Spain's Inmobiliaria Chamartín has signed an agreement to refinance the entire debt load of its Portuguese activities.
Spain's Inmobiliaria Chamartín has signed an agreement to refinance the entire debt load of its Portuguese activities.
The Spanish privately-held group has received a new €1 bn loan with a term of five years from a consortium of unnamed banks.
In a statement, Chamartin said the operation 'makes viable the financial structure of the group' at a time of difficult market conditions.
'After two years of intense negotiations, this agreement is a guarantee of continuity for Chamartín in Portugal,' the company said.
Inmobiliaria Chamartín expanded into Portugal in 2006 with the acquisition of local company Amorim. The operation was part of a strategy to grow internationally and develop some thirty shopping centres in a number of European countries. However, the plan was halted in 2009 with the onset of the financial crisis. Since then, the company has focused on refinancing its existing debt.
'This marks the start of a new phase for Chamartin,' said Carlos Cutillas, president of Inmobiliaria Chamartín.
Inmobiliaria Chamartín's shopping centre portfolio includes 10 malls in Portugal and three in Spain under the Dolce Vita brand. Through Retailgeste, the group is also responsible for the management of shopping centres in Portugal and Spain on behalf of other owners. Its managed portfolio in the Iberian peninsula amounts to 645,000 m2 of gross lettable space over 19 malls valued at €1.1 bn.
PropertyEU is holding a European debt briefing update in Frankfurt on 23 April.
