Savills IM refinances two Italian assets with one of the first green loans in Italy

Savills Investment Management has refinanced two Italian assets in its portfolio to its European Commercial Fund (ECF) with one of the first green loans in Italy. ING acted as the sole lender, extending existing financing and advising Savills IM in the restructuring of the green financing.

The green loan refinanced the retail park in Fidenza (Parma) and the U4 office building in Assago Milanofiori (Milan), purchased by the fund in 2011 and 2015 respectively.  The Assago offices have obtained LEED Gold certification, while the Fidenza retail park has installed LED lights and a charging station for electric vehicles.

Cristiano Ronchi, head of Italy at Savills IM, commented: “Environmental, social and governance issues are of primary importance for Savills IM and play an important role in our investment decisions and management approach. Having obtained this green loan once again demonstrates our leadership in the real estate investment market in Italy with regard to sustainability.”

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The Savills IM European Commercial Fund is a Luxembourg FCP-SIF aimed at German institutional investors

Since its launch in 2008, the fund has regularly performed better than many benchmarks. The success of this distribution-oriented fund is due to its broad diversification – which includes the office, retail and logistics sectors – as well as its focus on the economically strongest cities and areas in Western Europe. The fund comprises 19 properties in 8 different countries and its market value is over $947 million (€800 million).

Savills Investment Management is an international real estate investment fund manager with offices in Amsterdam, Frankfurt, Hamburg, Saint Helier, London, Luxembourg, Madrid, Milan, Munich, Paris, Stockholm, Warsaw, Katowice, Singapore, Kuala Lumpur, Tokyo, and Sydney. Savills Investment Management manages real estate worldwide with a total asset value of $24.57 billion (€20.75 billion) (as of fourth-quarter 2019). Savills Investment Management is part of the Savills Group, whose parent company, Savills plc, is a global real estate services company listed on the London stock market.

Recently, the Value Add II Italy fund, managed by Savills Investment Management sgr and fully underwritten by Barings, has taken over a plot of land to develop offices in the Bicocca district of Milan. The seller was Lambda srl, a company belonging to the Focus Investments group. A grade A office building will be built on the land with approximately 5,000 square meters of lettable area (GLA), distributed over 5 floors above ground, as well as 2 underground floors with 50 parking spaces. Barings aims to obtain the LEED Gold certification for the building, following its redevelopment, which is expected to finish in early 2022.

Last September, Savills IM entered into a franchise agreement together with the GA 2019 vehicle (Bain Capital Credit) and Aquileia Capital Services, as service provider controlled by Bain Capital Credit, with Radisson Hospitality Belgium, for the management of the Conference Florentia Hotel in Florence. The latter will be entirely renovated by the Radisson Group and will be named Radisson Hotel Firenze.

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(Featured image by Akil Mazumder via Pexels)

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