A consortium between Komerční banka and ČSOB has agreed on a €155m refinancing loan for a portfolio of industrial assets in the Czech Republic and Slovakia held by Contera together with TPG. The funds were used to consolidate existing loans for the properties but the vehicle also includes a credit line of tens of millions of euro that can be used over the next three years for new construction on land that is part of the portfolio. “We started the refinancing last year,” Contera partner Dušan Kastl told the daily E15. “The reason for it was our new acquisitions, including acquisitions in Slovakia.” He admitted that it was lucky that discussions with the banks began last year. “Today, refinancing would be a lot more complicated. The approval processes don’t just take place in the Czech Republic but at the parent banks, which take a more global viewpoint.” Lenders are far more careful with new loans and the conditions they offer will be worse.
