Neinver, Europe’s second-largest operator of outlet centres, and global real estate investment manager TH Real Estate have secured some €344 mln of debt financing on behalf of the joint venture between Neinver and TH Real Estate's parent group TIAA.
The two companies recently completed the acquisition of six outlet centres in Spain, Italy and Poland on behalf of the venture, and acquisition financing was provided for five of those assets: San Sebastián de los Reyes The Style Outlets (Spain), Getafe The Style Outlets (Spain), Las Rozas The Style Outlets (Spain), Vicolungo The Style Outlets (Italy) and Factory Poznan (Poland).
'We had a tight timeframe to close on these transactions and very much appreciate how committed each bank was in supporting our objectives, a testament to our long-standing relationship with each of these lenders,' commented Farrah Brown, head of treasury at TH Real Estate. 'The financing will further support the strong investment performance and returns expected for our investors, across this leading outlet mall portfolio, which now comprises 11 strong assets in Europe.'
The €187 mln financing for the three Spanish assets was provided jointly by Crédit Agricole Corporate and Investment Bank, Sucursal en España and Natixis acting as bookrunners for a seven-year term.
The debt of around €126 mln on Vicolungo was provided by Crédit Agricole Corporate and Investment Bank Milan Branch acting as sole mandated lead arranger, bookrunner, underwriter and agent, also for seven years.
The Polish centre was financed by the syndicate led by ING Bank through an extension to an existing facility on two other Polish assets owned by the JV (Factory Annopol Warsaw & Factory and Futura Park Krakow). BG BNP Paribas (part of BNP Paribas Group) joined the syndicate on the acquisition of Factory Poznan.
'Our partnership with TIAA has achieved a strong portfolio in a very short period of time. Neinver’s specialised management and expertise in the market guarantees a continuous revaluation and growing performance of the centres, which generates an increasing interest from investors and lenders, as well as confidence in the profitability of our venture’s portfolio,' concluded Francisco Javier Cortijo, finance administration & controlling director at Neinver.
TH Real Estate is acting on behalf of the joint venture between TIAA and Neinver.
