NEINVER and Nuveen Real Estate secure €170m debt financing for Polish portfolio

1 June 2023 –NEINVER, an industry-leading company specialised in property investment, development and management, and Nuveen Real Estate, one of the largest investment managers in the world, have successfully secured c. €170m of debt financing for the Polish portfolio of Neptune – a joint venture between NEINVER and Nuveen’s parent company, TIAA. 

The financing for all of the Polish assets owned by Neptune – five FACTORY outlet centres and Futura Retail Park – has been jointly secured with Aareal Bank (also acting as facility agent) and ING Bank Śląski (also acting as security agent) for a five-year term. The deal is structured through a green loan that is linked to sustainability requirements. 

“This deal underlines the strength of our business and the confidence that investors and lenders have in the profitability of our portfolio. This is especially relevant in the current macroeconomic context, shaped by tighter credit conditions and a tougher retail real estate investment market. We are extremely pleased with this deal as it will bring us greater financial flexibility to invest in the growth of our Polish assets. It also emphasises our ongoing commitment to sustainability, one which is reflected across every facet of our business”, said Daniel Losantos, CEO of NEINVER.  

Charlotte Ashworth, Neptune Fund Manager at Nuveen Real Estate, added: “We are really pleased to have secured this financing facility which will help support the strategic priorities of the Neptune portfolio as we continue to invest in sustainability improvements for each of the assets. It also underlines the strength of the proposition in an environment where traditional lenders are taking a step back and being selective with their underwriting.”   

NEINVER announced robust sales growth in 2022, with total brand sales reaching €1.35 billion across its entire European portfolio, a 22% like-for-like increase compared with 2021 and close to 6% versus 2019.  

NUVEEN seeks to integrate ESG throughout its real estate investment management process to help preserve and create value for its clients. Similarly, NEINVER has a resolute commitment to sustainability and to making ESG a priority across its entire business strategy. The Spanish company is placed among the top 20% companies in its peer group, whilst the Neptune JV has obtained a 5-star GRESB rating again in 2022, for the third consecutive year.