ING REF strengthens relationship with Savills IM in Italy through a €17.3 m term loan
ING Real Estate Finance Italy has closed and disbursed a €17.3m bilateral mortgage loan granted to Buonvento Properties Srl for the acquisition of the company’s shares by a newly constituted closed-end real estate Fund managed by Savills Investment Management SGR. The borrower is the owner of the ca. 20,000 sqm GLA shopping centre hosting 48 retail units, located in Benevento, Campania region. The Property is let to multiple tenants for an annual gross rental income of approx. €3.0 m. Main tenants are Conad, Mediaworld, Piazza Italia and Bata. ING was already financier of the vehicle.
Michele Monterosso, Director and Co-Head ING Real Estate Finance in Italy: “this transaction further strengthens the sound pan-European relationship and strategic dialogue between ING and Savills IM since 2007 and our focus on low LTVs on high quality shopping centres in Italy”
Giuseppe Oriani, Managing Director of Savills Investment Management SGR SpA comments: “We are very pleased to have completed this important acquisition. This transaction underpins the significant interest for selected retail assets in Italy with sustainable performance and angles of potential growth. ING is an established partner of SIM across different geographies that has a very compatible approach to real estate investments focused on high quality, defensive cashflow generative assets”
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