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Manjoya Project | Asturias

• Debt project in La Manjoya, Oviedo

• Amount: €2,555,000 // Term: 12 months 

• 12.0% Simple annual interest

• Loan guarantees:

1. First rank mortgage on the underlying assets (150% liability).

2. First rank pledge on the shares of the borrowing SPV.

3. First rank pledge on the current accounts of the borrowing SPV.

4. First rank pledge on the VAT account and cash sweep mechanism.

5. Sales mandate and 100% cash sweep mechanism for amortization.

6. Pledge of collection rights on the sale of plot 14, whose reservation has already been formalized by the buyer, and is therefore binding, via Resolutive Condition.

We present a new project that consists of the granting of a Loan aimed at partially financing the acquisition of seven urban plots of finalist land in the scope of the Special Plan "La Manjoya-Santiago", Oviedo. 

The total asset has a plot area of 73,821 m² and a total buildability of 122,992 m² (broken down into 113,820 m² of residential use and 9,172 m² of tertiary use). The lands are oriented towards the development of the city's southern expansion. 

As it is consolidated land, the urbanization works are completely finished and accepted by the City Council since 2006 after an investment of more than €20m, eliminating any risk of technical execution of basic infrastructures. Currently, the infrastructures are in a good state of conservation and are fully operational.

The expected exit and repayment of the loan is expected to occur through the income generated by the sale of the plots. The marketing has a significantly mitigated risk thanks to the existence of a binding pre-contract sales contract already signed with an entity of a top-tier group to acquire Plot 14 before the purchase of the land for an amount that, once the transaction is completed, will allow to repay about 73% of the principal of the loan. 

The asset is located in the neighborhood of La Manjoya, in Oviedo (Asturias), a low-density environment and green belt less than 10 minutes by car from the city center. It is one of the enclaves with the greatest residential projection in the short and medium term, with direct access to the A-66 highway and excellent connectivity with health and educational services.