M&G Investments has provided a €117.5m loan for a mixed-use retail and residential development in central Milan.

M&G Investments said it has provided Meyer Bergman with the 3-year loan to fund the refinancing and repositioning of the Corti di Baires development, expected to be completed in 2021.

Meyer Bergman acquired the site in 2015 and with full planning consent now in place and works having started, completion is expected in 2021.

Andreas Schaefer, associate director, real estate finance, M&G Investments, said: “Milan is a prime European real estate market and Corti di Baires is ideally located to benefit from the existing local infrastructure and amenities.

“Mixed-use developments such as this one offer compelling lending opportunities in the current real estate market environment, particularly with the backing of such a strong sponsor and experienced project team.”

Marcus Meijer, CEO of Meyer Bergman, said: ”Since acquiring the asset, Meyer Bergman has finalised plans to optimise and significantly enlarge the existing retail space and reconfigure the residential units above, which will offer people the opportunity to live and shop in this dynamic part of the city.”