Property group NEPI Rockcastle has raised the equivalent of €143 million equity from its latest scrip dividend, corresponding to approximately 85% of the final dividend payment for 2022, while also completing a secured green financing of €200 million for a 5-year term with Erste Group Bank and Raiffeisen Bank.
The group said the bank funding is in line with its strategy to access different sources of funding and strengthen its relationships with banking partners.
NEPI Rockcastle was advised by law firm Dentons Europe - Zizzi- Caradja si Asociatii and Wolf Theiss Rechtsanwalte GmbH & Co KG advised the banks.
“Market conditions have been demanding over the past twelve months, at the same time, offered a great context to strengthen our strategic partnerships. The €200 million green financing enhanced our liquidity position and proved once again our long-term commitment to sustainability,” said Eliza Predoiu, CFO of NEPI Rockcastle.
The loan proceeds will be used to repay the revolving credit facilities used for the acquisitions of Forum Gdansk and Copernicus Shopping Centre, which were completed in December 2022. Subsequently, the group’s total revolving credit facility capacity will be restored to €620 million.
“We believe it is important to maintain a conservative gearing ratio, which has now been reduced to below 35%, during economic challenging periods. The company has adequate and diversified resources to finance its current development and investment plans,” said Rüdiger Dany, CEO of NEPI Rockcastle.
