Blackstone has inked a refinancing deal for its Spanish multifamily REIT, Fidere, to the tune of €440 mln.
The credit line was secured for two years with an optional further three, that can be extended at a cost of Euribor plus 2.5%, according to Spanish newspaper El Pais.
The banking consortium comprised Crédit Agricole, BNP Paribas and Citibank and terms included a range of guarantees relating to mortgages, capital shares and credit rights derived from the lease agreements, asset management and other company loans.
The securing of credit follows the refinancing of Blackstone's hospitaility subsidiary HIP for €680 mln. The firm is understood to be in negotiations for a €1.8 bn refinancing deal for Testa, Fidere's larger residential peer, which is also led by CEO Juan Pable Vera.
According to sources, Fidere's previous variable loan agreements, secured at Euribor plus 2%, were due to mature in August of this year.
Fidere's present portfolio totals around 5,000 houses, valued at €1.059 bn as of last year.
