ING supports Savills IM with € 72 m term loan in Milan

ING Bank NV in Milan has closed a € 72 m term loan with Boccaccio, an Italian real estate closed end fund managed by Savills Investment Management SGR. ING acted as sole mandated lead arranger and sole lender and facility agent.

The facility is a 7-yr mortgage loan collateralized by a portfolio of four prime high street retail units of which three are located in Milan (Piazza San Babila, Corso Venezia, Via Verri) and one is situated in Florence (Via Panzani). The financing was agreed with a moderate LTV of 30% and a bullet repayment profile and was closed at the same time as the acquisition of the Boccaccio fund units by a consortium of institutional international core investors. 

Michele Monterosso, Co-Head Real Estate Finance Italy at ING Bank NV states: "This important transaction confirms the firm commitment of ING on the Italian commercial real estate finance market. We have a specific focus on prime income generating properties located in strategic retail destinations capable of attracting long-term core investors. We are very proud to have further strengthened the important international relationship, with a trusted investment and asset manager like Savills IM SGR, via this deal".

Giuseppe Oriani, CEO Savills Investment Management SGR comments: “We are very encouraged by the strong interest shown by long term international investors and main financing banks to invest in prime real estate in Italy and see it as an evidence of their confidence in the long term perspective of the Italian economy. This transaction marks another important step forward in the strategy of consolidating Savills IM presence in Italy, by developing strong relationships with established main real estate investors".