Lar España Raises €104M To Finance New Purchases
16 March 2017 – Expansión
Lar España has signed two financing agreements with ING and BBVA amounting to €103.9 million. The Socimi intends to use the funds raised to acquire new assets over the next few months.
Following the signing of these agreements, the Socimi now has debt amounting to €558 million, of which €418 million corresponds to bank loans, with the remaining €140 million relating to a bond issue carried out at the beginning of 2015.
In this way, Lar España’s net gearing ratio currently equals 33% of the gross value of its assets and will rise to 38% once the latest funds have been invested. The Socimi has highlighted that “it still has a long way to go” before its financing increases to 50% of fixed leverage.
Meanwhile, Credit Suisse’s funds have acquired a 4.31% stake in the Socimi Lar to become one of its significant shareholders alongside the US manager Pimco, which owns a 20% stake, Franklin Templeton (15%), Brandes Investments (5%), Bestinver (4.1%), Blackrock (3.6%) and Threadneedle Asset Management (5%).
Original story: Expansión
Translation: Carmel Drake