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ING backs Milan fashion district property with €75m loan

ING Real Estate Finance has provided a €75 million loan to finance a mixed-use property located in the heart of Milan’s ‘Quadrilatero della Moda’ fashion district.

ING Real Estate Finance has provided a €75 million loan to finance a mixed-use property located in the heart of Milan’s ‘Quadrilatero della Moda’ fashion district.

The Italian arm of the Dutch bank has provided the loan to an investment vehicle known as Monfortino Srl, an Italian limited liability company founded in 2006. The vehicle is indirectly held by the Prezioso and Di Luggo families who are also involved in the Cittamoderna real estate company and the Fiart shipyard business, respectively.

Milan, Italy
Milan, Italy

The term loan is secured by Via Manzoni 38, a 10,800 square metres high street retail and office asset. The building’s tenants include fashion brands Versace, Patrizia Pepe, Lardini, Manila Grace and Hackett.

ING is the sole lender in the deal. The Dutch bank has been a frequent lender in the Italian market in recent years.

In July 2016, it was among four banks which provided a total of €216.3 million of finance to the listed Italian real estate investor Coima RES, which in part financed its maiden purchase of the bulk of Vodafone’s Milan office complex. Italian banks Banca IMI and Unicredit as well as French bank BNP Paribas joined it in the deal.

In the same month, ING provided a €41.3 million loan to the Portuguese retail investor Sonae Sierra to refinance the Gli Orsi – ‘The Bears’ – shopping centre, located in the Piedmont town of Biella in the foothills of the Alps. The 27,428 square metre shopping centre contains 102 shops and was opened in 2008.

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