ING Real Estate Finance has completed a €63m refinance of Via Santa Margherita 3 in Milan.
The 11,000 sq m building was bought by the Qatari Investment Authority in June last year for €105m, a price that would imply a loan-to-value of 60%. The loan has a five-year term.
The Italian real estate market is slowly finding its feet with private equity firms such as Blackstone, Cerberus and Orion having invested there over the past year. The government has also passed a number of legislative changes designed to encourage investment into the sector and have liberalised the banking licensing regime.
The deal follows ING’s €85m refinancing of TIAA Henderson Real Estate’s Serravalle Designer Outlet mall near Milan last December.
Via Santa Margherita 3 was bought for QIA through its advisor and local manager, Hines. It is located in the central business district of Milan and is fully-let let to Credit Suisse, Linklaters and BPVN. It was sold by Tishman Speyer.
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