MOSCOW-Vienna-based listed group Immofinanz has raised $100 million for a non-recourse loan facility for two Moscow shopping centers from Nordea Bank, one of the leading banks in the Scandinavian and Baltic region.

The two properties, the Golden Babylon 1 and Golden Babylon 2 malls, have formed part of the Immofinanz portfolio since mid-2006, and were the first investments it made in Moscow. CEO Eduard Zehetner commented: "In light of the recently completed restructuring process of the group and despite a still difficult economic environment, we are delighted that we successfully closed this refinancing deal in our operational core business. The funds raised can be used to invest in further business development.”

Both centers are well located and are 100% occupied, the company said. Until now, both were entirely financed solely with equity. With more than one million visitors per month, the two centers in the Otradnoe and Yasenevo districts, comprising 270,000 square feet and 100,000 square feet of leasable area respectively, are both among the retail properties with the highest turnover in Moscow. Immofinanz owns four shopping centres in Moscow. Only a few months ago, it opened Golden Babylon Rostokino, one of the largest malls in Europe with 1.8 million square feet of leasable area. The fourth, 5th Avenue, has 250,000 square feet and near full occupancy.