Sun Capital founded Uro Property Holdings and completed the €2.2 billion sale and leaseback of Santander's entire freehold branch network in Spain at the time.
In 2007 Sun Capital founded Uro Property Holdings and completed the €2.2 billion sale and leaseback of Santander’s entire freehold branch network in Spain at the time. Following the financial crisis and resulting changes to Spanish tax laws, Sun Capital successfully completed an extensive financial and corporate restructuring including registration for REIT status in Spain, debt restructuring to reduce LTV and extend the term of the original financing and lease amendments agreed with Santander to extend the term.
Since the restructuring, Sun Capital was instrumental in the disposal of non-core assets at strong yields and a €1.3 billion refinancing to provide long term, fully amortising and low cost listed debt.
The lease to Santander provides a highly attractive inflation linked cash yield and strong visibility over long term cash flows from an A rated counterparty backed by a quality real estate portfolio.