SATO Corporation
Press release 28 February 2024 at 12:50 pm
SATO Corporation has signed a EUR 150 million secured loan facility with LGIM. The facility has a tenor of 12 years and has sustainability linked features which provides a margin reduction to SATO upon achieving certain sustainability performance measures. These measures align with SATO’s sustainability targets.
The loan will be used for the refinancing of the Company’s existing indebtedness as well as for the Group’s general financing needs.
Markku Honkasalo, CFO of SATO Oyj: “This loan agreement will help us to refinance our existing debt, but the loan will also play an important role in the implementation of the Company's sustainability targets. LGIM's financing will contribute significantly to these efforts."
James Spencer-Jones, Head of Real Estate Debt Europe, LGIM Real Assets “We have been impressed by the quality of SATO’s residential portfolio, the management team and their approach to sustainability. We look forward to building on this relationship and exploring further opportunities with SATO towards our continued expansion across Europe.”
Patrick Sweeney, Investment Manager, LGIM Real Estate Debt Europe added “We have helped diversify SATO’s liquidity sources, alongside increasing their weighted average debt maturity profile. The loan is underpinned by strong property fundamentals with attractive lending characteristics and aligns with our sustainability ambitions, driving positive long-term outcomes through our debt investments.”
For more information, please contact:
Markku Honkasalo, CFO, phone: +358 201 134 4226
Henry Lindqvist, Group Treasurer, phone +358 50 317 2352
SATO Corporation is an expert in sustainable rental housing and one of Finland’s largest rental housing providers. SATO owns around 25,000 rental homes in the Helsinki Metropolitan Area, Tampere and Turku.
SATO aims to provide an excellent customer experience and a comprehensive range of urban rental housing alternatives with good access to public transport and services. We promote sustainable development and work in open interaction with our stakeholders. SATO invests profitably, sustainably and with a long-term view. We increase the value of our assets through investments, divestments and repairs.
