Green loan of 162.5 million euros for the Libeskind tower in Milan, the 34-storey building built with cutting-edge solutions and nicknamed “the Curved” for its characteristic profile designed by the famous architect Daniel Libeskind. To act as mandated lead arrangers in the loan, in favor of Fondo Rubens (reserved real estate fund, managed by Generali Real Estate Sgr and owner of the Tower) are Bnp Paribas, Crédit Agricole CIB, Intesa Sanpaolo (Imi Corporate & Investment Banking Division) and UniCredit. Bnp Paribas was also green loan coordinator and Crédit Agricole CIB Banca Agent of the loan.
The property
The building, also known as the PwC Tower, has a height of 175 meters and is spread over 33,500 square meters. During the works, completed in October 2020, state-of-the-art solutions were adopted in the use of new generation work surfaces, combining the efficiency of spaces with attention to sustainability and the well-being of users, thanks to which recently received the Leed Gold certification.
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“The focus on combining business with environmental protection, through the proposal of innovative solutions for our customers, is at the center of the strategy of Bnp Paribas, which can boast extensive expertise in the green investment sector – comments Vittorio Ogliengo, executive chairman Bnp Paribas CIB Italy -. The Group is attentive to sustainable growth, through the integration of ESG criteria as fundamental factors in every investment decision. Even in Real Estate, the use of new solutions aimed at preserving and improving the environment around us will increasingly be an important requirement for obtaining financing and for recourse to the markets, and is already today a fundamental driver for development. of investments “
The Libeskind Tower is built according to criteria aimed at pursuing efficiency measures aimed at the overall reduction of CO2, at saving energy consumed also through the use of renewable sources and sustainable materials. The structure, among other things, due to its location allows easy access to means of transport and development of commercial activities in the vicinity of the Tower.
“Sustainability, in all its aspects, has become an integral part of the Bank’s strategy with objectives that are fully visible in the medium-term strategic plan – comments Ivana Bonnet, senior country officer Crédit Agricole CIB Italy -. In Italy, Crédit Agricole CIB opened the green / ESG market for loans in 2018 and this operation reconfirms the Bank’s strong commitment to sustainability aspects by expanding their application to the Real Estate sector in Italy too “.
The operation
As for the operation, this is the first green loan perfected by Generali RE in Italy and one of the first ever on the Italian market and was structured with the coordination of BNP Paribas, to comply with the green loan principles outlined by the Loan Market Association and other international associations. For Andrea Mayr, Manager Global Banking & Sovereign Institutions of Intesa Sanpaolo’s IMI Corporate & Investment Banking Division, this transaction “confirms how a sustainable and responsible approach to business, also in the Real Estate sector, is increasingly central to corporate strategies”. Also for Alfredo De Falco, head of UniCredit’s CIB Italy is «a perfect example of how central the commitment to transition to an economy with a lower environmental impact is for our group. UniCredit has long been integrating ESG factors into its strategy and business ».