Parque Melilla - Grupo Murias refinances debt

Basque constructors, Murias, refinance 71M worth of debt.

Gipuzkoa-based Murias is a group formed by more than 25 companies with activities in various fields including development of retail parks, car parks, elderly residences and shopping centres. The group recently inaugurated Melilla’s first shopping centre and in 2017 they formed a JV with OakHIill to buy Parque Almenara, in the Mediterranean region of Murcia.

With Alantra as sole advisor, Murias has just refinanced its debt with a long-term contract for 71 million euros. The refinancing agreement consists of two independent operations. The largest of these, which has an amount of 45 million euros over eight years, is divided into two different sections. Section A incorporates an amortizable loan subscribed by Spanish banks in their entirety, while section B incorporates Spanish insurers, attracted by the strength of the company. With this operation, Murias diversifies its funding sources, while reducing the cost of its debt and improving its average life.

The other operation, worth €26 million, has been destined to refinance their concession in Parque Melilla, a shopping centre which the group opened in November last year. For the launch of this center, Murias had a debt fund. Now, it refinances the liabilities at a better cost with a group of Spanish banks. Melilla is a Spanish port-city on the African continent across the sea from the region of Andalusia. As the only shopping centre in the region, Parque Melilla serves a catchment of over 500,000 inhabitants from all nearby towns and villages including Nador, Beni Ansar, Zeghanghane, Beni Chiker, Selouane, Kariat Arkmane.

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