5 January 2016 – Bolsa Manía
ING Commercial Banking has granted a 7-year syndicated loan amounting to €125 million to Compañía Urbanizadora Coto, S.L., a subsidiary of Acciona Inmobiliaria, according to a statement issued by the company.
The loan will be used to finance Acciona Inmobiliaria’s property portfolio, which comprises seven residential buildings, two office buildings and a 50% stake in a shopping centre, all of which are located in the centre of Madrid.
This financing agreement forms part of the framework of the company’s new strategy, which is being led by the new management team that joined Acciona Inmobiliaria in September 2014. Currently, the company’s plans are focused on boosting the profitability of its residential business by joining forces with a leading partner, as well as the possible IPO of its real estate business through its conversion into a Socimi.
The CEO of ING Commercial Banking, Íñigo Churruca, said that with this financing agreement, ING Real Estate Finance “is consolidating its financing strategy to focus on prime assets located in the best areas in Spain and to provide support to real estate companies in the sector, just like it has being doing for the last 20 years”.
In this sense, he confirmed that ING Real Estate Finance was one of the most active financing entities in the Core Commercial Real Estate sector in 2015.
Original story: Bolsa Manía
Translation: Carmel Drake