ICBC (Europe) Milan Branch contributes to a €104 million EUR syndicated green loan to Fondo 'Iron' to acquire and develop a portfolio of six logistics assets in Rome and Grosseto

Project narrative

In early February 2023, a two-bank syndicate — the Milan Branch of Industrial and Commercial Bank of China (Europe) S.A. (ICBC (Europe)) as mandated lead arranger and original lender and UniCredit S.p.A. as mandated lead arranger, bookrunner, original lender, global co-ordinator, and green structuring advisor and coordinator, and hedging coordinator — entered into a €104 million EUR ($111 million USD) syndicated green financing agreement with Fondo “Iron” — a fund managed by Prelios SGR S.p.A. and fully subscribed by BentallGreenOak — to acquire and develop a portfolio of six logistics assets in Rome and Grosseto. The loan included term loan and revolving line portions. Loan Agency Services S.r.l. served as agent and security agent. The proceeds of the loan were to be used to acquire and develop of a portfolio of six assets, land plots and logistics buildings, for a total of approximately 128,000 square meters in terms of gross lettable area located in strategic positions in the metropolitan area of Rome and in Grosseto, two of which were already built, stabilized, and leased, while the four were yet to be developed and the proceeds would capex costs be used to construction and/or refurbishment. The loan was made in alignment with the Green Loan Principles 2021 administered by the Loan Market Association, as all assets would have to meet sustainability standards and obtain LEED Gold or BREEAM New Construction Very Good certifications.