PSN Gestión Socimi S.A, the REIT created to manage properties owned by insurance firm, PSN, has acquired a building in Santiago de Compostela’s Horreo Street. Previsión Sanitaria Nacional Gestión SOCIMI, S.A. (MCE: YPSN) has paid € 1,050,000.00, for the 4 storey building which includes a retail unit on the ground floor leased to Bankia on a 10 year contract. The entity has financed the acquisition partly with its own resources (€420,000) as well as a €630,000 bank loan backed by the property and its existing lease. The loan has a 10 year term and a fixed nominal interest of 1.75% per annum.
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