ER Logistics Fund 5 of Europa Risorse Secures €40 M Green Financing from Unicredit

Europa Risorse sgr, on behalf of ER Logistics Fund 5, has secured a €40 million green loan from Unicredit, aimed, among other things, at partially financing the acquisition of land and the development of a 62,200-square-meter real estate complex to be used for logistics purposes, located in Torrazza Piemonte (Turin).

Assisting in the transaction on the legal side was Simmons & Simmons Risorse , while Osborne Clarke supported Unicredit in its role as mandated lead arranger, book-runner, original lending bank, agent bank, and green structuring advisor.

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ER Logistics Fund 5 is a newly established fund

The fund’s shares were fully subscribed last February by PineBridge Benson Elliot, a U.K.-based manager of pan-European real estate funds, in a 50-50 joint venture with an institutional partner. The fund had suddenly announced its first transaction, which was the acquisition, from a local construction company, of a 197,000-square-meter site precisely in Torrazza Piemonte. Even then the SGR explained that the Torrazza Piemonte area northeast of Turin would be transformed into a green logistics facility of about 61 thousand square meters including about 2 thousand square meters of office space that can be rented simultaneously to several interested parties.

For PineBridge Benson Elliot this had not been the first transaction conducted in tandem with Europa Risorse sgr. Back in 2020 the American asset manager, again through a Europa Risorse fund, in that case ER Office Fund 4, had acquired the real estate complex at Via Rizzoli 2, 4, 6 (former Rizzoli – Corriere della Sera area) in Milan .

The project, which was later unveiled in March 2021, was called Welcome, Feeling at Work, with the intention of redeveloping the entire area and becoming a catalyst capable of bringing people and nature together for a better quality of life. Work began in May 2021.

Designing and building Welcome is Kengo Kuma and Associates, the undisputed global interpreter of organic architecture, which has always proposed buildings that blend into their context, using natural and innovative materials. The project includes offices, auditoriums, co-working spaces, lobbies reserved for business meetings, as well as restaurants and lounges, stores, a supermarket, a wellness area, and venues for temporary events and exhibitions. Inside and outside, public and private, work and leisure come together in Welcome, connected by a green thread that permeates the entire project.

In January 2019, Benson Elliot acquired 100 percent of the shares of ER Office Fund 3, managed by Europa Risorse SGR, which in turn had bought two adjacent business parks in Milan, in the Segrate area: The Segreen Business Park, which was sold to Benson Elliott by the Opera fund managed by BNP Paribas; and the Nest Business Park, which was instead sold by the Toscanini fund, managed by Generali Real Estate.

Led by Antonio Napoleone, Europa Risorse currently manages 10 funds, with total assets of about €800 million. It has invested over time in residential, tourism/retail, and tertiary real estate development projects. Completed transactions in Milan alone include Orti Antichi, the Bodio Center and Maciachini Center, and the L’Oréal headquarters.

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(Featured image by Laura Lugaresi via Unsplash)

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First published in Be Beez. A third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.

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