In 2017, CTP continued our strategy of refinancing major portions of our portfolio. Part of this strategy included forging new relationships with Western European banks to finance further expansion in CEE countries. In four major transactions, we refinanced over EUR 590 million of debt and increased our outstanding loans to just over EUR 2 billion. These new relationships bring the number of our financial partners to 22, further diversifying our creditor base and mitigating risk for all parties. Refinance negotiations resulted in improved terms and extended the residual maturity of outstanding loans to beyond five years.
In 2018, we plan to continue refinancing appropriately, with the intent to release EUR 110–140 million of equity to strengthen our cash-flow position. By the end of 2017, we completed approximately 85% of our plan to raise EUR 83.5 million through the sale of selected noncore assets. We intend to divest the remainder during 2018.
Market demand in 2017, together with strong company KPIs—including our seven-year WAULT, the low, eight-year average age of our buildings, our continued investment into older assets, and our strong client base—resulted in total asset value growing to EUR 4.3 billion. Through refinancing and the increasing value of our properties, we were able to reduce our LTV by approximately 5% during the year.
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