The Group has also completed a secured green financing of 200 million Euro for a 5-year term with Erste Group Bank AG and Raiffeisen Bank SA. This is in line with the Group’s strategy to access different sources of funding and strengthen its relationships with banking partners. The funding was secured at a competitive level of pricing, in the current market conditions, by reference to Euribor rates. NEPI Rockcastle was advised by law firm Dentons Europe – Zizzi Caradja si Asociatii SPARL and Wolf Theiss Rechtsanwalte GmbH & Co KG advised the banks.
“Market conditions have been demanding over the past twelve months, at the same time, offered a great context to strengthen our strategic partnerships”, said Eliza Predoiu, CFO of NEPI Rockcastle. “The 200 million Euro green financing enhanced our liquidity position and proved once again our long-term commitment to sustainability. A big ‘thank you’ to all the parties involved, making this successful project happen.”
Repay revolving credit facilities
The loan proceeds will be used to repay the revolving credit facilities used for the acquisitions of Forum Gdansk and Copernicus Shopping Centre, which were completed in December 2022. Subsequently, the Group’s total revolving credit facility capacity will be restored to 620 million Euro.
Rüdiger Dany, CEO of NEPI Rockcastle, adds: “The scrip dividend take-up equivalent of 143 million Euro is a strong endorsement of the Company’s business strategy and confidence in our future prospects. Together with the new 200 million Euro secured green financing loan, we have established a diversified and well-balanced capital structure that will support the momentum of growth in the business. We believe it is important to maintain a conservative gearing ratio, which has now been reduced to below 35%, during economic challenging periods. The Company has adequate and diversified resources to finance its current development and investment plans.”
