ING and UniCredit issue EUR130m real estate green loan
ING Italia and UniCredit, acting as green adviser, original lender and mandated lead arranger, have issued a EUR130 million, five-year loan to BVK Highstreet Retail Cordusio Spa, owner of Cordusio 2.0, a mixed-use office and retail building managed by Hines.
UniCredit also acted as Sole Bookrunner and Agent.
The term loan, which has been structured according to the Green Loan Principles that were issued by the Loan Market Association, reflects the characteristics of this LEED GOLD certified building located in Piazza Cordusio 2, in the Centre of Milan.
The building is used as both a retail and office space. It has a total surface area of approximately 11,160 square metres and went through an intensive capex program between 2017 and 2019 thus achieving the highest quality standards in terms of energy efficiency, allowing the term loan to be classified as a "Green Loan". The property is characterized by an irregular floor plan in line with the shape of the Piazza Cordusio and has attracted national and international tenants such as Uniqlo and Bain&Co.
Upcoming redevelopments to this area in the centre of Milan plan to improve accessibility and safety. Piazza Cordusio will become one of the longest pedestrian areas in Europe, connecting the Central Business District, which runs from Piazza San Babila to Castello Sforzesco, to Corso Sempione.