Hypo Real Estate Bank International AG - a member of Hypo Real Estate Group and Intesa Sanpaolo S.P.A. have announced the provision of two financing facilities, totalling €726 million to Milano Santa Giulia Residenze S.r.l., a special purpose vehicle wholly controlled by Risanamento S.p.A., one of the largest listed real estate companies in Italy. The transaction completed on 2 March 2007.
The financing is for the purchase and development of a luxury residential complex, designed by Norman Foster, within the new Milano Santa Giulia - one of Europe's largest mixed use developments. The Luxury Residential Complex will offer 600 luxury residential units, built within a complex of 13 multi-story buildings arranged around a large, private, landscaped space hosting an exclusive sports club for the residents.
Commenting, Harin Thaker, CEO Europe Hypo Real Estate Bank International, said: "The transaction represents a great opportunity for Hypo Real Estate Bank International to establish a strong relationship with a key client in Italy. It also shows we are one of only a few institutions capable of providing a facility of this size and structure in the Italian real estate market."
Source: Hypo Real Estate