CPI Property Group (CPIPG) has secured €100m in new financing for Sun Plaza, one of Bucharest's most prominent retail destinations, in a move that sends a clear signal to the market: institutional confidence in Central and Eastern European retail is not only intact, it is growing. The financing was arranged through its subsidiary, CPI Europe AG, via a club deal split equally between OTP Bank and ING Bank Romania, with the transaction also marking the start of a new banking relationship between CPIPG and ING.
Opened in 2010, Sun Plaza is a retail destination in southern Bucharest, bringing together more than 170 retail, food and beverage, and entertainment concepts across approximately 81,000 m² of gross leasable area. The centre benefits from direct access to Piata Sudului metro station and holds a BREEAM Excellent sustainability certification, two attributes that increasingly define bankable, future-proof retail assets in today's lending environment.
"Sun Plaza continues to deliver strong operational performance and remains one of the highest-quality retail assets in our portfolio," said Marketa Vecerova, Group Head of Real Estate Financing at CPI Property Group. "This transaction demonstrates lenders' continued confidence in premium retail assets across the CEE region. We appreciate the professional and constructive cooperation of OTP Bank and ING throughout the process and are especially pleased to welcome ING as a new banking partner of the Group."
"We are pleased to support CPI Property Group in this financing for Sun Plaza," said Dénes Kovács, Head of Unit, Real Estate Finance Department at OTP Bank. "The asset benefits from a strong market position and long-term attractiveness for both tenants and customers. This financing reflects our confidence in the Romanian retail market and our commitment to supporting high-quality properties and established clients across the CEE region." Mike Shields, EMEA Head of Real Estate at ING, added: "Sun Plaza is a well-established retail destination with solid fundamentals, and we value the constructive cooperation among all parties involved."
For investors and developers watching the CEE landscape, the structure of this deal merits attention beyond the headline figure. The equal-commitment club deal format, involving two internationally active lenders, points to a growing appetite for co-lending on large retail assets in emerging European markets, a trend that could open refinancing and acquisition opportunities for other well-located, BREEAM-certified shopping centres in the region. CPIPG's total property portfolio valuation exceeds €18bn, with core holdings concentrated in Prague, Berlin, Bucharest, Warsaw, Vienna and Budapest, underlining the group's depth as a counterparty and the scalability of similar structured financings across its wider portfolio.
Dentons served as legal adviser to the lenders. "This was a well-structured cross-border club-deal financing involving two international banking institutions and one of the region's leading retail assets," said Simona Marin, Head of Banking and Finance at Dentons. "We are pleased to have advised on the successful completion of the transaction."
People and companies mentioned
People
- Marketa Vecerova, Group Head of Real Estate Financing, CPI Property Group
- Dénes Kovács, Head of Unit, Real Estate Finance Department, OTP Bank
- Mike Shields, EMEA Head of Real Estate, ING
- Simona Marin, Head of Banking and Finance, Dentons
Companies
- CPI Property Group (CPIPG), pan-European real estate owner and operator, portfolio valued at over €18bn
- CPI Europe AG, CPIPG subsidiary, borrowing entity in the transaction
- Sun Plaza, dominant retail centre in southern Bucharest, 81,000 m² GLA, BREEAM Excellent certified
- OTP Bank Romania, co-lender in the club deal
- ING Bank Romania, co-lender and new banking partner of CPIPG
- Dentons, international law firm, legal adviser to the lenders
Image Source: Sun Plaza, Bucharest. CPI Property Group
