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.
About Eldridge
Eldridge is an asset management and insurance holding company with over $70 billion in assets under management that consists of two divisions: Eldridge Capital Management and Eldridge Wealth Solutions. Eldridge Capital Management, through its subsidiaries, focuses on four investment strategies diversified credit, GP solutions, real estate credit, and sports entertainment. Eldridge Wealth Solutions, an insurance and retirement solutions platform, is comprised of Eldridge's wholly owned insurance companies, Security Benefit and Everly Life. Eldridge is wholly owned by Eldridge Industries. To learn more, visit www.eldridge.com.
About Castello
Castello Sgr is a market-leading asset management company in the promotion and management of alternative investment instruments, mainly real estate, with approximately €5,1 billion in assets under management (as of December 31, 2025), more than 90 active funds and over 400 properties with different uses. Castello Sgr is the ideal strategic partner for national and international investors who want to operate in the Italian real estate, credit and energy infrastructure markets. Since July 2023, Castello Sgr has been part of Anima, the point of reference to invest in asset management in Italy.
About PineBridge Benson Elliot
PineBridge Benson Elliot is a pan-European real estate private equity specialist with two decades of investment experience, deep market knowledge, and in-house operational expertise. In December 2025, PineBridge Benson Elliot was acquired as part of the acquisition of PineBridge Investments by MetLife Investment Management, the institutional asset management business of MetLife, Inc. (NYSE: MET). Together, the combined business had $741.7 billion in total assets under management as of December 31, 2025 and provides clients around the world with global expertise in public fixed income, private fixed income, real estate, equity, multi-asset solutions and insurance solutions. For further information, see MetLife Investment Management's Total Assets Under Management fact sheet for the quarter ended December 31, 2025 available on MetLife's Investor Relations web page (https://investor.metlife.com).
About Europa Risorse SGR
Europa Risorse SGR S.p.A. is an independent asset management company based in Milan, specializing in the management of real estate funds as well as in the development, redevelopment, and regeneration of complex office, commercial, and industrial assets. With over twenty years of experience, the company has delivered and managed a substantial number of significant real estate projects for Italian and international institutional investors, establishing itself as an efficient and reliable platform aligned with global best practices.
Leveraging consolidated know-how in fund management, development, and active asset management, Europa Risorse offers integrated capabilities across the entire real estate lifecycle, supporting both domestic and international investors with a consistent, long-term value-creation approach.
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