Warimpex Finanz- und Beteiligungs AG has successfully reached an agreement with Sberbank on the refinancing of a EUR 37 million credit line for two hotels in Ekaterinburg (the four-star angelo Airporthotel Ekaterinburg and the three-star Liner Hotel Ekaterinburg). This is Warimpex's first refinancing agreement with a Russian bank for one of its Russian projects and will have a positive effect on Warimpex's financing structure, as a short-term liability for the project with an original term until September 2013 has been converted into a long-term liability for the completed asset payable within the next ten years.
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