This borrower-centric approach is echoed by Paul Brindley, Head of Debt Advisory, APAC at JLL, who notes: “In the current complex financing landscape, securing competitive terms depends on market knowledge, strong lender relationships, and understanding lender preferences.” For a development-driven property investor like Atterbury Europe, refinancing is less a defensive measure and more a tool for strategic growth. The company’s ability to structure bespoke debt packages and engage lenders with precision has allowed it to unlock capital, align financing with development priorities, and enhance financial agility.

This strategic view is supported by Martin Olivier, Chief Financial Officer of Atterbury Europe, whose disciplined approach to debt underpins the company’s long-term value creation. By proactively refinancing portfolios and optimising gearing, Atterbury Europe isn’t simply managing risk. As a forward-thinking property developer, it uses debt to strengthen its balance sheet, fund new investments and deliver sustainable returns to shareholders.

How does Atterbury Europe view refinancing as a strategic financial instrument rather than a reactive necessity?

As a private company with a development focus, Atterbury Europe is always looking for new opportunities in the market. From a treasury point of view, the objective is to optimally finance our assets at competitive pricing to capture the growth created in the existing portfolio and redeploy this capital into new opportunities.

What do you consider when saying the properties are optimally financed?

Various ratios are always considered when agreeing on financing terms with banks, such as the margin (cost of financing), annual capital repayment, loan as a percentage of the asset’s value, debt service cover ratio (ability to repay the loan), and the loan term. These terms are interconnected and must be strategically balanced when negotiating a financing package to achieve the best outcome, which ultimately aligns with Atterbury Europe’s overall strategy.

How does Atterbury Europe’s strategy impact the level at which financing is done?

Financing at the property-level is more cost-efficient compared to holding company level, as lenders have stronger security against which to finance. We therefore aim to have higher debt levels at the property level, which frees up capital for reinvesting in new growth opportunities.

Is this financing only done at the initial stage of acquiring or developing assets?

The financing strategy extends beyond the initial asset acquisition or development phase. For instance, in 2022, we successfully refinanced the Romanian shopping centre portfolio with a consortium of lenders by grouping the existing assets into one financing package, thereby reducing the cost of financing on these assets and in the process, freeing up the required equity for the new Euro 600m Rivus development in Cluj Napoca, Romania.

Similarly, in 2024, a refinancing package was structured for our Cyprus portfolio, which significantly improved the cost of financing and, as a result, generated additional cash which shareholders could use to acquire land in Limassol for a possible new €150m retail centre development.

Currently, we are finalising a refinancing transaction in Serbia, consolidating our three largest assets under one facility. This initiative will once again enhance capital availability for reinvestment across the group.

How does this refinancing strategy position Atterbury Europe?

Through strategic refinancing across Romania and Cyprus, and soon Serbia, we have optimised financing across the portfolio. This approach has enabled us to improve financing terms, release significant capital for reinvestment, lower interest margins and negotiate improved loan terms, collectively creating significant value for the group. These outcomes are underpinned by the strong banking relationships we’ve cultivated over more than a decade. Our consistent ability to deliver, both through development execution and the disciplined management of income-producing assets, has earned the confidence of our financing partners.

In a property market experiencing a significant refinancing wave as a macro trend, Atterbury Europe demonstrates how proactive debt management can be transformed into a strategic advantage. By consolidating assets into portfolio-level structures, securing improved lending terms from banks and redeploying released equity into more than €750 million of new developments, the group has repositioned debt as a disciplined growth catalyst. As CFO Martin Olivier explains: “Effective gearing isn’t about leverage for leverage’s sake. It’s about maintaining control and in real estate, control equals value.”

With its assets in Romania and Cyprus refinanced and the company’s Serbian portfolio nearing similar completion, Atterbury Europe continues to turn refinancing opportunities into structured milestones of long-term value creation.