Fortress unit to refinance 1 bln euro loan, scraps asset sale
FRANKFURT | Mon Feb 4, 2013 1:22pm EST
Feb 4 (Reuters) - German real estate group Gagfah , controlled by U.S. investor Fortress, is to refinance a 1 billion euro ($1.4 billion) loan of its Woba unit, leading it to scrap the sale of the division. "Upon the completion of this transaction, Gagfah will have made a significant step towards resolving its 2013 debt maturities," the company said on Monday. Bank of America will lend Gagfah the money, a person close to the German real estate company said.