Signed a 5 year loan of EUR 76.8M with RE Fund GERAS

Intesa Sanpaolo has signed a 5 year loan with the RE Fund GERAS, managed by REAM SGR. The loan has a total consideration of EUR 76.8M (Intesa Sanpaolo share of 33.33%, along with UniCredit and Banco BPM) and will open new investment opportunities for the Fund.

GERAS Fund is an investment vehicle specialized in the acquisition of nursing homes and diagnostic facilities. The properties are rented to well-known specialized operators according to long term lease agreements.

The pool of banks expressed their interest in the deal given the scope of the results these facilities have among those in need of care or help nursing the elderly. The properties of the Fund include 10 facilities and will extend to 6 additional acquisitions within a year for a total of over EUR 250M and 2,000 beds in several Italian regions.

REAM SGR is an Italian asset manager with over EUR 1.4Bn of AuM. The equity holders of the Fund, and shareholders of the SGR, are 8 Italian Banking Foundations, which saw an opportunity in terms of financial and social returns in the investment in nursing homes, a sector with an increasing demand in the Italian market.

For additional information read the press release.