The property management arm of Italian insurer Generali has secured a €370 mln loan to refinance the Eracle closed-end property fund.
The vehicle owns 456 assets in Italy, consisting largely of office units and bank branches entirely leased to Banco BPM.
The lending consortium includes Banco BPM, as agent, as well as BNP Paribas, Intesa Sanpaolo and Unicredit, as bookrunners.
Eracle was launched in 2008 from the spin-off of part of BPM's property portfolio. It was subscribed by 10 institutional investors and owns a portfolio valued at some €750 mln and covering 325,000 m2. The fund has a term of 25 years.
