66
In April 2022, the Company initiated a plan to raise debt capital to secure funding for the new projects initiated
in this financial year that required specific financing. These include (i) the construction of the new properties
described in the previous paragraph, (ii) the complete renovation of the building for public use at Calle
Arapiles 14 in Madrid, (iii) the acquisition of an office building at Avda. de Cantabria 51 in Madrid and (iv) the
acquisition of an office building at Calle de Santiago de Compostela 100 bis in Madrid.
To date, the company has completed financing with a mortgage guarantee of 57,000,000 euros and non-
mortgage financing for an amount of 38,000,000 euros. Of the mortgage financing, 15,000,000 euros were
drawn down when the transactions were signed. A second drawdown of 12,000,000 euros is planned for
February 2023 and the remainder will depend on the progress of the financed works. The non-mortgage
financing was fully drawn down at the time of signing the contracts.
This investment financing plan also includes financing the construction of the Valdebebas hospital mentioned
above. This financing has already been approved by the financial institution and is expected to be formalised
in the first quarter of 2023 for an amount of 36,000,000 euros.
The reason for the decline in the stock market value of the financial investments in the shares of Unibail and
Colonial has been the devaluation of the market value of the properties of both companies, especially those
of the latter. It is possible that the price of these securities will continue to suffer for some time from high
inflation and the uncertainties arising from the war in Ukraine, even if the companies are able to sell
properties that achieve a much higher value than that resulting from the application of the average discount
assigned to them by the stock exchange. Given the quality of the assets in the portfolios of both companies,
the directors of the Company are confident that both companies, particularly Colonial, will return to fair values
in the medium term and will be able to recover the impairment now suffered and recognised. In the meantime,
the Company continues to receive the dividends paid out annually by those companies.
11. Information on conflicts of interest among the Directors
At year-end 2022, neither the members of the Board of Directors of Saint Croix Holding Immobilier, SOCIMI,
S.A. or the parties related to them, as laid down pursuant to the Corporate Enterprises Act, had reported to
the other members the Board of Directors any direct or indirect conflict of interests with those of the
Company.
12. Subsequent disclosures
From 31 December 2022 until the date of preparation of the Company's financial statements for 2022, no
relevant events have occurred that need to be specified in this section, with the exception of the following:
- On 13 January, the Company signed a line of financing for working capital with personal guarantee
in the amount of 7,500,000 euros with Banca March, freely available and maturing on 13 January
2024.
- On 6 February 2023, the Company made the second and final drawdown of 12,000,000 euros of
the loan arranged with Bankinter in 2022 to finance the refurbishment and start-up of the tertiary
building owned by the Company and located at calle Arapiles 14 in Madrid. The work was
completed at the end of December 2022, as the conditions precedent required for this drawdown
had been fulfilled by that date, which has now occurred.
- On 23 February 2023, the Company entered into a mortgage loan with Banco Santander for
36,000,000 euros to finance the construction of a private hospital on plot TER.02-178-A1 located at
Calle Gustavo Pérez Puig No. 66 in Madrid, which is owned by the Company. This hospital will be
operated by Sanitas S.A. de Hospitales on the basis of the lease agreement signed between the
parties in 2022. This loan has a drawdown and grace period of 3 years and an additional 10-year
amortisation period with increasing instalments.
- On February 28, 2023, the Company has formalized a loan with a personal guarantee with Banco
Santander of 10,000,000 euros in order to finance its working capital. This loan has a maturity of 12
months.