Spanish real estate company Reyal Urbis said it is negotiating a deal with its creditor banks to exchange debt for around EUR 400 mln worth of real estate. In a statement to the Spanish stock market regulator CNMV, the company said that the operation is part of its large plan to refinance around EUR 4.8 bn of debt with a consortium of over 50 creditors.
Spanish real estate company Reyal Urbis said it is negotiating a deal with its creditor banks to exchange debt for around EUR 400 mln worth of real estate. In a statement to the Spanish stock market regulator CNMV, the company said that the operation is part of its large plan to refinance around EUR 4.8 bn of debt with a consortium of over 50 creditors.
According to news agency Reuters, the company is in talks to transfer EUR 179 mln worth of property to bank Sabadell, while a further EUR 96 mln will be sold to Bancaja, EUR 50 mln to Caixa Galixia and EUR 44 mln to CaixaNova. Other lenders involved in the operation are La Caixa, Banco Santander, Barclays and BBVA.
In January the company agreed to sell the Ombu office tower in Madrid for around EUR 45 mln as part of its efforts to renegotiate the main terms of its debt load. The 14-storey office building provides roughly 13,000 m2 of space mostly leased to car manufacturer Renault.
Reyal Urbis has been seeking to renegotiate its debt for most of 2009 and in October proposed a plan that would allow it to continue to operate while selling 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.
