Fondo Impacto Andalucia (FDU)
Impacto Andalucía is an urban development fund managed by Arcano Real Estate, established as a regulated vehicle to invest an amount of approx. 170 million euros in sustainable urban development projects in Andalusia.
The funds to be invested come from the ERDF programme "Andalucía ERDF 2014-2020" and the Andalusian Regional Government, which delegates the management of its investment to the European Investment Bank (EIB). The EIB, in turn, has selected Arcano as the manager for the investment of these funds.
The UDF investment can be made on market terms in different types of capital, both equity and quasi-equity as well as debt. Arcano will co-invest 1% in each project in the FDU's portfolio.
For a project to be eligible for investment by Impacto Andalucía, it must meet the necessary eligibility and structuring requirements, which can be summarised as follows:
To be framed within one of the thematic objectives:
- Energy efficiency and emissions reduction.
- Environmental improvement and heritage preservation.
- Promotion of social inclusion and the fight against poverty.
- Located in Andalusia.
- Technically and financially viable projects that allow the repayment of the amounts contributed by the UDF and the obtaining of a market return for the same.
- Up to 20 million euros per investment.
- Up to 70% of the total eligible cost.
- Senior Debt: The FDU may invest a maximum of 70% of the total funds required in each project as senior debt. This type of debt will have a maximum grace period of 36 months from the date of the first disbursement of the loan. The maximum duration of the debt will be 20 years from the date of signature.
- Capital: The FDU will be a minority shareholder in all cases. The estimated maximum term of recovery of the funds invested as capital will be 15 years. Possibility of granting participating loans.