Argan secures €500m bridge loan for 2026 bond refinancing

French real estate company Argan has secured a €500 mln bridge-to-bond loan from a consortium of banks, including J.P. Morgan, Crédit Agricole CIB, BNP Paribas, and Société Générale.

Argan Samada warehouse

This short-term financing aims to facilitate the refinancing of a bond initially issued in 2021 and maturing on November 17, 2026. The bridge loan has an initial term of 12 months, starting November 17, 2025, with the option for two successive six-month extensions, potentially extending it until November 17, 2027.
This refinancing deal includes specific covenants that Argan significantly surpassed based on its indicators from the end of June. Key requirements were a consolidated Loan-to-Value (LTV) ratio (EPRA LTV excluding duties) under 65% and a real estate portfolio value (excluding duties) exceeding €2 bn.
As of June 30, 2025, Argan's portfolio consisted of 3.7 mln m2 across approximately one hundred premium warehouses exclusively located in continental France. Valued at €4.0 bn, this portfolio generates an annual rental income exceeding €210 mln.