Structured Financing for Europe’s Largest Stadium Upgrade

Acted as Creditor’s Representative on the €1.5 billion Spotify Camp Nou redevelopment, ensuring smooth execution of the transaction.

Sector: Commercial Real Estate

Location: Spain

Services Provided:

• Loan and Portfolio Underwriting, Origination Services and Due Diligence
• Credit Analysis and Asset Management
• Structuring and Cashflow Modelling

The client faced the challenge of financing one of Europe’s most high-profile development projects, the €1.5 billion redevelopment of Spotify Camp Nou stadium. The transaction was highly complex, involving senior debt, long-dated bonds, and nearly 100 global entities across three closing rounds. The financing structure required robust governance and decision-making authority to manage almost 80 credit decisions covering construction, corporate and legal processes.

Mount Street was appointed as Creditor’s Representative and Agent, acting under a Framework Agreement that conferred significant authority to represent and consult with investors. We oversaw credit decisions, managed compliance, and ensured smooth execution of this unique transaction, which was collateralised through a true sale of future stadium receivables rather than the stadium itself. This appointment followed our previous €500 million media rights deal with FC Barcelona, reinforcing our expertise in complex structured finance.

The outcome was a successful close of the €1.5 billion financing, enabling FC Barcelona to proceed with transformative stadium upgrades, including a new roof with 30,000 sqm of solar panels, expanded capacity to 105,000 seats, and enhanced sustainability features. Our role ensured investor confidence, operational efficiency, and timely execution of one of Europe’s landmark sports infrastructure projects.