Italian asset manager Kryalos SGR has secured two green loans totalling €120 mln from Bayerische Landesbank (BayernLB) through its Withemoon and Pharo funds.
The first loan, from Withemoon in November 2023, will help pay for part of an office building at Viale Fulvio Testi 280/6 in Milan. The 38,500 m2 building is completely renovated, environmentally certified (LEED Gold and BREEAM Very Good), and almost fully leased out.
The second loan, from Pharo in February 2024, goes towards another office building in Milan, at via Gattamelata 30-34. The 35,300 m2 property has top-level environmental certifications (LEED Platinum and BREEAM Excellent).
Alberto Lupi, senior managing director Fund & Credit Management of Kryalos SGR, said: ‘The two loans obtained confirm the financial solidity and credibility of Kryalos and reward the orientation towards sustainability and energy efficiency of our assets with facilitated access on the green financing market.’
Separately, Kryalos SGR has partnered with logistics real estate company Logicor for the purchase of a 63,000 m2 site in Quarrata near Florence, Italy.
The new development will have about 23,000 m2 of usable space and the design allows for either one large tenant with office and warehouse space or two separate tenants.
Construction is expected to start in the second quarter of 2024 and the building is targeting at least BREEAM Very Good certification. Sustainable features include solar panels, LED lighting and rainwater harvesting facilities, while the landscaped area will improve the levels of local biodiversity.
The location is close to the key A11 road network and the interchange of A1-A11 roads that connect the Versilia coast, Livorno, and Pisa ports, while the city centre of Florence is 20 km away.
Paolo Bottelli, CEO Kryalos SGR, commented: ‘We have looked favorably to this investment opportunity as it increases the footprint we manage in Tuscany, Florence, a submarket with lack of availabilities, strong demand for modern energy-efficient stock and room for rental growth.’
Graeme Hepburn, Logicor country manager, Italy, added: ‘We have increased our delivery of modern and sustainable spaces that our customers need in core sub-markets, where demand continues to outpace supply.’
