Spanish listed property firm Inmobilaria Colonial has completed the restructuring of the debt it inherited when it took over Axiare by agreeing a €75 mln sustainable loan with CaixaBank.
The financial package has an average term to maturity of more than five years and an interest rate of less than 1.7%. It will allow the company to improve its margins on the debt, which stood at €4.8 bn euros at the end of the first quarter. The sum is equivalent to 39% of the value of the company's assets.
Colonial acquired Axiare last year in order to increase its exposure to the Madrid office market, creating a company with €10 bn of assets in France and Spain. The majority of its portfolio – 58% – is located in Paris, with another 27% in Madrid and 10% in Barcelona.
The company said the loan would reinforce the company's sustainability strategy, with 91% of its office buildings in Madrid, Barcelona and Paris having environmental certification.
CaixaBank said the decision to grant the loan reflected its policy of 'integrating its environmental strategy into the core business of the bank' by promoting 'the use of sustainable financial instruments that contributes to the targets set by the UN.'
