L
Lee Filkins
Administrator
Staff member
Premium Member
Half of all Fadesa Moroccan Assets have been sold to a Moroccan Company.
- Status
- Not open for further replies.
M
moroccomania
New Member
camel, can you give us more details on this please?
thanks.
MM
thanks.
MM
L
Lee Filkins
Administrator
Staff member
Premium Member
This is the what i have been informed.
It was recently reported by Reuters that Martinsa Fadesa needed to refinance around 2 billion euros.
It had disposed of land and hotels and a 50% stake it had in Fadesa Maroc to a local real estate firm Addoha (the largest in Morocco) for 169 million euro. Both companies signed a joint venture agreement back in July 2007 for the creation of a consortium aimed at developing the real estate promotion business that both companies had in Morocco.
Refinancing negotiations began after the Martinsa Fadesa merger was approved in December 17 and were a condition of the company's existing facilities.Martinsa Fadesa originally took a 4 billion euro loan in April 2007 to finance its merger, but the credit was hit by negative sentiment towards the Spanish real estate sector after equity prices dropped in the first half of 2007.
The loan was cut to 3.016 billion in May after raising 850 million euros of equity privately, and was subsequently relaunched in June 2007, having increased the interest margin by 100 basis points (b.p.) to 350 b.p. over EURIBOR. A group of 35 banks signed into the transaction.
The group has a current loan-to-value ratio of 42 percent.
It was recently reported by Reuters that Martinsa Fadesa needed to refinance around 2 billion euros.
It had disposed of land and hotels and a 50% stake it had in Fadesa Maroc to a local real estate firm Addoha (the largest in Morocco) for 169 million euro. Both companies signed a joint venture agreement back in July 2007 for the creation of a consortium aimed at developing the real estate promotion business that both companies had in Morocco.
Refinancing negotiations began after the Martinsa Fadesa merger was approved in December 17 and were a condition of the company's existing facilities.Martinsa Fadesa originally took a 4 billion euro loan in April 2007 to finance its merger, but the credit was hit by negative sentiment towards the Spanish real estate sector after equity prices dropped in the first half of 2007.
The loan was cut to 3.016 billion in May after raising 850 million euros of equity privately, and was subsequently relaunched in June 2007, having increased the interest margin by 100 basis points (b.p.) to 350 b.p. over EURIBOR. A group of 35 banks signed into the transaction.
The group has a current loan-to-value ratio of 42 percent.
I
imported_majidpucit123
Guest
thanks so useful information.. provide more details..
- Status
- Not open for further replies.
What would you like to chat about today?
Search over 20 forums...
Get In touch
c/o Online Asset Management Limited 71-75 Shelton Street, Covent Garden, London, WC2H 9JQ E: info [at] propertyforum [dot] com
About Us
Our team of writers leverage the social commentary and real time news created by the community on the site’s forums to create and break unique news stories from the global property sector.