Nepi Rockcastle has raised the equivalent of €143 mln equity from its latest scrip dividend, corresponding to approximately 85% of the final dividend payment for the year ended 31 December 2022.
As a result, Nepi Rockcastle’s total issued share capital will increase by 4.75% to approximately 636 million ordinary shares and its capital base is further strengthened.
The group has also completed a secured green financing of €200 mln for a five year term with Erste Group Bank and Raiffeisen Bank.
Eliza Predoiu, chief financial officer, said: 'Market conditions have been demanding over the past twelve months, at the same time, offered a great context to strengthen our strategic partnerships.
'The €200 mln green financing enhanced our liquidity position and proved once again our long-term commitment to sustainability. A big ‘thank you’ to all the parties involved, making this successful project happen.'
The loan proceeds will be used to repay the revolving credit facilities used for the acquisitions of Forum Gdansk and Copernicus Shopping Centre, which were completed in December 2022.
Subsequently, the group’s total revolving credit facility capacity will be restored to €620 mln.
Nepi said that the funding was secured at a competitive level of pricing, in the current market conditions, by reference to Euribor rates.
Rüdiger Dany, CEO, said: 'We believe it is important to maintain a conservative gearing ratio, which has now been reduced to below 35%, during economic challenging periods. The company has adequate and diversified resources to finance its current development and investment plans.'
Nepi was advised by law firm Dentons Europe - Zizzi-Caradja si Asociatii and Wolf Theiss Rechtsanwalte advised the banks.
