Spanish outlet operator Neinver and Nuveen Real Estate have refinanced their French outlet centre, Roppenheim The Style Outlets, for €73 mln.
The centre, located near Strasbourg and owned by the Neptune joint venture between Neinver and TIAA, secured a five-year sustainability-linked green financing agreement with Crédit Agricole Corporate and Investment Bank and LCL.
Roppenheim The Style Outlets is the first centre developed by the Neinver-TIAA joint venture. Situated close to the German border, it offers 27,400 m2 of gross leasable area and over 100 international and national brands, including adidas, Nike, Puma, Boss, Tommy Hilfiger, The Kooples, Calvin Klein, IKKS, and Galeries Lafayette.
Daniel Losantos, Neinver CEO, commented: ‘We are extremely pleased with this deal which once again reflects the strength of our business and the trust that investors place in the returns generated by our assets. It will also allow us to invest in the centre, upgrading its installations and services, and place sustainability at the forefront, at the same time as enhancing the shopping experience offered to its catchment area.’
Farrah Brown, head of Debt Capital Markets, Europe & APAC at Nuveen Real Estate added: ‘This refinancing underscores the strength of the business plan for Roppenheim and the trust our lenders have in us to deliver it. The asset has strong underlying fundamentals and we look forward to capitalising on those with new financing to upgrade amenities and make sustainability a core focus.’
This latest refinancing deal follows a series of transactions for assets in Poland, Spain, and Italy. In total, the joint venture has secured €723 mln across 14 centres in four countries, enabling them to continue investing and expanding their portfolio.
The outlet centers and retail parks managed by Neinver in Europe have seen sales increase by 8% this year compared to the record figures achieved in the first half of 2023.
