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ADO Properties S.A. Successfully Concludes Refinancing Series

DGAP-News: ADO Properties S.A. / Key word(s): Financing/Rating

04.12.2018 / 07:30
The issuer is solely responsible for the content of this announcement.

ADO Properties S.A. Successfully Concludes Refinancing Series
  • Optimizing the loan structure of the Carlos portfolio generates EUR 90 million of additional liquidity
  • All current liabilities successfully refinanced, further optimization of funding structure planned
  • Standard & Poor's assigns BBB-/A-3 rating, with a stable outlook

Berlin, 4 December 2018 - ADO Properties S.A., the only residential property company with exclusive focus on Berlin that is listed in the Prime Standard, successfully concluded a series of refinancing arrangements by taking out a loan over EUR 90 million and thereby refinancing all of its current loan liabilities. The loan is secured with the existing collateral from the Carlos portfolio that the company acquired from Deutsche Wohnen in 2015.

Within the framework of these refinancing projects, ADO Properties was assigned an investment grade rating of BBB-/A-3 combined with a stable outlook by Standard & Poor's.

Florian Goldgruber, Chief Financial Officer of ADO Properties, said: "The just-concluded further financing arrangement for the Carlos portfolio replaces all current loan liabilities for maturing loans and for our commercial paper program. Despite considerable negative outside influences that hampered our refinancing efforts in recent months, we managed to conclude the overall project within the planned timeline. In addition, we were able to lower our average borrowing costs to 1.7 percent through the smart diversification of financing tools. We assume that the successful refinancing will positively influence our ratings, and we intend to take further steps toward a continuous optimization of our financing structure in the coming months."

During the fourth quarter of its financial year, ADO Properties had previously placed a promissory note loan and a convertible bond in a volume of EUR 165 million and with a five-year maturity with institutional investors. In both transactions, ADO Properties was able to successfully place new financing tools for the first time even in a difficult market environment and to demonstrate by that its reliable access to a wide spectrum of funding sources.

About ADO Properties

ADO Properties is a company that focuses on the residential real estate sector and owns a property portfolio of around 24,000 units in Berlin. The company operates an entirely integrated, scalable in-house platform that includes a dedicated property administration. In addition to being accountable for the condition of its apartments and buildings, ADO Properties assumes responsibility for the people who live in them, its own employees and the surrounding environment. The portfolio of ADO Properties is concentrated in central locations inside Berlin's rapid-transit circle line and in attractive districts on the city's periphery.

04.12.2018 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

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