Spanish REIT Axiare Patrimonio has signed four financing agreements with ING Bank, CaixaBank and BBVA for €143.5 mln, with an average term of 7.3 years and a total financing cost of 1.5%.
'These financing agreements demonstrate the quality of our existing portfolio and the confidence in our management team. Via these agreements, we now have a further €145 mln to continue to invest and improve our portfolio via active management,' commented Luis López de Herrera-Oria, CEO of Axiare Patrimonio. 'With these agreements, Axiare Patrimonio remains firmly on-track to meet its business plan and as it draws towards the end of 2016 has an upbeat outlook.'
The company said that the funds would be invested in new acquisitions and in the active management of its existing rental property portfolio. The deal brings its financing agreements to a total of €538 mln, raising Axaire's gross LTV ratio to 44%.
Axiare Patrimonio was advised on the deal by Gómez-Acebo y Pombo.
The advisors for ING Bank were Hogan Lovells, whilst Uría Menéndez acted on behalf of CaixaBank.
BBVA used its own legal advisory team.
