Raiffeisenbank Bulgaria refinancing Arco Invest's loan

Raiffeisenbank Bulgaria and Arco Invest have signed a loan agreement with a term of approximately five years, Arco Vara said in a statement.

"The new loan agreement foresees modest quarterly repayments with one larger repayment in October 2024. The interest rate of the loan decreased," Arco Vara said.

The loan for the Madrid Blvd project from Piraeus Bank was becoming due at the end of 2019.

"Refinancing the Madrid Blvd loan has been one of the strategic objectives of Arco Vara, which has now been achieved after filling the building with paying tenants. With that milestone, approximately one quarter of the Group's balance sheet and approximately half of the Group's liabilities have been stabilized for the next five years," Tarmo Sild, CEO of Arco Vara, commented.

The servicing of the loan will be cheaper which in turn will increase the amount of money remaining in shareholders' hands starting from 2020 and onwards, Sild added.

($ = 0.89474 euro)