CPI Property Group (CPIPG) announced that its subsidiary, CPI Europe, has secured €100 million financing for the Sun Plaza shopping mall based in Bucharest.
The financing was structured as a club deal from OTP Bank and ING Bank România, with each bank participating with equal commitments. The transaction also marks the beginning of a new cooperation relationship between CPIPG and ING Bank.
Opened in 2010, Sun Plaza is a dominant retail destination in southern Bucharest, bringing together over 170 retail, HoReCa and entertainment concepts with approximately 81,000 sqm of gross leasable area. The centre benefits from direct access to Piața Sudului metro station and is Breeam Excellent certified.
"Sun Plaza continues to have solid operational performance and remains one of the retail assets in our portfolio," said Marketa Vecerova, Group Head of Real Estate Financing at CPIPG. "This transaction demonstrates the continued confidence of financiers in retail assets from the CEE region. We appreciate the cooperation of OTP Bank and ING throughout the entire process and we are pleased that ING becomes a new partner of the group."
"The asset benefits from a strong market position and long-term attractiveness for both tenants and clients. This financing reflects our confidence in Romania's retail market and our commitment to support properties and clients in the CEE region," said Dénes Kovács, Head of Unit, Real Estate Finance Department at OTP Bank. Mike Shields, EMEA Head of Real Estate at ING, added: "Sun Plaza is a well-established retail destination with solid fundamentals."
The group's total property valuation exceeds €18 billion. Its core holdings are concentrated in Prague, Berlin, Bucharest, Warsaw, Vienna, and Budapest.
