Shopping centre developer NEPI Rockcastle secured an additional €58 mln loan from the International Finance Corporation (IFC), bringing the total loan amount to €445 mln.
This green loan supports the company's sustainability goals and helps repay a maturing €500 mln bond in November 2024.
The green loan structure aligns with NEPI Rockcastle's commitment to reducing greenhouse gas emissions and improving energy efficiency in its buildings. The facility now covers around 89% of the bond's principal amount, with the remaining balance to be settled from the Group's cash resources.
This competitively priced loan, based on the Euribor rate, matures in January 2029. The first portion was released in February 2024, with an additional €58 mln available for withdrawal within the next three months.
NEPI Rockcastle's Green Finance Framework and Sustainability-Linked Financing Framework establish ambitious environmental targets.
Eliza Predoiu, CFO of NEPI Rockcastle, commented: "Sustainability lies at the core of our operations and corporate financing. The unsecured green loan arranged by IFC contains provisions that reinforce our commitment to strengthening our operations and development pipeline in a sustainable way, with higher energy efficiency and lower emission factors."
In January, IFC provided a €387 mln loan to NEPI Property, part of the NEPI Rockcastle group. The loan aimed to support efforts in Romania and Bulgaria to lower greenhouse gas emissions and improve energy efficiency within the construction sector.
NEPI Rockcastle is the largest retail property landlord and operator in Central and Eastern Europe (CEE). Ninety-nine percent of the portfolio consists of shopping malls, with the remaining 1% comprised of two office buildings (Slovakia, Bulgaria) and two light industrial properties in Romania. The largest presence is in Romania (36%), Poland (28%), Hungary (9%), Bulgaria (8%), Slovakia (8%), and 11% in total goes to Croatia, Czech Republic, Lithuania, and Serbia.
