Chaired and controlled by Rafael Santamaría, Reyal Urbis in mid-May signed a credit refinancing agreement with syndicated lenders covering most of the debt of the company and its Portuguese subsidiary, as well as instruments subscribed to by Reyal Urbis, according to a filing with Spain's stock market regulator CNMV.

Reyal Urbis summarized the main characteristics as the extension of the syndicated credit until December 2016, a $917 million reduction of financial debt to $4.6 billion through the sale to banks of residential land and 400 dwellings, and a line of credit for a maximum $350 million, included in previous amounts. RU has also agreed a new $42.8 million liquidity line to meet treasury needs. A transfer of assets to creditor banks forms part of the agreement.

Over one month, a number of debtor banks will be able to purchase residential land up to a maximum amount of $611 million from RU. The landmark Castellana 200 mixed-use project, suspended in 2009, will be transferred to a unit in which it will own 93% of equity capital and 49% of voting rights. The remaining 51% will be held by five creditor banks.