18 April 2016 – Expansión
Deutsche Bank was involved in the largest direct lending transaction in Spain last year. Moreover, 2016 is only three and a half months old, but the same bank is already the lender in one of the largest operations of the year. And with the same borrower.
In 2015, the real estate services platform Aktua was the recipient of a €150 million injection, which Deutsche Bank granted to refinance its debt and allow it to pay a dividend to its owner, the fund Centerbridge. Within the next few days, the details will be finalised regarding the transfer of that platform to Lindorff.
Now, the German bank has increased its loan amount by €50 million. The aim is for Aktua to be able to finance the purchase of the management of Ibercaja’s real estate assets, which the company announced in February.
With these two operations, the financing that Deustche Bank has granted to Aktua, the former real estate subsidiary of Banesto, amounts to €200 million, which increases the volume of direct lending operations that the German bank has completed in Spain. “In the corporate segment alone, we have lent more than €500 million in two or three years”, explains Jesús Medina, Director of Structured Finance at Deutsche Bank.
That amount also includes the funds loaned to the chocolate company Natra at the end of 2015. The German financing entity entered into a syndicate of lenders after purchasing the firm’s debt from a Spanish bank in the secondary market, and as a first step, it participated in the restructuring that Natra needed to complete to survive. But the second step involved putting new money on the table to enable the chocolate company to do more than survive. And it did so in the form of a direct loan, together with another debt fund, amounting to around €20 million. “Our feeling is that there are operations in the market and that the structured financing segment is going to continue to grow, but we have to meet the needs of the moment and the windows of opportunity that arise”, added the executive.
Original story: Expansión (by I. Abril and D. Badía)
Translation: Carmel Drake