Italian investment manager Prelios, in its capacity as asset manager of Megas, an Italian alternative real estate investment fund whose sole shareholder is a leading pensions fund, has signed a financing agreement for approximately €223 mln Euro with Intesa Sanpaolo and UniCredit.
The finance will be used to extinguish the Megas fund's existing debt and support the enhancement and development of its three main assets: the Alberto Sordi Gallery and the Rinascente store in Piazza Fiume in Rome and a property in Via Senato 28, Milan.
The Alberto Sordi Gallery property will undergo a redevelopment – compatibly with the criteria for listed buildings – involving the improvement of the entire shopping mall.
The remodeling project for the Rinascente building in Piazza Fiume consists of a series of interventions which began in May to adapt the building to the new user requirements of the city's historic department store by improving the architectural quality of the existing space and creating new possible uses.
The redevelopment project for the Milan property in Via Senato 28 involves a complete restyling through a refurbishment of its features as an historic listed building, the introduction of efficient modern elements and optimisation of all the available commercial premises.
'The financing operation for the Megas Fund further strengthens Prelios’ expertise in arranging finance,' said Alessandro Busci, head of fund management at Prelios. 'During 2021 we have reached financing agreements for an overall amount of more than €1 bn with Italian and international banks, confirming our consolidated and productive ties.
'The operation also endorses Prelios' role in the management of extraordinarily iconic buildings, whose value for shareholders will be enhanced by the planned investments.'
