Spanish property developer Reyal Urbis has agreed to exchange EUR 175 mln worth of real estate for debt held by lender Banco Sabadell. The Spanish developer last month restructured its credit facilities with a consortium of 51 financial institutions.

Spanish property developer Reyal Urbis has agreed to exchange EUR 175 mln worth of real estate for debt held by lender Banco Sabadell. The Spanish developer last month restructured its credit facilities with a consortium of 51 financial institutions.

In the latest part of the process, it is divesting a portfolio that includes a 55,000 m2 office project and a 39,000-m2 parking lot on the Avenida América in Madrid. The asset exchange also includes plots of land in Cerdanyola del Vallès, near Barcelona, and 180 apartments in Vera, Almería.

Following the operation, Sabadell will have reduced its loan exposure to the developer to the EUR 35 mln loan provided to finance the Castellana 200 project.

The development will offer 22,000 m2 of office space, a hotel, 30,000 m2 of parking space and a 9,000 m2 shopping centre in Madrid. It is being financed jointly by Sabadell, Santander, Bancaja, BBVA and Banco de Valencia, for a total of EUR 170 mln.

Reyal Urbis reduced its debt by EUR 750 mln to EUR 3.75 bn in early May on the back of a debt restructuring which involved the sale of plots of land and 400 residential units to the banking syndicate. As part of the agreement the first payments have been pushed back to June 2013 and the final maturity date to December 2016.