Quartiers Properties obtains a loan of EUR 17 million and secures its cash position
Quartiers Properties AB (publ) (”Quartiers Properties” or the ”Company”) has entered into a loan agreement with the lenders DESALKIV Portfolios, L.L.C. and Alantra under which the Company obtains a loan of a total of EUR 17 million (the ”Loan”).
The Loan secures necessary working capital which will enable the Company to continue generate growth and proceed to develop its long term business strategy by gradually reallocating capital from already developed projects, such as Hacienda del Señorio de Cifuentes, to new projects that can be developed and where added value can be created.
Part of the Loan will be used to refinance existing debts within the group with similar or higher interests as the Loan.
The interest of the Loan is 12.5% and the term of the Loan is 48 months, but Quartiers can freely refinance the loan after 24 months without additional charges. According to the terms of the Loan, no dividends may be paid on the Company’s shares (neither ordinary shares nor preference shares) during the term of the Loan.
The Loan, arranged by Alantra and provided by Alantra and DESALKIV Portfolios, L.L.C. as co-lenders, is secured by, among other things, pledge over shares of some group companies and pledge over the properties CFS Residential and Boho Club.
About the lenders
Alantra
Alantra is a global investment banking, asset management, and portfolio advisory firm operating in the mid-market segment. The Group has over 540 professionals across Europe, the US, Latin America, and Asia. As of 31 December 2019, assets under management in direct investments stood at €2.3bn, while funds raised since inception in funds of funds, co-investments and secondary funds stood at €10.7bn.
DESALKIV Portfolios, L.L.C.
DESALKIV Portfolios, L.L.C. is a member of the D. E. Shaw group, a global investment and technology development firm with more than $50 billion in investment capital as of June 1, 2020, and offices in North America, Europe, and Asia. Since its founding in 1988, the firm has earned a reputation for successful investing based on innovation, careful risk management, and the quality and depth of its staff. The D. E. Shaw group has a significant presence in the world's capital markets, investing in a wide range of companies and financial instruments in both developed and developing economies.
If you have any questions, please contact:
Quartiers Properties
Marcus Johansson Prakt, CEO
Email: marcus.prakt@quartiersproperties.se
Phone: +46 72 018 5998
The Company in brief
Quartiers Properties is a Swedish property development company that provides top-flight design and quality, with operations on the Spanish Costa del Sol. The Company was founded in 2014 and has since built up a portfolio of investment properties and project properties. The Company develops, sells and leases properties.
Mangold is the Company’s certified adviser. Mangold can be contacted on +46 8 503 015 50 or by emailingca@mangold.se.
__________________________________________________________________________________________
Quartiers Properties AB (publ) is required to disclose this information under the EU Market Abuse Regulation. This information was provided for publication through the agency of the contact person above at 18:30 on 15 July 2020.