LBOs: Vital ingredient for Inmocaral

Arrangers have confirmed that CMBS will form part of the permanent financing for Grupo Inmocaral’s €3.7 billion bid for Inmobiliara Colonial. The target has assets in Spain and France, owning a majority stake in French SIIC Société Foncière Lyonnaise.

Goldman Sachs and RBS have arranged financing for the bid. The banks took the unusual approach of providing a structured acquisition loan rather than a bridge financing. “The way we thought about it was let’s figure out what the endgame is and what the permanent financing will look like,” explains Zubin Irani, managing director at Goldman.