Kaufmann & Hofmann, the owner of City Center one Split, has successfully secured a €130 million refinancing facility with Erste & Steiermärkische Bank. CC Real, InterCapital Real Estate Fund Alfa and Raiffeisen Pension Funds jointly own the company. The refinancing extends the maturity profile of the existing debt. Further, it optimises the asset’s capital structure, reflecting continued confidence in high-quality retail real estate with strong long-term fundamentals and value creation potential.
Refinancing strengthens long-term financial stability
“Completing a refinancing of this scale in the current market environment reflects the quality of the asset, the strength of our partnership and the confidence of our financing partner. It also underlines the long-term attractiveness of prime retail real estate,” said Fabian Kaufmann, CEO of CC Real.
“This transaction confirms City Center one Split’s position as one of the leading retail properties in the region. The refinancing provides long-term financial stability while offering additional flexibility for the centre’s future development,” added Arn Willems, Managing Director of Kaufmann & Hofmann and Chairman of the Management Board of InterCapital Real Estate.
Igor Kanjuh, Head of Real Estate Finance at Erste Bank, said: “We are pleased to support this transaction and continue financing high-quality commercial real estate and experienced investors in Croatia. City Center one Split has established itself as one of the country’s leading shopping centres, supported by a strong tenant mix and excellent operational performance.”
Sustainable asset with strong growth potential
With more than 60,000 sqm of gross lettable area and around 200 retail, food & beverage and service units, City Center one Split is one of Croatia’s leading shopping centres and the dominant retail destination in Dalmatia. The refinancing follows the successful completion of a €22.5 million refurbishment and repositioning programme, which further enhanced the centre’s retail, dining and leisure offering and strengthened its long-term competitiveness. Alongside its strong operational performance, the property is recognised as one of Croatia’s leading sustainable retail assets, holding DGNB Gold certification and alignment with the EU Taxonomy framework.
Neda Buljević Vlačić, Managing Director of Kaufmann & Hofmann and CC Real Croatia, added: “The successful completion of this refinancing marks an important milestone for City Center one Split. Following the completion of the investment programme, the centre is well positioned for continued sustainable growth while further strengthening its market-leading position and customer offering.”
The transaction highlights the continued attractiveness of well-performing retail assets and demonstrates the commitment of the owners and financing partners to the long-term development of City Center one Split.
