Neinver, in collaboration with Nuveen Real Estate, has successfully completed the refinancing of its €480 million debt. This operation was carried out for the assets in Spain and Italy of Neptune, a joint venture between Neinver and Nuveen's parent company, TIAA.
In the Spanish context, the refinancing amounted to 310 million euros and involved BNP, Crédit Agricole Corporate and Investment Bank and Natixis Corporate & Investment Banking as bookrunners. Banco Pichincha España, CA Indosuez Spain, Goldman Sachs Asset Management and Banco Santander Corporate & Investment also joined in. This transaction includes all of Neptune's assets in Spain, including four The Style Outlets centres in Madrid and Barcelona, as well as the Nassica retail park in Madrid. The financing, with a term of five years, has been structured as green, with the bookrunners also being arrangers of the Green Loan.
In Italy, the refinancing, also for a period of five years, amounts to 170 million euros. It was arranged and underwritten with Crédit Agricole CIB and Natixis CIB, and is earmarked for the joint venture's two The Style Outlets centres in Vicolungo, Novara and Castel Guelfo, Bologna.
Lorena Díez, Neinver's CFO, said: "This transaction is in addition to the one recently obtained for the Polish assets, reaching a total of 650 million euros for the three countries, and which allows us to maintain our level of investment and growth of our assets. The successful completion of this refinancing was a significant achievement which is all the more important given the tightening of financing conditions and clearly reflects investor confidence in the ability of our assets to deliver attractive returns.
Farrah Brown, Head of Debt Capital Markets at Nuveen Real Estate, said: "Completing a refinancing of this size, in what remains a challenging retail environment, is a milestone for our portfolio of centres. Gaining the interest of financial institutions in our assets reflects the quality of the product we offer and of our partner and allows us to move forward with our business plan for these assets.
Neinver experienced significant growth in the results of its centres during the year. Total sales in the first half of the year for the brands reached €690 million across its European portfolio, representing a 15% increase compared to the same period in 2022.
