BNP Paribas provided a €83 mln green loan to the Italian fund Boreal Industrial REIF Italy managed by Kryalos SGR to purchase four logistics assets.
The assets are located in the Emilia-Romagna and Lombardy regions of Italy.
The investors in the Boreal Industrial REIF Italy fund are funds attributable to Cadillac Fairview/Ontario Teachers' Pension Plan and Boreal IM.
The Boreal Industrial REIF Italy fund was established this summer to acquire six logistics assets located in northern Italy.
The fund's first acquisition was a portfolio of four fully leased and long-lease logistics properties totaling 198,000 m2 and two building plots in the Greater Milan region. The portfolio was acquired for €160 mln from funds subscribed by Blackstone and managed by Kryalos SGR.
The standing assets include two warehouses of around 57,000 m2 in Pioltello; a 55,000 m2 warehouse in Villanterio; a 29,000 m2 warehouse in Pozzaglio; and a 58,000 m2 warehouse in Monticelli.
The development opportunities include a land plot in Monticelli (adjacent to the standing asset) ready to be developed into a 55,000 m2 BREEAM Excellent warehouse and a development land plot with 44,000 m2 of buildable area in San Bellino.
International law firm Gianni & Origoni assisted BNP Paribas as agent, underwriter, bookrunner, MLA and green loan coordinator, while Linklaters and Fivelex assisted Boreal Industrial REIF Italy with tax aspects.
Linklaters and Fivelex assisted Boreal Industrial REIF Italy with tax aspects.
