Vastned leases Calle Serrano 36 in Madrid to Sephora and places € 50 million long-term bond loan
Vastned, the listed European retail property company focusing on ‘venues for premium shopping’, has attracted Sephora as tenant for Calle Serrano 36 in Madrid and has placed a € 50 million long-term bond loan.
The letting of Calle Serrano 36 in Madrid that was announced in December 2018 was finalised last week. We are proud that we have been able to attract Sephora, LVMH's renowned cosmetics brand, for this core city asset in Madrid. We have also been working on refinancing existing loans. For this, we have placed a new long-term bond loan of € 50 million with Pricoa Capital Group, which will partly be used to redeem the convertible bond that matures in April 2019.
Last week, Vastned signed a long-term lease with Sephora for Calle Serrano 36 in Madrid. The lease took effect immediately, and on balance has virtually identical conditions as for the last tenant.
Vastned has placed a € 50 million long-term bond loan with Pricoa Capital Group. The bond loan has a 7-year duration and a 2.73% coupon. The new loan will be used to refinance existing loans.
The present financing structure, including the abovementioned new loan, provides sufficient financial room to redeem the convertible bond that matures in April 2019. Vastned's conservative financing policy will be maintained, including the objective of financing with at least 25% non-bank loans.
Vastned is a listed European retail property company (Euronext Amsterdam: VASTN) focusing on ‘venues for premium shopping’. Vastned invests in selected cities in Europe with a clear focus on the best retail property in the most popular high streets in the bigger cities. Vastned's tenants are strong and leading international and national retail brands. The property portfolio had a size of approximately € 1.6 billion as at 30 September 2018.