FINANCIAL STRUCTURE

  • Hermosilla 3

Since June 2016 Gmp has a €755m syndicated loan with a pool of 12 banks. As of 31 December 2018 €710m were drawn.

During 2018, one of the tranches of this syndicated loan was renegotiated, Tranche B, reducing its margin from 190 bps to 160 bps and extending the maturity date by 2 years.

In addition, the partial amortizations were replaced by a bullet scheme. Originally, this tranche amounted to €200m, but in July 2018 the first amortization amounting to €15m was made.

After the aforementioned changes, the syndicated loan comprises the following:

  • Tranche A: €525m, with mortgage guarantee over some of Gmp’s real estate assets and bullet repayment in July 2023.  
  • Tranche B: €185m, with mortgage guarantee and bullet repayment in July 2023. 
  • Tranche C: Credit line of €30m, undrawn, without mortgage guarantee and bullet repayment in July 2021. This tranche is extendable annually, with prior approval from the Banks for up to 2 further years. 

Apart from the syndicated loan, the Group has bilateral loans drawn amounting to €161m.

In this financial year, the conditions for the bilateral loan for Castellana 77 improved, reducing the margin from 2% to 0.90% and extending the repayment period by 5 years. This financing deal was the first green loan signed by a REIT in Spain.

In addition, a new financing deal for €38m was signed with Société Générale to finance the building Manuel
Cortina 2, out of which €9.2m were drawn in 2018 and the remaining amount in 2019. The cost is 180 bps and the loan expires in March 2025.

At the close of the financial year, the cost of financing of the Group was 1.75% and the average repayment period, 4.7 years.

In 2018, net debt remained almost the same as in 2017, standing at €812m.

  • Key financial data 
  • Key financial data 
  • Financing breakdown
  • Financing breakdown
  • Profile of repayment period for gross financial debt 2018 (€m)
  • Profile of repayment period for gross financial debt 2018 (€m)