Italian asset manager Coima SGR has agreed to an extension of the Porta Nuova Garibaldi and Porta Nuova Varesine fund financing with a pool of domestic and international banks on behalf of institutional investors.
Under the new arrangement, the expiry date of the current €900 mln loan contracts has been extended by seven years.
Unicredit, Intesa San Paolo, BNP and Banco BPM have consolidated their long-term position alongside Coima. ING, Société Générale and Crédit Agricole join the pool.
Porta Nuova is one of the largest European urban redevelopment projects. Qatar Investment Authority has been a 100% investor since 2015. The project is divided among three real estate investment funds, Porta Nuova Garibaldi, Porta Nuova Varesine and Porta Nuova Isola, promoted and managed by Coima.
After completion of the development phase, the indebtedness of the Porta Nuova project stabilised at about 40% of the assets’ value. This is in line with the long-term investment structure consisting of real estate investment funds promoted and managed by Coima. The extension includes revised financial conditions which guarantee 10% savings for both funds in annual financial charges.
During the transaction, Coima was financially advised by Eastdil, and assisted by Studio Chiomenti for the contractual aspects and Studio Maisto for the tax issues. The banks were assisted by McDermott Will & Emery.