Cuatrecasas advises DRC Savills on financing Node Spain to restructure its assets in Barcelona and continue its expansion in Spain
Cuatrecasas has advised DRC Savills
on the €30 million refinancing of a Spanish portfolio of urban residential rental assets owned by Node Spain, an international group specializing in the development and management of residential and coliving properties.
This has enabled DRC Savills to strengthen its ability to carry out financing transactions and continue to be a prominent player in the Spanish real estate sector, covering all type of assets, particularly residences, hotels, offices, and logistics and retail property.
The financing allows Node Spain to develop an ambitious expansion plan in Spain that focuses on renovating and refurbishing nine residential properties in Barcelona, and also opening new coliving residences in other Spanish cities. The company currently has over 7,000 beds in Europe, of which 3,000 are distributed between Madrid, Barcelona and Bilbao. Both the founder and CEO at Node, Anil Khera, and the managing director of Node Spain, Esteve Almirall, have played an important role in this success.
With regard to the transaction, Cuatrecasas Finance partner Iñigo de Luisa said, "We are very grateful to DRC Savills for trusting us again with its financing transactions in Spain. This time it was doubly satisfying for also having helped Node Spain with debt refinancing, enabling it to restructure its assets in Barcelona, as well as implementing a very ambitious expansion plan of openings and new buildings in the coliving sector, mainly in Madrid and Bilbao.”