Financial structure

COIMA RES opted for a prudent position on financial leverage, remaining below the 40% LTV threshold (the current net LTV stands at 34.5%).

Leverage and financing structure

Weighted average debt maturity of 3.5 years, all in cost of debt of 1.97%, 74% hedged

LTV PROGRESSION1

GROSS DEBT STRUCTURE

Debt image

Gross debt total (July 2018) € 310m

Gross debt maturity profile (€m) (Figures as at december 2018)

  • Debt deal signed on July 16th, 2018 (pool of banks: Banca IMI, BNP Paribas, ING, UniCredit)
  • New debt for €70.0m for Monte Rosa and Tocqueville acquisition
  • Refinancing of €149.3m of existing debt on Vodafone complex and Deutsche Bank
  • Maturity of 5 years
  • On October 31st, 2018, signed with UniCredit a €27.0m2 financing for the Pavilion acquisition
  • Secured debt, 5 years maturity, 1.80% “all in” cost
  • Reimbursed €47.9m of debt related to the Eurcenter disposal in Dec-18

The changes in loans at December 31st, 2018, are shown below

(Thousand Euros) December 31st 2017 Borrowings Admortised costs Reimbursements December 31st 2018
COIMA RES SIIQ 148,034 101,367 (1,597) (680) 246,764
COIMA CORE FUND VI 72,661 - 52 (47,928) 24,785
COIMA RES SIINQ I 19,725 - 66 - 19,791
Non-current bank borrowings 240,420 101,367 (1,839) (48,608) 291,340
COIMA RES SIIQ 22,720 - - (22,720) -
Current bank borrowings 22,720 - - 22,720 -

As of December 31st, 2018, COIMA RES debt financing consisted entirely of bank loans secured to the properties.

(EURO THOUSANDS) December 31st, 2018 Maturity Rate % Coverage
Vodafone, filiali Deutsche Bank - Senior Line 147,140 July 16th, 2023 Eur 3M + 180 bps 70%
Monte Rosa, Tocqueville 69,086 July 16th, 2023 Eur 3M + 160 bps 72%
Pavilion 30,538 October 31st, 2023
October 31st, 2021
Eur 6M + 150 bps
Eur 6M + 130 bps
80%
Gioiaotto 24,784 March 31st, 2022 Eur 3M + 150 bps 100%
Deruta 19,792 January 16th, 2022 Eur 3M + 160 bps 81%