$42 million Bond Issue for Real Estate Project

In Costa Rica, Infinito Versol S.A. is planning to issue $42 million in debt bonds in the local market in order to finance construction of a residential development of 1,600 homes.

Tuesday, January 10, 2017

The issue was authorized by the General Superintendency of Securities in November 2016, and the placement in the local market is scheduled to take place before April this year.

Nacion.com reports that "...The resources that this company will obtain from the issue of bonds will be allocated precisely to the restructuring of existing liabilities and working capital for the construction of that project.

"... This bonus program is the first structured special purpose vehicle under the Regulation on Financing Infrastructure Projects, which the Sugeval launched in the last quarter of 2014. "

Data from CentralAmericaData's System for Construction Projects shows that the Malaga City residential project consists of 1,593 townhouses and will be developed by the company Rock Constructions and Development. The housing complex will offer 1641 43 m2 homes in lots of to 100 m2 with a value of $65,000.

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Residential project works are reactivated

October 2018

After the Malaga City housing project was acquired by ALD Inmobiliaria in Costa Rica, the construction company has re-started work on the 1,600-unit condominium.

In August, in order to reactivate the project under the name "Residencial Terra Verbena", the acquisition of the residential complex "Malaga City" located in Alajuelita by ALD Inmobiliaria from Rock Constructions was reported.

Residential Project Changes Hands

August 2018

In Costa Rica, the Málaga City housing project, which was to be developed by Rock Constructions, was acquired by ALD Inmobiliaria, which plans to resume works.

In January 2017 the company Infinito Versol S.A. announced its intention to issue $42 million in debt bonds in the local market in order to finance the construction of a residential development of 1,600 homes. 

$20 million Issued in Debt for Real Estate Project

June 2018

Inversiones Simco has placed the first $12 million of $20 million it expects to issue in the Salvadoran securities market, to finance part of the Millennium Plaza mixed-use project.

The securitization fund called Millennium was structured by Ricorp Titularizadora and amounts to $20 million. However, initially $12 million has been placed and the remaining funds will be raised as the works progress.

Debt Issue to Finance Real Estate Project

April 2018

In El Salvador, the issuance of up to $3 million in securitization securities has been authorized in order to finance part of an apartment building construction project.

From a statement issued by the Superintendence of the Financial System:

April 24, 2018. The Board of Directors of the Superintendency of the Financial System authorized, on Thursday, April 19, the issuance of securitization securities - participation certificates charged to the securitization fund for property owned by Ricop Titularizadora Torre Sole Blu Uno, for an amount of up to $3 million. 

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