NEINVER and Nuveen Real Estate secure EUR 73 million refinancing deal for their outlet centre in France
15/10/2024 – NEINVER and Nuveen Real Estate have successfully carried out a EUR 73 million debt refinancing for the French centre Roppenheim The Style Outlets, located close to Strasbourg and owned by Neptune – a joint venture between NEINVER and NUVEEN’s parent company, TIAA.
The deal, structured as part of a sustainability-linked green financing agreement, has been signed with a five year maturity with Crédit Agricole Corporate and Investment Bank and LCL.
For Daniel Losantos, NEINVER CEO, “We are extremely pleased with this deal which once again reflects the strength of our business and the trust that investors place in the returns generated by our assets. It will also allow us to invest in the centre, upgrading its installations and services, and place sustainability at the forefront, at the same time as enhancing the shopping experience offered to its catchment area”.
Farrah Brown, Head of Debt Capital Markets, Europe & APAC at Nuveen Real Estate added: “This refinancing underscores the strength of the business plan for Roppenheim and the trust our lenders have in us to deliver it. The asset has strong underlying fundamentals and we look forward to capitalising on those with new financing to upgrade amenities and make sustainability a core focus.”
The outlet centres and retail parks managed by NEINVER in Europe have continued to register growth so far this year, with sales 8% higher than the record figures recorded in H1 2023 and further cementing the upward trend seen in recent years.
Roppenheim The Style Outlets is the first centre owned by the joint venture between NEINVER and TIAA. Located close to the German border, it offers 27,400 sqm GLA and more than 100 international and national brands such as adidas, Nike, Puma, Boss, Tommy Hilfiger, The Kooples, Calvin Klein, IKKS and Galeries Lafayette.
