Crédit Agricole CIB and ING provide first green real estate loan in Italy
Crédit Agricole CIB (CACIB) and ING have acted as original lender, mandated lead arranger and, for the first time in the Italian Real Estate sector, as green structuring adviser in a five-year mortgage financing of EUR85 million.
The loan was granted to DeA Capital Real Estate SGR, a leading asset management company in Italy specialised in real estate investment funds, acting on behalf of Diamond Core fund an Italian RE fund that has Poste Vita (Poste Italiane Group) as sole investor. CACIB also acted as underwriter, bookrunner and Agent Bank.
The credit facility was granted on 50-50 basis by the two lenders and is secured by a LEED GOLD certified asset, located in Milan Piazza San Babila, in the heart of the city center.
The asset is a prime mixed-use office and retail complex with a total gross leasable area of c21,300 sq m which was refurbished in 2019. The refurbishment enabled it to reach the highest qualitative standards both in terms of technical features and energetic efficiency.
CACIB was the first French bank to adopt the Equator Principles when they were launched in 2003 and since then CACIB has had a strong commitment in financing the energy transition and social responsibility. These aspects have been fully integrated into the strategy of the bank with relevant objectives, fully disclosed and identified in its medium-long term plan. In 2018 CACIB in Italy inaugurated the financing activity in the green/ESG market and this transaction confirms the bank’s commitment to respect the sustainable principles, by extending their application also to the Italian Real Estate market.
Since 2007, ING finances projects that accelerate their clients’ transition towards a more sustainable business model. The transaction perfectly fits the bank’s sustainability strategy. ING’s attention for sustainability and green economy at global level is confirmed also by the “Earth Project” that the Group has launched in 2018, setting the aim to orient its ca. EUR 600 billion loan portfolio towards keeping global warming “well below 2°C” as set in the Paris Agreement.