Spanish real estate developer Espais has clinched a refinancing deal for its EUR 630 mln debt pile. The Barcelona-based company has agreed to transfer properties to its creditor banks in exchange for debt reduction and liquidity.
Spanish real estate developer Espais has clinched a refinancing deal for its EUR 630 mln debt pile. The Barcelona-based company has agreed to transfer properties to its creditor banks in exchange for debt reduction and liquidity.
Espais, owned by the Casamitjana family, had been at risk of administration for several months. The new financing agreement is reducing the company's debt burden to just EUR 160 mln, from EUR 630 mln previously, through the transfer of properties to the banks including residential units in Diagonal Mar, Barcelona, and a plot of land with potential for the development of 150,000 m2. The bank consortium is led by Banesto and is said to include lenders Banco Popular, CatalunyuaCaixa, Unnim, Banco Sabadell, CAM, Credit Agricole, BBVA, Nova Caixa Galicia and Caixa Geral.
The operation also envisages the launch of a new viability plan, a cash injection to maintain the company's afloat in the coming months and a three-year extension of future debt maturities.
Espais is also present in France, Poland and the US, and focuses on the residential sector. In the hotel market it is active through its Alma Hotels chain.
