MARF has admitted to trading a Fixed Income Programme by the SOCIMI (REIT) Saint Croix Holding Inmobilier, thus becoming the first SOCIMI to tap this market for finance through the issuing of medium and long term Fixed Income instruments.
Through this new programme Grupo Saint Croix can issue up to €80 million in bonds with maturities ranging from 2 to 7 years. The issues will feature fixed or variable coupons, with interest rates linked to a market benchmark, mainly the Euribor or based on the return of other Fixed Income assets, and their denomination will be at least 100,000 euros. The dates and repayment options, coupons and other particular characteristics of the bonds will be established in the definitive final terms of each issue.
Renta 4 has coordinated the arrangement and structure of the programme and will act as placement entity for qualified investors for those issues under the programme, as well as acting a Registered Adviser with MARF.
Axesor Ratings has assigned the issuer a BBB with a stable outlook rating. The legal advice for the design and registration of the programme has fallen to Ramon y Cajal Abogados.
Saint Croix plans to use the funds obtained through these bond issues to fund the acquisition of new properties, in keeping with the investment objectives of the company, and the maintenance of its current portfolio.
Gonzalo Gómez Retuerto, Managing Director of MARF, said: "Saint Croix is the first SOCIMI to take the opportunity offered by MARF to gain access to the finance offered by the international capital markets through a Fixed Income Programme, whose functioning is similar to that of the Euro Medium Term Notes, which offers great flexibility to issuers and continued bond issuing possibilities linked to the market conditions”.
Saint Croix Holding Immobilier, SOCIMI, was originally established in December 2011 under the laws of Luxembourg. In the same year the company was listed on the Luxembourg Stock Exchange. In 2014 an intra-community transfer was made to set its effective headquarters in Spain and, likewise, its transformation into a SOCIMI.
Saint Croix Group specialises in the acquisition and development of urban real estate assets for operation and leasing. Its leased space amounts to about 150,000 m2, of which 60.5% is hotels, 16% to offices, 14% to commercial premises, while 9.5% are for industrial use. Its combined nominal balance sheet value as of June 2015 was €284 million.
