URO Property Holdings SOCIMI €1.34 billion securitisation


€ 1.34 billion

$ 1.441 billion




  • 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



Deal type:


Practice area:

Capital markets : Structured finance and securitisation

Industry sector:

Real estate


Party: Goldman Sachs International (Joint lead manager)

Party: BNP Paribas (Joint lead manager)

Party: Caixabank (Joint lead manager)

Party: Banco Santander (Joint lead manager)

Party: Silverback Finance (Issuer)

Party: Uro Property Holdings SOCIMI (Borrower)

Party: URO Property Holdings SOCIMI (Borrower)