Allianz Real Estate has underwritten a €155 mln loan to Spanish real estate company LaFinca, whose main shareholders are Grupo LaFinca and the North American fund Värde.
The loan is part of a €395 mln refinancing aimed at renovating and improving LaFinca's office assets. It was granted by a consortium of financial entities, with Allianz as the largest participant. The deal marks Allianz's first office financing in Spain.
'For Allianz Real Estate this is the third real estate debt transaction in Spain, helping to consolidate our position in this local market,' commented Allianz's head for Iberia, Miguel Torres. 'Grupo LaFinca has demonstrated over more than 40 years of experience its capacity to develop high quality offices endowed with the conditions demanded by the companies of today, so we are fully confident in the value of our investment, and we hope to expand our relationship with them in the long term.'
'Having a partner like Allianz Real Estate, with a long-term vision and financial soundness, endorses our company and our ability to successfully manage our assets,' commented Susana García Cereceda, chairman at Grupo LaFinca and LaFinca GA.
LaFinca’s business comprises around 230,000 m2 with an occupancy level of more than 90%, as well as 6,200 parking units accross Madrid. Its La Finca Business Park in Pozuelo (pictured), its Cardenal Marcelo Spinola Business Park and its Martínez Villergas Business Park are amongst its major assets, alongside significant holdings in the centre of Madrid.
The company said that the new fixed-rate loan would enable it to focus on managing and growing its existing portfolio while refinancing various older facilities.
Société Générale acted as global coordinator and agent in the transaction.
