Treveria, the German retail property company with a €1.37bn property portfolio, has agreed a key loan extension with one of its lenders.

Treveria has agreed an initial one year extension with Hatfield Philips on €424m of securitised debt which had previously matured. The loan can be extended for up to three years. The debt was originally provided by ABN Amro.

The extensions are contingent on the borrowers meeting pre-agreed financial targets and complying with certain on-going covenants and conditions. This follows the standstill agreement to the Silo E facilities which was announced in July 2011 and put in place to allow completion of the agreement of the necessary extension terms.

Bernhard Fuhrmann, chief executive of Treveria Asset Management, said:

“The extension of the Silo E facility represents a significant step forward for the Group, and improves the overall stability of Treveria’s capital structure. We can now focus on growing value for all of our stakeholders and improving the quality of our real estate through careful investment.”

N M Rothschild and Norton Rose advised the Group for the duration of the process.