Troubled Spanish property company Reyal Urbis has agreed to sell the Ombu office tower in Madrid for around EUR 45 mln to an unnamed investor. The sale is part of the company's efforts to renegotiate the main terms of its EUR 5 bn debt load.
Troubled Spanish property company Reyal Urbis has agreed to sell the Ombu office tower in Madrid for around EUR 45 mln to an unnamed investor. The sale is part of the company's efforts to renegotiate the main terms of its EUR 5 bn debt load.
The 14-storey office building provides roughly 13,000 m2 of space mostly leased to car manufacturer Renault. The asset also includes an underground parking lot on four levels with 220 parking spots. Aguirre Newman advised Reyal on the sale.
Reyal Urbis has been seeking to renegotiate its debt for most of 2009 with a consortium of over 50 creditors, including lenders Banco Santander, Barclays, BBVA, Caja Madrid, Banco Popular, Banco Sabadell and Bancaja.
In October Reyal, advised by Lazard, proposed a plan that would allow it to continue to operate while it sells off some of its assets. The company asked not to pay interest or downpayments until 2012, applied for a new bridge loan and pledged to reduce its costs and freeze ongoing developments. The company also hired JLL and Aguirre Newman to sell EUR 300 mln worth of assets, including the ABC shopping centre in Madrid's famous Serrano street, and its Urbis Centre de Pozuelo business park in Alarcón near Madrid.