Castellana Properties recently announced a financing agreement with Aareal Bank A.G. for an amount of 185 million euros and a 7-year term, which allows the listed company specialising in the retail sector to “improve its repayment schedule by lengthening the average maturity of the company’s debt from 3.5 years to 5 years.”
With this transaction, and as explained by the socimi in a statement, the syndicated loan linked to the portfolio of medium-sized parks and the loan for the Habaneras Shopping Centre (Alicante), as well as the financing of the second phase of the Pinatar Park Shopping Park (Murcia) are refinanced. In this way, Castellana Properties has secured new financing for 40% of its assets.
“We are very pleased to be able to announce such an important agreement for Castellana Properties, which demonstrates the support of financial institutions in our business model after the very positive results that support us,” said Debora Santamaría, CFO of Castellana Properties, who pointed out that the agreement “will allow us to continue with our firm commitment to active portfolio management, so that our shopping centres and parks remain at the forefront and offer the residents of each of the areas where they are located the best services”.
Ashurst advised Castellana Properties on this issue in order to: refinance the existing debt associated with the portfolio connected to medium-sized business parks, refinance the existing debt associated with Habaneras Commercial Centre, finance the construction of Phase II of the Pinatar Business Park (Murcia).
The law firm advised the company with a team led by Banking and Finance partner Jose Christian Bertram; along with Banking and Finance associates, Manuela Sanz and Rafael Serrano.