Spanish property firm Realia has signed an €847 mln debt restructuring deal with a syndicate of five banks, extending the maturity to end-June 2016.
Spanish property firm Realia has signed an €847 mln debt restructuring deal with a syndicate of five banks, extending the maturity to end-June 2016.
Realia, which is partly owned by builder FCC, said the new three-year loan refinances a €847 mln loan securitised against its development business.
The new loan has a cost of 200 basis points over Euribor and amounts to a total of €792 mln.
Madrid-based Realia added that the agreement includes a commitment to attempt to repay part of the debt with income generated by the company's business as well as with the possible entry of new investors in the company's capital.
Following the deal, Realia's total debt amounts to €2.3 bn.
The company has been trying to shift away from residential and development to income-generating assets. In the first half of the year, this type of asset generated €85.5 mln in rents and an operating profit of €40 mln.
