Griffin Premium RE will borrow €165 million from Globalworth Finance Guernsey Ltd. to finance the purchase of three Polish assets.
The lender, an affiliate of the company's main shareholder, Globalworth Asset Managers SRL, provided an option to the borrower to obtain additional loans worth €65 million within a two-month period that commenced Dec. 18, which will be used to finance other acquisitions.
Proceeds will fund the acquisition of the A4 Business Park in Katowice, the Tryton Business House in Gdansk and the West Gate Lotnicza 12 in Wroclaw. The loan will bear fixed interest at market rate and will be payable six months from its utilization, with the possibility of a six-month extension.
Under the terms of the agreement, Globalworth will have the option to convert the loan into shares of the company, which will be issued at a price equal to the 60-day volume weighted average share price at the Warsaw Stock Exchange as at the submission date of the conversion notice.