Spanish Sacresa is borrowing EUR 2.1 bn to fund the increase of its stake in Metrovacesa, an undisclosed financial source has told the news agency Bloomberg. Sacresa's owner, the Sanahuja family, raised its stake in Spain's largest property group Metrovacesa to 39.6% last year.
Spanish Sacresa is borrowing EUR 2.1 bn to fund the increase of its stake in Metrovacesa, an undisclosed financial source has told the news agency Bloomberg. Sacresa's owner, the Sanahuja family, raised its stake in Spain's largest property group Metrovacesa to 39.6% last year.
According to the same source, the banks that will lead the financing are Banco de Credito Espanol, BBVA and Banco Sabadell, whilst SCH, Banco Popular and Caja Madrid are also involved in this process. Sacresa's loan is made up of two portions maturing in six and seven years. The interest charged will be between 110 and 130 basis points more than the Euribor offered rate.
A spokesperson of Cresa Patrimonial, an investment vehicle of the Sanahujas, told Spanish newspaper Cinco Dias that 'nothing has been signed yet.'
Although the Sanahujas are Metrovacesa's majority shareholders, rival Joaquin Rivero and Bautista Soler, who are supported by the board and hold a combined 36.1% stake, have been able to lead the company to date.
