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Lar España secures €35 million in financing

Lar España Real Estate SOCIMI reports that has successfully secured a financing agreement totaling EUR 34.8 million, which will allow it to acquire new assets over the coming months.

Lar España’s total debt now stands at €591.3 million, of which €446.6 million corresponds to bank loans and the remaining €140 million to a bond issuance completed at the start of 2015.

The net leverage currently stands at 40% of its gross asset value, leaving the company room, more specifically until the 50% mark is reached, for further additional leverage.   

The newly signed agreements lower the SOCIMI’s financing costs to 2.18%. The average maturity for the financing stays at 6.2 years and the debt is 82% hedged via various financial instruments, thereby reducing its interest rate exposure.

Over 2017 Lar España has secured financing agreements linked to Gran Vía de Vigo and Vistahermosa (Alicante) shopping centers and Lagasca99.

The financing agreement that has been reached is linked to Parque Abadía shopping center (Toledo), acquired in March 2017. Parque Abadía is the largest retail complex in Castilla-La Mancha and is currently 100% occupied.