Portfolio includes more than 400 social housing units in Rome
Castlelake, L.P. (“Castlelake”), a global alternative investment manager with over 17 years of experience investing in asset-rich opportunities, today announced it has provided €65 million of financing to a private investor group for its acquisition of a portfolio of four real estate assets in Rome, Italy.
The portfolio consists of three social housing assets and one residential property. The social housing asset includes 417 units across three properties, and the financing is expected to enable the ownership group to continue addressing the significant shortage of social housing in the region. Castlelake believes that the residential property is advantageously located in central Rome, where there appears to be a backlog of demand for high quality residences. The residential property is expected to undergo refurbishment in Q1 of 2022, which potentially could create new jobs in the area.
“We are excited to obtain exposure to what we believe to be high-quality, European real assets with this portfolio,” said Isaiah Toback, Partner and Deputy Co-Chief Investment Officer at Castlelake. “In addition, we were attracted to these assets based on the meaningful way in which the investment could benefit the local community by supporting much needed social housing supply and potentially providing local employment opportunities, both factors that align with our values and commitment to ESG.”
“This financing builds on our experience in asset-based lending across Western Europe, where we have invested nearly $6 billion since 2007,” added Eduardo D’Alessandro, Partner, Global Real Assets at Castlelake.
This investment is part of Castlelake’s existing strategy in Europe to provide capital to borrowers with urgent demand for financing backed by high quality collateral. The transaction builds on the firm’s experience investing in Europe, where it has acquired more than 7,000 assets across 12 European countries since its founding in 2005. Recent activity includes Castlelake’s investments in Millenium Hotels Real Estate, a listed real estate investment company specializing in luxury hotel properties in Spain and Portugal; Prodea Investments, the largest Greek real estate investment company; and Aedas Homes, one of the largest Spanish homebuilders.