COIMA SGR has agreed to an extension of the Porta Nuova Garibaldi and Porta Nuova Varesine fund financing with a pool of leading national and international banks on behalf of institutional investors.
The current €900 million ($1 billion) loan contracts’ new expiry date is extended by seven years.
Unicredit, Intesa San Paolo, BNP and Banco BPM consolidate their long-term position alongside Coima SGR.ING, Société Générale and Crédit Agricole join the pool.
Porta Nuova is one of the largest European urban redevelopment projects. Qatar Investment Authority has been a 100 percent investor since 2015. The project is divided among three real estate investment funds, Porta Nuova Garibaldi, Porta Nuova Varesine and Porta Nuova Isola, promoted and managed by COIMA SGR.
After completion of the development phase, the indebtedness of the Porta Nuova project stabilized at about 40 percent of the assets’ value. This is in line with the long-term investm