Axiare Patrimonio secured €144 million for new acquisitions and investments in its current rental portfolio through four new financing agreements with three banks.
The company signed agreements for two seven-year loans with ING Bank NV for €75.7 million and €23.7 million. The first loan is intended to finance the office building on Calle Almagro 9 in Madrid, Spain, the company's biggest real estate acquisition for the year, valued at €124.0 million. The second loan will be channeled toward financing its Constantí, Azuqueca de Henares and Alcalá de Henares logistics facilities.
A five-year loan was signed with BBVA to the tune of €24 million to fund the office building on Calle Manuel de Falla 7 in Madrid. The company also landed a 12-year loan with CaixaBank for €20 million to fund the Viapark and Ramírez de Arellano 15 assets.
The loans have a combined average term of 7.3 years and a financing cost of 1.5%, raising the company's gross loan-to-value ratio to 44%.
Axiare Patrimonio's total debt now amounts to €538 million, with an average financing cost of 2.16% and an average seven-year maturity, according to a news release.