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Allen & Overy advises UniCredit and ICBC on a EUR104 million green financing granted to Fondo “Iron”

Allen & Overy has advised UniCredit and ICBC on the drafting, negotiation and signing of a EUR104 million green financing granted to Fondo “Iron”, a fund managed by Prelios SGR and fully subscribed by BentallGreenOak. The financing is related, inter alia, to the acquisition and development of a six-asset logistics portfolio of around 128,000sqm in terms of GLA.

The financing consists of term and revolving credit facilities and will be granted by UniCredit as mandated lead arranger, book runner, original lender, global coordinator, green structuring adviser and coordinator and hedging coordinator, as well as by Industrial and Commercial Bank of China (Europe) S.A., Milan Branch, as mandated lead arranger and original lender. Loan Agency Services S.r.l. acted as agent and security agent.

The logistics assets are strategically located in the metropolitan area of Rome and Grosseto. Part of them have already been built and located by a leading player, while the remaining part will be the subject of future development. The logistics assets will need to comply with high sustainability standards as well as obtain either the LEED Gold or the BREEAM New Construction Very Good certification. DNV released a Second Party Opinion, which confirms the alignment of the transaction to the Green Loan Principles 2021 according to the Loan Market Association.

A&O’s team was led by partner Stefano Sennhauser, supported by associate Marco Mazzola and by trainee Sara Muscioni. Counsel Elia Ferdinando Clarizia advised on tax aspects. Counsel Luca Amicarelli, senior associate Roberta Errico and trainee Isabella Scoccimarro advised on administrative and real estate law aspects.