GOP Properties secures €75.5M refinancing from Deutsche Bank at Euribor+2.5% with a 2031 maturity and 35% leverage on RICS-appraised assets; €72M already disbursed.
GOP Properties, the REIT of the Ortiz group, has completed a €75.5 million refinancing with Deutsche Bank, the company announced after a credit agreement signed on 26 January was made public on 29 January. At the time of disclosure, €72 million of the facility had already been disbursed.
The financing represents a conservative leverage level of 35% based on the Royal Institution of Chartered Surveyors (RICS) appraisal of GOP Properties’ assets as of 31 December 2025. The loan carries a final maturity in 2031 and accrues interest at Euribor plus a 2.50% margin. To limit exposure to rising Euribor rates, GOP Properties has also entered into an interest rate swap as a hedge.
Proceeds from the new facility were used primarily to repay pre-existing debt and to cover refinancing-related commissions and expenses. As part of the transaction, GOP Properties and its subsidiaries have granted a first-rank mortgage over most of the REIT’s assets; the company’s sports center was specifically excluded from this collateral package.
Financial backdrop
GOP Properties reported solid operating results in the first half of 2025, registering a net profit of €3.89 million — up 15.4% year-on-year — and revenue of €5.81 million, a 4.5% increase versus the same period in 2024. Those results, together with the new refinancing, suggest the REIT is positioning itself for medium-term balance-sheet stability while preserving room to pursue its asset strategy.
Ownership structure
The majority stake in GOP Properties remains controlled by Ortiz Construcciones y Proyectos, which holds a 45.16% direct interest. Additionally, eight individuals linked to the Carpintero Grande family hold smaller individual stakes ranging from 6.93% to 5.04%.
What this means
The refinancing underlines GOP Properties’ ability to secure bank funding on relatively favorable terms and to manage interest-rate risk via hedging. With a 2031 maturity and moderate leverage, the REIT appears to have prioritized liquidity and balance-sheet durability as it moves forward.
