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

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

by Dentons January 6, 2022

Website www.dentons.com

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 centers 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 multicompetency 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.


About Dentons

Dentons is the world's largest law firm, connecting top-tier talent to the world's challenges and opportunities with 20,000 professionals including 12,000 lawyers, in more than 200 locations, in more than 80 countries. Dentons' polycentric and purpose-driven approach, commitment to inclusion and diversity, and award-winning client service challenge the status quo to advance client interests. www.dentons.com

Dentons’ legal team in Bucharest, under the leadership of Managing Partner Perry Zizzi, provides its clients with a results-oriented approach and efficient legal solutions. In over two decades of activity in Romania, the Firm has advised on cornerstone deals for domestic and international clients across multiple sectors. Key practice areas include Banking and Finance, Real Estate, Corporate, Employment, Energy and Infrastructure, Competition and Litigation.


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