Eldridge Capital Management (“Eldridge”) today announced the full subscription of units for REC Italy Fund 1, an Italian credit alternative closed-end fund (fondo comune di investimento alternativo di tipo chiuso riservato) managed by Castello SGR S.p.A.. REC Italy Fund 1 has provided an €85 million loan to ER Office Fund 3, an Italian real estate investment fund fully subscribed by funds managed by PineBridge Benson Elliot LLP (“PineBridge Benson Elliot”) and managed by Europa Risorse SGR, for the refinancing of Segreen Business Park, a 55,000 sqm office park in Milan, Italy.
“Milan stands out as a leading European business hub, offering strong infrastructure, international connectivity, and a competitive talent base for whom flexible, modern work environments are essential,” said Matteo Milan, Head of European Real Estate at Eldridge Capital Management. “We have seen the demand for best-in-class offices grow, and are pleased to support PineBridge Benson Elliot as they continue investing and delivering high-quality, sustainable office space in one of Europe’s most dynamic markets.”
Eldridge Real Estate Credit is focused on investing opportunities throughout the US, UK, and Europe, including term, construction, transitional, and special situation opportunities across the capital structure. The platform has originated over $12 billion in loans, leveraging an experienced team with a disciplined approach seeking to create long-term value.
Located in Milan’s hinterland, just minutes from Linate Airport, Segreen Business Park enjoys excellent connectivity, further strengthened by a dedicated private shuttle service linking the campus with multiple railway and metro stations across the city. Designed as a Grade‑A business park where life and work coexist in harmony, Segreen offers an extensive array of amenities, including a kindergarten, restaurant, auditorium and event space, gym and wellness center, EV charging stations, car wash facilities, landscaped open‑air areas, coworking spaces, and a full concierge service. These features, combined with its LEED Gold and Platinum‑certified buildings, make Segreen a highly attractive destination for leading multinational tenants.
“The refinancing of Segreen Business Park is an important acknowledgement of the asset’s quality and of the work carried out by Europa Risorse since the original development phase. This transaction allows us to continue enhancing and actively managing a well‑established property, maintaining the high standards of quality and sustainability that define our approach. We are pleased to partner with Eldridge on an operation that confirms the strength of the project and supports our long‑term strategy,” said Fabrizio Antonini, Managing Director of Europa Risorse SGR.
The property is nearly 80 percent let, with multinational tenants spanning the biotechnology, pharmaceutical automotive, medical research, energy management, manufacturing and shipping sectors. With an emphasis on sustainability, innovation, and safety, Segreen’s buildings are also LEED Gold and Platinum certified.
