Spanish property firm Realia has agreed to refinance €803 mln of debt with King Street's Puffin Real Estate, Fortress and Goldman Sachs International.
Spanish property firm Realia has agreed to refinance €803 mln of debt with King Street's Puffin Real Estate, Fortress and Goldman Sachs International.
Realia Business, which is controlled by Mexican billionaire Carlos Slim, said the debt represents 75% of its outstanding loans, which total €1 bn.
As part of the refinancing, the loan's maturity has been brought forward to 30 May 2016, with Realia agreeing to repay the facility in four tranches. The first tranche of €365 mln has already been paid back, using proceeds from the sale of Realia's French arm, Siic de Paris, as well as from an €89 mln capital increase.
Realia owns a 419,000 m2 portfolio in Spain and is majority-owned by FCC, with a 36% stake.
Slim is both a shareholder in Spanish construction firm FCC as well as the owner of a 25% stake in Realia.
