Clerph emitirá 64 millones de deuda en Panamá para impulsar su proyecto en República Dominicana

Clerhp, a company based in Murcia, has issued a debt program in Panama worth up to $75 million (approximately €64 million) for a 10-year period to support its flagship real estate project in the Dominican Republic. The project, called Larimar City & Resort, is an urban development located in Punta Cana's Farallón de Punta Cana featuring 20,000 units spread across 150 towers of varying heights and building types. The construction period for this massive undertaking is estimated at 10 years.

While the primary means to fund the megaproject will remain from the cash flow of sales and own resources, debt (including bonds and bank loans) is becoming increasingly significant and is estimated to represent around 30% of the total financing for the project. The estimated cost of executing the project is around $2.2 billion, with a projected sales volume of $4 billion from the development. The goal is to commence construction of the first units this year, with the aim of delivering approximately 300 properties.

Clerhp owns the seven parcels on which the project will be built, acquired for about $70 million. Based on the progress made so far, the updated valuation of the project amounts to $528 million, according to the company's disclosure to the BME Growth.