Ashurst advises Caixabank and Allianz on €135 million syndicated loan for Caleido

International law firm Ashurst has advised Caixabank, S.A. and Allianz in relation to the granting of a €135 million syndicated loan to Espacio Caleido, S.A. to finance the construction and operational launch of Caleido.

Caleido, which is also known as the Fifth Tower (in Spanish La Quinta Torre) in Madrid, will comprise of:

• A 35-storey tower with a GLA of approximately 50,500 sqm fully leased to Instituto de Empresa University ("IEU").
• A second adjacent building which will form part of the area leased to IEU, as well as approximately 12,200 sqm of GLA fully leased to the Quiron Salud Group (IDCQ Hospitales y Sanidad SL).
• An extensive commercial area of approximately 17,500 sqm of GLA, not yet let.
• Parking in rotation with space for approximately 2,000 vehicles.
• Various landscaped areas for exhibitions, performances, etc.

The project is being built on a 33,325.56 sqm plot of land owned by the City Council of Madrid, (Ayuntamiento de Madrid), which has granted a leasehold right to the borrower for a 75-year term.

The Ashurst team was led by Madrid finance partner Fernando Navarro, with support from counsel Irian Martínez, and assisted by senior associate Borja Vazquez, and associates María Echániz, Sam Tetlow and Raquel Singla. Tax advice was provided by partner Javier Hernández Galante, assisted by senior associate Ricardo Garcia Borregón and associate Beatriz Unceta-Barrenechea. Partner Ismael Fernandez Antón, assisted by senior associate Joaquín Macías, and associates Miguel Ferre, Rafael Fontán and Laura Sanchez advised on the real estate aspects of the transaction.