A European outlet malls investment venture between Neinver and Nuveen’s parent company TIAA has secured a €170m debt financing for its Polish portfolio.

Real estate managers Neinver and Nuveen Real Estate said the Neptune joint venture’s Polish portfolio financing has been jointly secured with Aareal Bank and ING Bank Śląski. 

The five-year facility is structured through a green loan that is linked to sustainability requirements, the companies said.

Neptune, the partnership established in 2014, has a Polish portfolio comprising five factory outlets and Futura Retail Park.

Daniel Losantos, CEO of Neinver, said: “This deal underlines the strength of our business and the confidence that investors and lenders have in the profitability of our portfolio. This is especially relevant in the current macroeconomic context, shaped by tighter credit conditions and a tougher retail real estate investment market.

“We are extremely pleased with this deal as it will bring us greater financial flexibility to invest in the growth of our Polish assets. It also emphasises our ongoing commitment to sustainability, one which is reflected across every facet of our business.”

Charlotte Ashworth, Neptune fund manager at Nuveen Real Estate, said: “We are really pleased to have secured this financing facility which will help support the strategic priorities of the Neptune portfolio as we continue to invest in sustainability improvements for each of the assets.

“It also underlines the strength of the proposition in an environment where traditional lenders are taking a step back and being selective with their underwriting.”

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