SFO Capital Partners and GARBE Industrial Real Estate Secured EUR48MN Loan from UniCredit
London / Milan, 5 April 2023 – SFO Capital Partners, a London-based global real estate investor and investment manager, and GARBE Industrial Real Estate, one of the leading European specialists for the development and management of logistic real estate, have announced today the securing of a EUR48mn development loan from UniCredit S.p.A., one of Europe’s leading commercial banks, for the financing of their logistic 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 S.p.A. 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 S.p.A 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 S.p.A, 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.p.A ´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 S.p.A.”
SFO Capital Partners and GARBE were advised in Italy by Greenberg Traurig Santa Maria and UniCredit S.p.A was advised by Orsingher Ortu – Avvocati Associati.
About SFO Capital Partners: SFO Capital Partners is a London-based global real estate investor and investment manager, committed to achieving superior risk-adjusted returns and focused on establishing and maintaining long-term relationships with its global clients and partners. SFO Capital Partners applies its global mindset, in-depth sector experience and local knowledge to unlock international real estate investment projects in Europe and the USA across a select range of investment strategies including income-generating, value-add and development schemes. As of June 2023, SFO Capital Partners has acquired a diversified portfolio comprising more than $2.2 billion in assets located primarily in the USA and Europe, including 7,000 apartments and more than 9.6 million square feet of commercial real estate under management.