We will now start the renegotiation of the remaining two loan facilities, which will allow us to continue the expansion of the portfolio as planned,” says Patrick Gylling, Chairman of the Board of Cibus.