URO Property Holdings SOCIMI €1.34 billion securitisation

Overview:

• Uro Property Holdings SOCIMI has issued €1.34 billion of listed notes representing the ‘whole loan’ securitisation of its Spanish retail office portfolio of over 1,100 bank branches leased to Banco Santander.
• It refinanced its financial debt by means of the bond issuance made on the Irish Stock Exchange by an Irish special purpose company, Silverback Finance.
• This transaction was structured through the issuance of secured bonds for the amount of €867.9 million Class A1 secured bonds and €476.9 million Class A2 secured bonds.
• Proceeds from the above securitisation were on-lent by the Issuer to URO Property Holdings SOCIMI through an issuer-borrower loan agreement entered into between the issuer (as lender), BNP Paribas Trust Corporation UK (as trustee) and URO Property Holdings SOCIMI as borrower.
• The structured finance security package extended over the portfolio of 754 Properties (composed mainly of retail bank branches leased to Banco Santander) located in the Spanish territory. 
• This has been one of the most complex and sophisticated structured finance transactions carried out in Europe in 2015 as it has been the first bond issued by a Spanish real estate investment trust (sociedad anónima cotizada de inversión en el mercado inmobiliario – SOCIMI).

Adam Majeed - Regional editor