Grupo Insur, through its Insur Patrimonial subsidiary, head of its equity business, formalized yesterday a syndicated loan of 110 million euros, with mortgage guarantee on part of its leased assets.
The Sevillian real estate group has reported that this syndicated loan, in which a dozen financial entities participate, is configured in two tranches . The first, arranged yesterday, for an amount of 100 million euros for the cancellation of bilateral bank loans that were mostly guaranteed with mortgage on the assets given as collateral in this new financing, and a second tranche, amounting to 10 million of euros, which will be available in the coming months to finance the investment (capex) of transformation of a building of 7,200 square meters in Seville capital from the current use of offices for hotel use.
The formalized syndicated loan, with a maturity of ten years and balloon of 65%, has two initial years of capital deficiency and is amortized, after the grace period, in increasing quarterly installments. The average period of the loan, considering a period of disposal of the second tranche in 18 months, amounts to 8.75 years.
With this operation, Insur Group reinforces the financial structure of its equity activity, reduces its costs, obtains the necessary financing for the aforementioned capex (10 million euros) and releases a cash of 31.5 million euros over the next five years. influence the growth of this activity. The operation has been subscribed with the following national financial institutions as creditors: Santander (Agent Bank), BBVA , Caixabank , Unicaja , Sabadell , Cajasur, Bankinter , Targobank, Novo Banco and Caja Rural de Granada.
Insur Group, which has a portfolio of assets for leases, offices and commercial premises, of 115,000 square meters and 2,500 parking spaces with a market value of 290.7 million euros , according to the RICS valuation carried out on December 31st. 2018 by CBRE, has made an investment effort in recent years to develop new assets and transform and remodel existing ones.
In this sense, we must highlight the transformation into a hotel with 45 rooms, already in operation, of the building located in García Lovera street in the capital city of Córdoba, the transformation of a building in the Argentine Republic 23 of Seville into another hotel also, with 133 rooms whose works have just begun; the remodeling already completed of a building in República Argentina 21 and the current remodeling of the buildings located in República Argentina 25 and Av. San Francisco Javier 15, all of them capital Seville.
It should also be noted, within the framework of its strategy of geographical diversification of this activity, the incorporation into its portfolio of assets destined to lease of one of the two buildings, the North building, of 14,000 square meters, of the Rio 55 business park in Madrid , a business park that develops through its IDS Madrid Manzanares, SA The South building of this complex, of the same surface area as the previous one, was sold on a plan to the German investment fund AEW, having been leased the North building in its entirety Banco Cetelem, of the BNP Paribas group.