Neinver and Nuveen Real Estate have successfully raised around €170 million in debt financing for the Polish portfolio of Neptune, a joint venture between Neinver and TIAA.
The financing for all of Neptune's Polish properties - five FACTORY outlet centres and the Futura retail park - was jointly secured by Aareal Bank (loan agent) and ING Bank Sląski (collateral agent) for a period of five years. The transaction is based on a form of green loan, which is tied to sustainability requirements.
"This transaction underscores the strength of our business and the confidence that investors and lenders see in the profitability of our portfolio. This is particularly important in the current macroeconomic context, shaped by tighter credit conditions and a tougher market for investments in commercial real estate. We are extremely pleased with this transaction, as it will provide us with greater financial flexibility to invest in the development of our Polish assets. The signed transaction also underscores our commitment to sustainable development, reflected in every aspect of our business", says Daniel Losantos, CEO of NEINVER.
Charlotte Ashworth, Neptune Fund Manager at Nuveen Real Estate, added: "We are extremely pleased to have secured this financing facility, which will help us support the strategic priorities of the Neptune portfolio by continuing to invest in sustainability improvements at each of our properties. It also underscores the strength of our offering in an environment where traditional lenders are taking a step back and being highly selective in their guarantees."
Neinver announced strong sales growth in 2022, with total branded showroom sales reaching €1.35 billion across its European portfolio, up 22% vs. to 2021 and nearly 6% compared to 2019.
