Dentons assisted a consortium of four domestic and international banks —Raiffeisen Bank S.A., Alpha Bank Romania S.A., Raiffeisen Bank International AG and Alpha Bank A.E. — on EUR 125 million green loan facility for six commercial real estate assets developed by Prime Kapital as part of its joint venture with listed property investor MAS plc. This transaction is one of the largest green, syndicated, real estate financing deals in Romania in 2022.
The multi-tranche facility will be available on a project finance basis for Prime Kapital’s five new commercial retail properties in Romania and for a sixth property that is currently under development. The properties include Prime Kapital’s new Zalău Value Centre, Dâmbovița Mall (in Târgoviște), Sepsi Value Centre (in Sfântu Gheorghe), Bârlad Value Centre, Prahova Value Centre (in Ploiesti) as well as the retail mall project under construction in Alba Iulia. This green facility complements other lines of committed long-term capital earmarked by Prime Kapital for the financing of its considerable secured development pipeline.
Partner Simona Marin, Head of Dentons’ Banking and Finance team in Bucharest, assisted by counsel Oana Ionascu and associates Cristina Staicu and Alin Serea, coordinated the financing transaction from structuring to closing. Managing partner Perry V Zizzi and senior associate Luiza Onofrei, both from the Real Estate Group, provided a bankability assessment on the real estate and project document side.
Simona Marin commented, “This transaction showcases Dentons’ commitment to supporting green loans and our capacity to bring together finance and real estate expertise in providing solutions for sustainable development projects that have a substantial impact on our local communities.