Sustainability linked loan agreement with Manifattura Tabacchi

Intesa Sanpaolo Corporate & Investment Banking Division, with the support of Intesa Sanpaolo Innovation Centre, has supplied the first tranche of the loan signed on August 6th with M.T. - Manifattura Tabacchi S.p.a. The company is currently managing the redevelopment of the industrial complex Manifattura Tabacchi in Florence. The financing was underwritten by Intesa Sanpaolo (50%), BBPM and MPS CS (25% each) for a total of EUR 92.3M and will be employed in Phase 2 and Phase 3 of the project.

The loan features several sustainability linked KPIs (among which, the achievement of LEED and BREEAM certifications) that will lower the cost of interest when predetermined thresholds are met.

The project is sponsored by CDP Immobiliare and Aermont Capital and will involve residential, commercial, office spaces and social housing for over 43,000sqm of GLA inside the existing buildings, whose structure will be preserved.

The initiative is further enriched by the presence of green spaces, cycle lanes, public transport and the presence of PoliModa in the building B6, already completed during Phase 1.

Pietro Mazzi, Head of Real Estate of the Division, has commented: “We are particularly proud to support the Manifattura Tabacchi project, an excellent example of urban regeneration. Intesa Sanpaolo has long been committed to redefining Interno – Internal business strategies in innovative ways, securing financing for investments in support of the redesign of the industrial system. The agreement, concluded by the IMI CIB Division with the support of the Circular Economy Team from the Intesa Sanpaolo Innovation Centre, is in fact part of a €6 billion package made available by the Bank for companies that adopt the circular model using innovative methods".

Read the press release.