In Spain, a total of 310 million euros were arranged by BNP Paribas, Crédit Agricole Corporate and Investment Bank and Natixis Corporate & Investment Banking (as Bookrunners), with a pool of lenders including, amongst others, Banco Pichincha España, CA Indosuez Spain, Goldman Sachs Asset Management and Santander Corporate & Investment Banking; for all the Spanish assets owned by Neptune: four The Style Outlets centers located in Madrid and Barcelona and Nassica retail & leisure park, in Madrid. The operation was completed via a 5-year green financing agreement where the Bookrunners also acted as Green Loan Coordinators.
A 5-year 170 million euro deal for the Italian centers was arranged and underwritten by Crédit Agricole CIB and Natixis CIB to refinance the joint venture’s two The Style Outlets located in Vicolungo, Novara and Castel Guelfo, in Bologna.
According to Lorena Díez, NEINVER Financial Director, “This deal comes on the back of the refinancing recently completed for the Polish assets, taking the total secured for the three countries to €650m, and allowing us to sustain our level of investment and the growth of our assets. Successfully completing this refinancing operation was all the more relevant given the current stricter financing requirements and clearly reflects how much confidence investors have in the ability of our assets to deliver attractive returns.”
“To have completed these sizeable refinancings, in what is still a challenging environment for retail, marks a significant milestone for the portfolio,” adds Farrah Brown, Head of Debt Capital Markets at Nuveen Real Estate. “Securing lenders’ appetite for these financings is a testament to the quality of the product and our partner and allows us to move forward with the business plan for these assets.”
NEINVER has reported strong growth in the results seen at its centers so far this year, with total brand sales reaching 690 million euros across its European portfolio in H1 2023, 15% up year-on-year.