Invesco Real Estate has backed a new Italian loan fund managed by private firm, Kryalos.
The alternative credit investment fund is being used to finance the development of a 24,000 m2 cold storage facility to be developed by an Italian company. Land will be acquired and then developed at the siite at the Port of Trieste. The asset will have six temperature-controlled cells and 18 loading bays targeting LEED Gold certification.
The port of Trieste is the largest in Italy by cargo volume and the eighth largest in Europe. The Port Authority has recently signed agreements with Egypt and Turkey for the launch of new shipping routes, which should increase the trade of fresh products between Italy, the Middle East and North Africa.
Andrew Gordon, MD, head of European real estate debt at Invesco Real Estate, said the deal was a significant milestone being the first real estate lending transaction in Italy.
He added: ‘The trend towards alternative lenders makes this an opportune time for our first debt deal.’
‘Paolo Bottelli, CEO of Kryalos explained: ‘With the launch of this new Italian loan fund, our company has taken a significant step forward into the real estate direct lending sector, which is rapidly growing in Italy as an alternative to bank financing. Such vehicles are becoming prevalent given the greater flexibility of the structures and the reduced time needed to access credit.’
