Spanish Banking Sector Backs Neinor Homes
1 June 2016 – Press Release
Kutxabank, Banco Sabadell, Banco Santander, Bankinter and CaixaBank prove their confidence in Neinor Homes with combined funding of €325 million, which will be added to future commitments of loans to property developers amounting to nearly €400 million.
The transaction represents a new milestone for the sector, showing the willingness of entities to finance residential development projects in accordance with the guidelines of this new cycle: well-managed companies, a very significant shareholders’ funds, good quality assets and moderate debt levels.
On 30 May 2016, Neinor Homes signed bilateral agreements with Kutxabank, Banco Sabadell, Banco Santander, Bankinter and CaixaBank for a total amount of €325 million. These agreements form part of the strategic plan of the company, which anticipated an optimisation of its balance-sheet structure as soon as the Spanish financial institutions were prepared to support the recovery of the sector and believe in the model of business and management of Neinor Homes.
With the support of its financial partners, Neinor Homes aims to further strengthen its leadership in the new Spanish residential development sector, which means continuing with the implementation of its aggressive plan to acquire land and launch new developments.
Original story: Press Release
Edited by: Carmel Drake