Neinver, Nuveen secure €480m refinancing for Spanish and Italian portfolios

In Spain, a total of €310 mln was arranged by BNP Paribas, Crédit Agricole Corporate and Investment Bank and Natixis CIB (as bookrunners), with a pool of lenders including Banco Pichincha España, CA Indosuez Spain, Goldman Sachs Asset Management and Santander Corporate & Investment Banking.

The operation was completed via a 5-year green financing agreement where the Bookrunners also acted as Green Loan Coordinators. Neptune's Spanish portfolio includes four The Style Outlets centres located in Madrid and Barcelona and Nassica retail & leisure park, in Madrid. 

A 5-year €170 mln deal for the Italian centres was arranged and underwritten by Crédit Agricole CIB and Natixis CIB to refinance the joint venture’s two The Style Outlets located in Vicolungo, Novara and Castel Guelfo, in Bologna.

'This deal comes on the back of the refinancing recently completed for the Polish assets, taking the total secured for the three countries to €650 mln, and allowing us to sustain our level of investment and the growth of our assets. Successfully completing this refinancing operation was all the more relevant given the current stricter financing requirements and clearly reflects how much confidence investors have in the ability of our assets to deliver attractive returns,' said Lorena Díez, Neinver's financial director.

Farrah Brown, head of debt capital markets at Nuveen Real Estate, added: 'To have completed these sizeable refinancings, in what is still a challenging environment for retail, marks a significant milestone for the portfolio. Securing lenders’ appetite for these financings is testament to the quality of the product and our partner and allows us to move forward with the business plan for these assets.'

Neinver has reported strong growth in retail sales at its centres so far this year, with total brand sales reaching €690 mln across its European portfolio in H1 2023, 15% up year-on-year.