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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.”

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