Spanish real estate developer Metrovacesa has successfully refinanced its corporate loan with a group of 11 financial institutions.
The extended loan, totaling €276 mln, will mature in October 2029.
Banco Santander will provide a syndicated loan valued at €72-78 mln, which is set to be finalized by late October or early November 2024. The agreement with Banco Bilbao Vizcaya Argentaria (BBVA) involves a syndicated loan valued at €47.5-51.5 mln.
The additional funds will be allocated to various initiatives, including urbanization projects, new investments, and operational requirements. This sustainable financing aligns with the Loan Market Association's Sustainability Lending Principles, demonstrating the company's commitment to sustainability.
Metrovacesa also announced it has formed a joint venture with UK-based urban regeneration specialist Vita Group to develop a 22,000 m2, 519-room flex-living building in Madrid's Oria Innovation Campus. The project, funded by a €73 mln construction loan from alternative asset manager Cain, will feature several residential services, including a co-working area, games room, and swimming pool.
The building will come into operation in 2027, at which time Vita Group will become the sole owner and operator of the property.
This marks the second collaboration between Metrovacesa and Vita Group, following their agreement on a 20,100 m2 Vita Student Residence in the same development. Work on the project began at the end of 2023 and will be completed in 2026, featuring a total of 588 studios with amenities.
With a total of 89,000 m2 of mixed-use space spread over four buildings, Oria Innovation Campus will represent a total investment of over €300 mln for the city of Madrid.
