London-based global real estate investor and manager SFO Capital Partners and Hamburg-based project developer Garbe Industrial Real Estate have secured a €48 million development loan from UniCredit for the financing of their logistics development in the greater Milan region.
Located in the heart of Lombardy region, one of Europe’s most prominent logistics hubs, and in direct proximity to the A7 motorway, the project is a greenfield construction site currently being developed into a ~83,000 sqm high-quality warehouse.
This partnership with UniCredit will provide financing for the construction of the project which incorporates state-of-the-art features and exemplary technical and environmental standards, whilst targeting a LEED Platinum certification.
SFO Capital Partners, alongside its co-investing operational partner Garbe Industrial Real Estate, have jointly acquired the land back in October 2022. The construction was launched in November 2022 and works are ahead of schedule, with the delivery expected by November 2023. The project is intended to attract blue chip tenants looking for a strong performing and strategic location.
Mohamad Abouchalbak, CEO at SFO Capital Partners, said: “Our strategy to develop quality logistic space in critically undersupplied submarkets has been well received by prospective lenders despite the more challenging market environment. UniCredit is fully aligned with our strategy in Italy and we look forward to working with its well experienced teams moving forward. We are confident that our vision combined with the support of UniCredit, will deliver a successful outcome for all stakeholders.”
Marco Grassidonio, Managing Director of Garbe Industrial Real Estate Italy, said :“The demand for logistics in Italy is very strong and above all on economical strategic areas such as the one identified together with our partner SFO Capital Partners. UniCredit´s commitment demonstrates that they share our view on the quality of this development. We’re looking forward to continuing our successful cooperation with SFO Capital Partners and UniCredit.”
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