A club of four banks has backed a new Morgan Stanley fund in its acquisition of the Great Beauty portfolio of Rome offices.
The four banks, led by ING and Natixis and including BNP Paribas and local bank UBI, provided a €150m £118m) secured loan to the new Sapphire Fund, which focuses on Italian investments.
The fund, a closed-end fund managed by Morgan Stanley SGR, bought the 481,500 sq ft of offices in the central business district of Rome. The assets include the Galleria Sciarra, Palazzo Verospi and Palazzo Monte di Pietà.
ING will provide €60m, Natixis €50m, BNP Paribas €25m and UBI €15m over a five-year term.
Natixis will act as the facility agent.
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