MERLIN Properties finances Marineda shopping centre
• MERLIN Properties has completed a mortgage loan financing on the Marineda shopping centre in La Coruña of 133.6 million euros.
• This loan has been signed with Allianz Real Estate, at a fixed interest rate of 2.66% for a period of 10 years with no annual amortization requirement.
• With this financing, MERLIN Properties continues to optimise its capital structure. The loan-to-value ratio will remain at approximately 39%, with 1,144 million euros of gross debt financing in place. The weighted average maturity is approximately 9.1 years, with a cost of 3.8% until late 2017 and 2.7% thereafter.
After this underwriting, MERLIN’s loan-to-value ratio (net financial debt over the gross value of the assets) will be approximately 39%, with 1,144 million euros of gross financial debt in place. The weighted average maturity is approximately 9.1 years, with a cost of 3.8% until late 2017 and 2.7% thereafter.
Marineda is the leading shopping center in Galicia and the second largest in Spain. Having opened in 2011 as part of the “Marineda City” shopping and leisure complex, the entire complex has a built area of over than 500,000 sqm, a gross leasable area of approximately 196,000 sqm and 6,000 parking spaces. The complex received 15.1 million visitors in 2014, representing a 15% increase over 2013.
MERLIN Properties continues to work on the financing of other assets within its portfolio, as part of the company’s debt strategy that sets a maximum leverage of 50%.