MARF registers a 30 million euro bond issue from Insur

BME's Fixed Income Market, MARF, today admitted a new bond issue from Insur Promoción Integral, a subsidiary company of Grupo Insur. The new bond features a volume of 30 million euros, a nominal value per unit of 100,000 euros, an annual interest rate of 4% and a maturity at par in December 2026. The bonds will be guaranteed by Inmobiliaria del Sur, with a first-ranking pledge on the account in which the funds are deposited and a first-ranking mortgage on the land and plots of land acquired with the proceeds of the issue.

With this bond issue, Inmobiliaria del Sur expands its capabilities in MARF and complements the Commercial Paper Programme it has been registering in this market since 2017.

The funds obtained through the new bond issue will be used exclusively for the purchase of plots and land zoned for development, and may be used for residential or tertiary use, as the case may be, in provincial capitals or in metropolitan areas of Seville, Madrid and Malaga.

Bestinver acted as Global Lead Entity and Placement Agent. GVC Gaesco Valores is the Registered Advisor of the issuer in MARF. In this transaction Insur has been advised by Zurbarán Abogados. Cuatrecasas has been the underwriter’s legal advisor.

Axesor Risk Management has assigned a credit rating of BBB- to the issue.

Inmobiliaria del Sur is a company incorporated in 1945  whose main activity is the integral real estate management in Andalusia, especially in Seville and Malaga, as well as in Madrid. Through its group of companies, Insur has two main business areas: property operations, for which it has offices, commercial premises and parking spaces, and land development for the construction and marketing of real estate assets.

Inmobiliaria del Sur had a consolidated turnover in 2021 of 87.6 million euros and an operating profit of 31.5 million euros. The company has been listed on the stock exchange since 1984.