23 December 2016 – Expansión
Axiare Patrimonio has closed four financing agreements, with ING, CaixaBank and BBVA, amounting to €144 million. The Socimi led by Luis López de Herrera-Oria has said that it will allocate these resources to new acquisitions and the active management of its real estate portfolio.
These loans have an average term of 7.3 years; an average total financing cost of 1.5%; and 95% of the principal will be repaid on maturity, according to the firm. Axiare also highlighted that the agreements do not stipulate any penalties in the event of early cancelation. They raise the company’s gross leverage ratio to 44%.
Since its creation in July 2014, the Socimi, which focuses on offices and logistics, has closed financing agreements amounting to €538 million.
For these operations, Axiare Patrimonio has been advised by Gómez-Acebo y Pombo.
ING Bank has been advised by Hogan Lovells; CaixaBank by Uría Menéndez; and BBVA has used its own internal legal experts.
The CEO of Axiare Patrimonio, Luis López de Herrera-Oria, has said that these financing agreements reflect “the quality of the current portfolio and the trust in our management team”. “These agreements are further proof that Axiare Patrimonio remains firmly committed to fulfilling its business plan. We are approaching the end of 2016 with a very good outlook”, said the director.
Axiare has been very active in recent months. The Socimi’s assets are worth around €1,230 million and it has invested €275 million in total during 2016.
Original story: Expansión (by R.Arroyo)
Translation: Carmel Drake
The post Axiare Raises €144M In Financing To Fund New Acquisitions appeared first on Aura Real Estate Experts.
Source:: AURA Real Estate Experts