NEINVER and Nuveen Real Estate successfully secure €480m debt refinancing for Spanish and Italian portfolios

18/12/2023 – 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 carried out a €480m debt refinancing for the Spanish and Italian portfolio of Neptune – a joint venture between NEINVER and Nuveen’s parent company, TIAA.

In Spain, a total of €310m was arranged by BNP Paribas, Crédit Agricole Corporate and Investment Bank and Natixis Corporate & Investment Banking (as Bookrunners), with a pool of lenders including, amongst others, Banco Pichincha España, CA Indosuez Spain, Goldman Sachs Asset Management and Santander Corporate & Investment Banking; for all the Spanish assets owned by Neptune: four The Style Outlets centres located in Madrid and Barcelona and Nassica retail & leisure park, in Madrid. The operation was completed via a 5-year green financing agreement where the Bookrunners also acted as Green Loan Coordinators.

A 5-year €170m 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.

According to Lorena Díez, NEINVER Financial Director, “This deal comes on the back of the refinancing recently completed for the Polish assets, taking the total secured for the three countries to €650m, 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.”

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 the results seen at its centres so far this year, with total brand sales reaching €690m across its European portfolio in H1 2023, 15% up year-on-year.