Hypo Real Estate Bank International and Intesa Sanpaolo have jointly arranged a EUR 726 mln refinancing and development facility for Milano Santa Giulia Residenze, a special purpose vehicle owned by the Italian listed real estate company Risanamento.
Hypo Real Estate Bank International and Intesa Sanpaolo have jointly arranged a EUR 726 mln refinancing and development facility for Milano Santa Giulia Residenze, a special purpose vehicle owned by the Italian listed real estate company Risanamento.
The financing is for the purchase and development of a luxury residential complex, designed by Norman Foster, within the new Milano Santa Giulia - one of Europe's largest mixed use developments. The complex will offer 600 luxury residential units, built within a complex of 13 multi-storey buildings arranged around a large, private, landscaped space hosting an exclusive sports club for the residents.
Commenting, Harin Thaker, ceo for Europe at Hypo Real Estate Bank International, said: 'The transaction represents a great opportunity for Hypo Real Estate Bank International to establish a strong relationship with a key client in Italy. It also shows we are one of only a few institutions capable of providing a facility of this size and structure in the Italian real estate market.'
