CILSA carries out a capital icnrease of 37.3 M€ in its entirely by MERLIN PROPERTIES


CILSA undertakes a capital increase of 37.3 M€ covered in its entirety by MERLIN PROPERTIES

After the refinancing of debt in 2016 and the new financing of €75 M signed in April of this year with the European Investment Bank (EIB), this capital increase is part of the project of growth presented by CILSA at the beginning of 2017 where CILSA expects to invest about €200 M in the construction of 320,000 m2 of new logistics surface certified LEED. The EIB’s financing, the capital increase and CILSA’s annual cash flow will allow CILSA having all the necessary resources to deal with this expansion.

The capital increase is entirely aimed at the cancellation of a participatory loan that CILSA had with its shareholders and to the cancellation of a bridge loan used for the purchase of 51,988 m2 of logistical assets located in the Port ZAL (BCN) to LURI 6 (former BANIF Inmobiliario). In this way, the company will close the year 2017 with a total net financial debt of €82.6 million and 33.2% leverage.

In addition, this reinforces the project of public-private partnership between the Port of Barcelona (CILSA majority shareholder with 51.5%) and MERLIN Properties (shareholder of reference and first SOCIMI in the country with a 48.5%), giving it all the resources needed for its ambitious growth plan. In addition, the operation helps to boost maritime traffic that generates the ZAL Port, which this 2017 has been located in the 600,000 TEUS (one TEU equals one 20 ft container).

The president of CILSA, Sixte Cambra, said: "this capital increase is carried out in a suitable time of the logistics market and is strategic to CILSA, given that allows us to have all the resources needed to undertake our growth and consolidate the company".

For Luís Lázaro, managing director of Merlin Properties, "this expansion is a clear and determined commitment to ZAL Port’s growth plans which, led by a large professional team, this site has become a logistical enclave of reference throughout the Spanish".