Dentons advises banks on financing Supernova Group’s acquisition of a retail portfolio

Dentons, the world’s largest law firm, assisted a consortium of banks—Erste Group Bank, Raiffeisen Bank International, Raiffeisen Bank Romania and Banca Comercială Română—in financing the acquisition by Supernova Group of six prime shopping centres operating under Cora brand name from the Louis Delhaize Group. The transaction was one of the largest acquisition financings in Romania in 2021 and the largest in the retail sector.

Dentons assisted the consortium of banks in a complex sale and lease-back transaction to partially finance the acquisition of the real estate assets—with a total lettable area of approximately 140,000 sqm. The financing will also be used to partially fund the refurbishment and extension of the retail assets, planned to be completed in the next few years. Following this transaction, Louis Delhaize will continue to operate the six Cora hypermarkets as an anchor tenant.

Partner Simona Marin, Head of Dentons’ Banking and Finance team in Bucharest, assisted by Senior Associate Sandra Constantin and associates Cristina Staicu and Alin Serea, coordinated the financing transaction from structuring to closing, and aligned the finance documentation with the acquisition strategy and acquisition documents. Real Estate partner Bogdan Papandopol and associates Isabela Gheorghe and Bianca Isache provided a bankability assessment on the real estate and project document side.

Simona Marin commented, “This transaction showcases Dentons’ strength in bringing together a multi competency team with experience in acquisition finance and real estate finance to provide financing solutions for complex transactions.”

BPV Grigorescu Stefanica has advised property group Supernova on the acquisition, while Act Legal Botezatu Estrade Partners advised Cora’s parent companies, the Louis Delhaize and Galimmo groups.