Record financing of 550 million for a DeA Capital real estate fund

From memory, this is perhaps the largest bank financing transaction (or one of the largest) by an Italian real estate fund: over half a billion euros. According to reports in Il Sole 24 Ore, an investment fund reserved for professional investors managed by DeA Capital Real Estate (the De Agostini Group's real estate Sgr) has closed a record financing deal in the amount of EUR 550 million with a pool of banks.

According to rumours, the transaction - part refinancing and part new credit line - was completed by a pool of seven banks, structured by Intesa Sanpaolo, Bnp Paribas Italia and Natixis Corporate & Investment Banking, with the participation of Eurobank Private Bank Luxembourg, CaixaBank, National Bank of Greece and Mediobanca.

The financing will be used to develop the investments of the fund, which has a predominance of core and core + asset classes for a portfolio of real estate products all located in our country. The developments financed will be for a mix of retail, logistics and office developments. In addition, the financing also has the characteristic of incorporating a green line intended for direct investments in the expansion and redevelopment of the assets owned by the fund: in practice, the financing is linked to the achievement of certain stringent environmental parameters, such as energy savings in the buildings, sustainable material in the construction phase, the reduction of greenhouse gas emissions and the protection of biodiversity.

In 2020, the reserved alternative real estate fund 'Eracle', managed by Generali Real Estate Sgr Spa, had benefited from a EUR 370 million financing operation, provided by a pool of lenders including Banco Bpm, Bnp Paribas, Intesa Sanpaolo and UniCredit,

2025, in any case, opens on a positive note for commercial real estate. According to Cbre's analysis, investment volumes in the first three months of the year amounted to more than EUR 2.8 billion, +129% compared to the same period in 2024. The expansion phase in retail continued, with investments amounting to €532 million, up 815% compared to the first quarter of last year. Logistics also performed well (634 million investment, +125%) and finally Office, which with 506 million held its ground compared to the same period last year (+2%).