Real estate news | Savills IM obtains 46 million refinancing from Ing | MonitorImmobiliare

Savills Investment Management Sgr has obtained a €46 million refinancing from ING Italia for the Boccaccio Fund, the Italian alternative real estate fund it manages.

The fund owns three historic buildings in the centers of Milan and Florence. The refinancing was structured as a green loan, already benefiting 85% from the portfolio of “Breeam Very Good” certificates, obtained on the basis of the high energy efficiency characteristics of the properties.

Taking into account Savills Im Sgr's future plans to further strengthen the energy performance of buildings, the loan also incorporates 4 KPIs related to environmental sustainability aspects, which, upon financing, will determine the possible reduction (or increase) of the rate of applied interest. in order to further encourage Savills Im Sgr to improve its performance in terms of sustainable development. The loan was therefore classified as a sustainable development loan.

The interest rate volatility risk on the loan was hedged by Savills Im Sgr using a derivative (interest rate cap) created by ING whose price is also partly linked to the sustainability KPIs of the financing .

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