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Wednesday, September 28, 2022
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RyC, Cuatrecasas advise on the €105m refinancing of Plaza de España flagships

Ramón y Cajal Abogados has advised a banking syndicate formed by Banco Santander, BBVA and Corporación Abanca on the restructuring of the bank debt of Plaza de España flagship stores, including the world´s largest Zara store owned by Inbest SOCIMI, advised by Cuatrecasas

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Ramón y Cajal Abogados has advised the banking syndicate formed by Banco Santander, BBVA and Corporación Abanca on the restructuring of the bank debt of the assets owned by the SOCIMI Inbest, and the granting of new financing up to an amount €105 million. Three Inditex shops will be established, one Zara shop, the largest in the world, another Stradivarius store, both of which will open on 8 April, and another Zara Home store.

The three financial institutions have improved the terms of the financing that the company obtained for the acquisition of the 15,000 square metres of retail space in the Edificio España in January 2020. The new agreement represents an increase of €20 million over the initial financing (from €85 to €105 million), reducing the cost of the loan from 1.77% to 1.6%, and extending the maturity of the loan by two years.

From 8 April, Stradivarius and what will be the largest Zara in the world, will open their doors there, a pioneer in terms of innovation, logistics and sustainability, and a benchmark in the integration of physical and online shops, with self-checkout areas, and incorporating the new pay & go function, among other new features. Located at 79 Paseo de la Castellana in Madrid – one of the city’s main roads – the store will be located in the heart of Madrid’s historic and financial centre.

Ramón y Cajal Abogados advised the bank syndicate with a team led by Finance partner Amado Giménez Bono, assisted by lawyers Diego Gabarain, Saúl Dávila, and María Arroyos.

Cuatrecasas advised Inbest SOCIMI with a Finance team led by partner Cristóbal Cotta, who also acts a secretary of the Board of Inbest, together with lawyers Marina Perez de Siles and Carla Albert, and a Corporate Tax team including lawyer Javier Calle.

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