BBVA, Deutsche Bank, Morgan Stanley and Santander have provided €50 million each; Goldman Sachs, Société Générale and Unicaja Banco have allocated €25 million each.
According to the company, this financing will serve to optimize the capital structure of the company and give viability to its business plan over the next few years. The loan will be used to ensure the urban development from the land portfolio and the launch of residential projects.
The financing has a maturity of 5 years. The company has planned a leverage or loan to value lower than 20% during the life of its business plan, including the aforementioned corporate financing and the funding associated with the development of projects.
With more than 2300 units active so far, and some launches close to 4000 units in 2018, the Metrovacesa business plan expects the delivery of some 5000 homes per year starting in 2020, leveraging in the largest pool of land in the Spanish market -for a net value of €2,600 million -, which also stands out for its quality and geographical diversification.