Hypo Real Estate completes €125m financing facility for Bluespace (ES/DE)

Hypo Real Estate Bank International AG, a member of Hypo Real Estate Group, has announced that it has provided €125 million of investment, development and VAT financing to Blue Self Storage S.L. The transaction was completed on 8 July 2007.

The facility has been provided to Blue Self Storage S.L. (trading as Bluespace) to refinance its existing portfolio of 13 existing self storage properties in Barcelona, Madrid and Valencia and to help finance the growth of the company with the acquisition and refurbishment of new facilities during next 12 months.

Bluespace was founded in 2002 and is now the leading provider of self storage in Spain with facilities throughout the country employing 65 people.

Commenting, Harin Thaker, CEO Europe – Hypo Real Estate Bank International AG, said, "This is our first transaction with Blue Self Storage S.L, the country's leading self storage company. We look forward to working with them again in the future to help them continue to develop their portfolio self-storage facilities across Spain."

Commenting, Alexander Ruckensteiner, CEO of Bluespace, added, "The Bluespace strategy is to acquire and develop six to eight new Self Storage facilities per year with the objective of having 45 Self Storage centers operating in Spain within five years time. In addition to the backing of our main shareholder Pramerica, the financing provided by Hypo Real Estate Bank International AG will help us achieve our aim."

Source: Hypo Real Estate

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