MirLand Development enters five-year loan agreement

7th May 2014 13:08

Russian property developer MirLand Development announced it has entered a new loan agreement with Nordea Bank against Century, the group's investment development asset in Moscow. The firm's 51% owned subsidiary, Avtoprioritet, will sign a $26m refinancing loan contract which is expected to last five years. The loan will be secured by mortgages, charges, pledges and other security interests for the safety of the bank. The loan is anticipated to be repaid within five years through quarterly payments and a final balloon payment of 73% at the end of the term.Chairman Nigel Wright said: "This new loan agreement is further evidence of the company's ability to source financing domestically on attractive terms, as well as supporting our strategy of diversifying our funding sources." As of 12:57, MirLand's share price was unchanged at 220p.WS