NEPI Rockcastle, the largest investor and developer of shopping centers in Central and Eastern Europe, has obtained green financing worth 200 million euros, over a period of 5 years, from Erste Group Bank AG and Raiffeisen Bank S.A.
The new credit represents another step in the group's strategy to access different sources of financing and to strengthen its relations with banking partners. The financing was obtained at a competitive level of cost with interest, in the current market conditions, by reference to Euribor rates.
The loan, signed in March 2023, falls into the category of green financing, meeting the criteria of a substantial contribution to mitigating climate risks, as both Mega Mall and Promenada Sibiu benefit from sustainable certifications "BREEAM In-Use", excellent qualification, and certificates from Class A energy performance.
In the financing transaction, NEPI Rockcastle was advised by the international law firm Dentons Europe - Zizzi-Caradja and Asociati SPARL, and the banking consortium was assisted by Wolf Theiss Rechtsanwalte GmbH & Co KG.
"Market conditions have been demanding over the past twelve months, but at the same time they have provided an excellent context for strengthening our strategic partnerships. Thank you to all parties involved in this transaction. The new financing improves the Group's liquidity position and proves once again our long-term commitment towards sustainability. I appreciate the motivated people who made yet another successful project come to life, the consummate professionals from all the teams involved: our internal team, the lenders' teams and those of the consultants involved," said Eliza Predoiu, Chief Financial Officer, NEPI Rockcastle.
The new financing will be used to repay the credit lines used for the acquisitions of Forum Gdansk and Copernicus Shopping Center in Poland, completed in December 2022. Following the repayment, the total capacity of these revolving credit facilities of the Group will be restored to 620 of millions of euros.
"Through the new green financing worth 200 million euros, together with other sources of financing and capital of the Group, we have established a diversified and well-balanced capital structure, which will support the pace of growth of our activity. NEPI Rockcastle has adequate and varied resources to finance the current development and investment plans," added Rüdiger Dany, CEO, NEPI Rockcastle.