- Pressemitteilung BoxID 137087
KWG successfully extends credit line - no refinancing required till mid-2011
Not until the second half of 2011 is further refinancing required - namely of 2.6 million euros, equivalent to 2.2% of the total loan portfolio of 117 million euros. Thus KWG has taken advantage of the attractive conditions currently available to optimise its liability structure with lasting effect.
KWG has a portfolio of some 4,900 apartments with a view to long-term ownership, with a balance sheet value of 172 million euros. The company's real estate portfolio yields an annual return of around 8% on the current value of the properties (601 euros per square metre): this is far above the average achieved by comparable firms. Most of KWG's properties have already been extensively modernised to comply with today's technical and energy standards, and in these apartments the company has been able to increase rents and successfully reduce vacancy levels. So far, these value-enhancing measures have been partly financed from the current cash flow. In the next few quarters KWG intends to continue and complete its ongoing modernisation programme. The net asset value (NAV) per share already came to 6.67 euros in the first half of 2009.
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