Caixabank is providing a €268.5 mln loan to Spanish real estate developer Torre Rioja to boost liquidity and finance the acquisition and development of new projects.
The credit line has a 10-year structure with a grace period during the first five years, providing Torre Rioja with a stable and sustainable debt scheme.
According to Colliers, which advised Torre Rioja, this financing will enable the company to face future challenges with strength and continue to consolidate its position in the office market, focusing on near-zero energy consumption buildings (nZEB).
Miguel Martinez, managing director of the Debt Advisory division of Colliers, said: ‘Our Debt Advisory team has managed to formalize a strategic financing transaction for Torre Rioja, especially in the current market context, which will allow the company to take advantage of the opportunities that will arise in the coming years to further consolidate its leading position in the office market.’
Torre Rioja is one of the largest office operators in Madrid and its assets total over 180,000 m2 above ground, mainly across nine office buildings.
In addition, it also has land with more than 80,000 m2 of buildable area and two hotels.
Last August, Torre Rioja announced that it is going to temporarily suspend its Socimi status for one year and delay its debut on the stock market, now expected by the end of 2023.
