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Azora secures €640m financing package for Spanish affordable residential rental platform Nestar
Transactions - OCTOBER 23, 2023

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Azora secures €640m financing package for Spanish affordable residential rental platform Nestar

by Released

Azora has agreed a €640 million ($678 million) financing package with a group of banks and insurers for its Spanish affordable residential rental platform, Nestar.

The group of international and Spanish domestic institutions comprises Natixis CIB, Banco Santander, Crédit Agricole, ING, Deutsche Bank and Banco Pichincha España.

This new financing package allows Nestar to extend its existing debt maturities and provides capex for an ambitious upgrade program across its 8,600-unit portfolio through improving existing assets. The package also includes a €40 million ($42 million) green loan to fund the acquisition of new sustainable and energy-efficient homes that meet certain ESG standards.

The financing agreement has a maturity of five years (October 2028) and is benchmarked to three-month Euribor plus a spread of 175 basis points. The principal will be repaid in a single payment on the maturity date, and interest will be payable quarterly.

The operati

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