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Lar España obtains €104M in financing

The SOCIMI Lar España completed financing agreements with ING and BBVA for 103.9 million euros, by means of which it will invest in the acquisition of new assets in the following months. 

According to  Spanish Real Estate, after these agreements, LAR ESPANA will have a debt of 558 million euros, of which 418 million are bank loans and the remaining 140 million correspond to a bonus from the beginning of 2015, the first from a SOCIMI in Spain.

The agreements reached will allow the reduction of the financing costs for the debt of the SOCIMI down to 2.20%. Sergio Criado, CFO of Lar Espana, pointed out that «the financing agreements that we have just completed show the trust of the financial system in the company’s business plans, allowing us to reduce the costs of the debt and to enable us to proceed with the growth of our portfolio with guarantees».  

The financing agreements reached are associated with the two most important assets acquired by Lar Espana in 2016. Firstly there is the shopping centre Gran Vía de Vigo, bought in September 2016, and the shopping centre Vistahermosa, acquired in June 2016 and of which the occupation rate has increased from 80% to 90% in only six months.