NEINVER and Nuveen Real Estate have successfully raised some €170 million in debt financing for the Polish portfolio of Neptune, a joint venture between NEINVER and TIAA.
The financing for all of Neptune’s Polish properties – five FACTORY outlet centers and the Futura retail park – was jointly secured by Aareal Bank (loan agent) and ING Bank Slaski (collateral agent) for a period of five years. The transaction is based on a form of green loan, which is tied to sustainability requirements.
“This transaction underscores the strength of our business and the confidence that investors and lenders see in the profitability of our portfolio. This is particularly important in the current macroeconomic context, shaped by tighter credit conditions and a tougher market for investments in commercial real estate. We are extremely pleased with this transaction, as it will provide us with greater financial flexibility to invest in the development of our Polish assets. The signed transaction also underscores our commitment to sustainable development, reflected in every aspect of our business,” Daniel Losantos, CEO of NEINVER, said.
Charlotte Ashworth, Neptune Fund Manager at Nuveen Real Estate, added: “We are extremely pleased to have secured this financing facility, which will help us support the strategic priorities of the Neptune portfolio by continuing to invest in sustainability improvements at each of our properties. It also underscores the strength of our offering in an environment where traditional lenders are taking a step back and being highly selective in their guarantees.”
NEINVER announced strong sales growth in 2022, with total branded showroom sales reaching €1.35 billion across its European portfolio, up 22% vs. to 2021 (like for like) and nearly 6% compared to 2019.
NUVEEN aims to integrate ESG factors throughout its real estate investment management process to support retention and value creation for its clients. Similarly, NEINVER, which is firmly committed to sustainability and prioritizes ESG throughout its business strategy. The Spanish company is among the top 20% of companies in terms of ESG performance, while the Neptune JV has achieved a GRESB 5-star rating for the third consecutive year in 2022.
