GWM’s Commercial Real Estate Debt Opportunities Fund (CREDO Fund) has committed to provide an approximately €70 mln senior loan for the acquisition and development of a portfolio of prime logistic assets in the Greater Milan area.
The portfolio includes both stabilised and development assets, comprising 160,000 m2, that range from traditional 3PL to cold storage and last mile logistics. The assets are held by the Italian Logistics Fund, managed by Savills Investment Management SGR, with alternative investment firm Angelo Gordon as lead investor in the fund alongside local logistics partner Bell Real Estate.
‘As highlighted by our ability to fully pre-let the first development asset in this portfolio prior to construction, demand for logistics space – particularly build-to-suit – in Italy remains strong, and we look forward to working in partnership with Bell Real Estate and Savills Investment Management SGR to continue unlocking value across these properties,’ said Tracy DeBlieck, managing director at Angelo Gordon.
Gennaro Giordano, managing partner at GWM added: ‘As part of our senior loan program, we were excited to work with Angelo Gordon, Bell Real Estate, and Savills Investment Management SGR and provide a tailored financing solution for this logistics portfolio in Italy. Logistics continue to attract international investors, and we look forward to providing creative solutions that support our clients’ investment activities across Europe.’
Legance and DLA Piper served as legal advisors to GWM and Savills, respectively, on the transaction, and Conduit Real Estate acted as debt advisor to the borrower.
CREDO Fund is GWM’s dedicated real estate senior lending platform focusing on main European markets. The Fund held a first close in August 2020 and plans to continue its capital raising toward an initial capital raise target of €500 mln.
