Eldridge Capital Management announced the full subscription of units for REC Italy Fund 1, an Italian credit alternative closed-end fund managed by Castello SGR S.p.A., which has provided an €85 million loan to refinance Segreen Business Park in Milan.
REC Italy Fund 1 extended the financing to ER Office Fund 3, an Italian real estate investment fund fully subscribed by funds managed by PineBridge Benson Elliot LLP and managed by Europa Risorse SGR. The loan supports the refinancing of Segreen Business Park, a 55,000-square-meter office campus located in Milan’s hinterland.
Segreen Business Park is situated minutes from Linate Airport and benefits from a private shuttle service that links the campus to railway and metro stations across Milan. Designed as a Grade-A business park, the property features 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 concierge services. The buildings hold LEED Gold and Platinum certifications.
The property is nearly 80 percent leased to multinational tenants across biotechnology, pharmaceutical, automotive, medical research, energy management, manufacturing, and shipping sectors.
Eldridge Real Estate Credit invests across the US, UK, and Europe, targeting term, construction, transitional, and special situation opportunities throughout the capital structure. The platform has originated more than $12 billion in loans to date.
Castello SGR manages approximately €5.1 billion in assets under management as of December 31, 2025, across more than 90 active funds and over 400 properties. Since July 2023, Castello SGR has been part of Anima.
PineBridge Benson Elliot, a pan-European real estate private equity specialist, was acquired in December 2025 as part of MetLife Investment Management’s acquisition of PineBridge Investments. Following the transaction, the combined business reported $741.7 billion in total assets under management as of December 31, 2025.
Europa Risorse SGR, based in Milan, specializes in managing real estate funds and developing, redeveloping, and regenerating complex office, commercial, and industrial assets for institutional investors.
KEY QUOTES:
“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. 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.”
Matteo Milan, Head of European Real Estate at Eldridge Capital Management
“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.”
Fabrizio Antonini, Managing Director of Europa Risorse SGR
