Grivalia gets 75 mln euro finance line from Piraeus Bank
Grivalia Properties, majority owned by Canada's Fairfax Financial Holding, has secured a 75 million euro stand-by financing facility with Piraeus Bank to pay for new acquisitions, it said in a a statement.
The finance comes in the form of a bond that will be covered by Piraeus Bank and Piraeus Leasing, Grivalia said.
With Greece's economy showing weak growth and emerging markets hit by turmoil, real estate companies have been turning to secured bonds as a safe way of paying for growth plans. Trastor REIC recently issued a covered 24 million euro bond to key shareholder Piraeus Bank. This came after Greece's largest real estate investor Pangaea pulled the plug on a 400 million euro bond issue in May due to adverse market conditions.