Spain: Real estate investment managers Praemia REIM and Grupo Lar have completed the €191.5 million (£163 million) refinancing of the VIVIA build-to-rent (BTR) portfolio, a collection of residential schemes across Spain.
The 10-asset portfolio spans 129,979 square metres and is located in urban developments across Madrid, Barcelona, Valencia, Alicante, and Granada.
All the developments have been recently completed and have seen rapid leasing and high occupancy levels.
The refinancing deal is a five-year bullet mortgage and covers 50 per cent of the value of the VIVIA BTR portfolio.
The financing was arranged by BNP Paribas, Crédit Agricole CIB, and Société Générale, who acted as lead coordinators. They were joined by BBVA and Banco Santander, who also helped fund the deal.
To protect against interest rate changes, the loan includes two interest rate SWAPs that fix the rate on 80 per cent of the borrowing.
Laurent Fléchet, chairman of Praemia REIM, said: “This transaction highlights the resilience and scalability of the VIVIA platform and reinforces our strategy of building and managing high-quality, sustainable residential portfolios in key European markets, such as Spain.”
The loan was structured as a Green Facility to fund environmentally sustainable projects, with BNP Paribas and Crédit Agricole CIB acting as coordinators.
The portfolio’s strong environmental credentials played a key role in securing favourable terms.
Jorge Pereda, of residential director at Grupo Lar, said: “For Grupo Lar, this refinancing marks a key milestone in strengthening our strategy to develop a long-term Build to Rent housing platform in Spain. The institutional support and optimised financial terms further enhance the stability of our managed portfolio.”
Legal advisors included Pérez-Llorca for Praemia REIM and Grupo Lar, and Watson Farley & Williams representing the lenders.
Highlights:
• Praemia REIM and Grupo Lar have refinanced VIVIA BTR portfolio across Spain
• The five-year £163 million Green Facility was underwritten by leading European banks
• The loan was secured via SWAPs to ensure stable cash flow visibility
