A refinancing transaction for the Croatian shopping centre City Center one Split has been successfully completed. Kaufmann & Hofmann d.o.o., the property owner, secured 130 million euros from Erste & Steiermärkische Bank d.d. Kaufmann & Hofmann d.o.o. is owned by CC Real, the InterCapital Real Estate Fund Alfa, and the Raiffeisen Pension Funds. This measure serves to extend the existing financing term and optimise the capital structure of the asset.
The transaction underscores the confidence of the parties involved in the high-quality retail property sector, especially those characterised by stable fundamentals and potential for value appreciation. Fabian Kaufmann, CEO of CC Real, commented on the significance of the refinancing, emphasising that its successful completion under current market conditions reflects the quality of the property, the strength of the partnership, and the trust of the financing partner. He also highlighted the attractiveness of prime retail properties.
Sustainability and Market Position
Arn Willems, Managing Director of Kaufmann & Hofmann d.o.o. and Chairman of the Management Board of InterCapital Real Estate, confirmed that the transaction consolidates City Center one Split's leading market position in the region. The refinancing creates long-term financial stability and simultaneously opens up opportunities for future developments of the centre. Igor Kanjuh, Head of Real Estate Finance at Erste Bank, expressed his pleasure at supporting this transaction and continuing to finance high-quality commercial properties and experienced investors in Croatia. He highlighted the strong tenant mix and operational performance of City Center one Split as crucial factors making it one of the country's leading shopping centres.
City Center one Split has a rental area of more than 60,000 square metres and includes approximately 200 retail, gastronomy, and service units. It is considered a key shopping destination in Dalmatia. The refinancing now completed follows a modernisation and repositioning programme totalling 22.5 million euros. This programme aimed to upgrade the offering and strengthen competitiveness. The property is DGNB Gold certified and meets the requirements of the EU Taxonomy, which characterises it as one of Croatia's most sustainable retail assets.
- —Financing volume: 130 million euros.
- —Financing partner: Erste & Steiermärkische Bank d.d.
- —Rental area: over 60,000 square metres.
- —Sustainability certification: DGNB Gold standard.
Neda Buljević Vlašić, Managing Director of Kaufmann & Hofmann d.o.o. and CC Real Croatia, described the successful completion of the refinancing as an important milestone. She stressed the centre's excellent positioning after the investment programme, enabling it to continue its growth trajectory and expand its market position. The transaction thus underlines the commitment of the owners and financing partners to the sustainable development of the property.
