Inea refinances €158 million of debt and extends its financial maturity

INEA completed at the end of July the refinancing of nearly 160 million euros of bank maturities due in 2026 and 2027. The operation covers 158 million euros, or about 25% of the real estate company's bank debt.

More than two years after taking out a loan indexed to sustainable development goals of 100 million euros, signed in February 2024, INEA relies on eight lending institutions to renew a significant part of its financing.

Three new loans concluded in July

The refinancing is based on three banking operations:

• a €40 million amortizable mortgage loan over seven years, signed on July 23 with Bpifrance;
• a Sustainability Linked Loan (SLL) of 48 million euros over five years, fully repayable at maturity and arranged by Société Générale and Banque Européenne du Crédit Mutuel;
• a 70 million euro SLL over seven years, including two one-year extension options and also repayable at maturity, arranged by LCL with a group of five lenders.

The loan granted by Bpifrance allows the real estate company to rebuild an amortizable component in its debt, after the maturity, at the beginning of the year, of its old mortgage loans.

The other two lines are repayable in full : their capital will be mainly repaid at their maturity, unlike an amortizable loan whose amount gradually decreases.

The 2026 and 2027 installments repaid early

The new funding was used to make early repayments on major installments due over the next two years.

They notably replace a loan of 38 million euros taken out in 2019 with the Banque Européenne du Crédit Mutuel and due to mature in October 2026, as well as a 105 million euro SLL raised in 2020 from a banking pool led by LCL, which was due to mature in July 2027.

The transaction therefore does not change the real estate company's debt level. The outstanding amount remains at €602 million, the same amount as on June 30, 2026.

However, it significantly improves the repayment schedule. INEA's average debt maturity increases from 2,6 to 4 years, reducing the company's exposure to frequent refinancing needs.

Increased hedging against interest rate risk

INEA reports having secured these new lines of credit with bank margins comparable to those of the loans taken out in 2019 and 2020, despite a different interest rate environment. However, the precise levels of interest rates and margins were not disclosed.

Part of the new financing was obtained at a fixed rate. The proportion of debt hedged against interest rate fluctuations now stands at 67%, compared to 60% at the end of the first half of 2026.

This development should provide the real estate company with greater visibility on the future cost of its debt, while limiting the effect of a possible further rise in rates.

Commitments related to photovoltaics and biodiversity

The two Sustainability Linked Loans, representing a combined amount of 118 million euros, are accompanied by environmental indicators aligned with INEA's 2026-2030 CSR roadmap.

The objectives selected concern the pace of deployment of photovoltaic power plants on the real estate portfolio and the implementation of an action program in favor of biodiversity.

Meeting these commitments can allow the company to benefit from a reduction in its bank margin. According to INEA, 85% of its debt is now classified as "green," meaning it incorporates environmental, social, or governance criteria.

An operation designed to secure the real estate strategy

Philippe Rosio, Chairman and CEO of INEA, believes that the refinancing brings the company more serenity in a still uncertain macroeconomic context.

"This operation allows the company to focus on improving its occupancy rate and reducing its debt ratio."

The real estate company intends, in particular, to reduce its LTV ratio, which measures the debt burden relative to the value of its assets. Asset sales are also being considered in order to prepay more distant maturities.

As of June 30, 2026, INEA's portfolio comprised 81 real estate sites, primarily offices and business parks located in regional metropolitan areas. It represented nearly 457.000 m² and a value of 1,195 billion euros.