ING Real Estate Finance has joined forces with BNP Paribas to extend a €160m (£125m) finance package to the Galleria Verde joint venture.
The loan is secured against a 347,000 sq ft retail gallery in Milan with a market value of €256m. The gallery is part of the Fiordaliso retail park, which was acquired by the joint venture, along with Eurocommercial.
The gallery’s anchor is a hypermarket owned and occupied by Finiper. Other tenants include Apple.
ING was mandated lead arranger and facility agent, BNP Paribas was mandated lead arranger and co-lender.
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