Eldridge Capital Management Supports Strategic Italian Real Estate Investment with Full Subscription to REC Italy Fund 1
Eldridge Capital Management has announced the full subscription of units for its Italian credit alternative closed-end fund, REC Italy Fund 1, a fondo comune di investimento alternativo di tipo chiuso riservato managed by Castello SGR S.p.A. This milestone positions the fund as a key player in facilitating high-quality real estate investments in Italy, leveraging the strength of Eldridge’s European real estate credit platform. Through this fund, 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 and overseen by Europa Risorse SGR. This financing is earmarked for the refinancing of Segreen Business Park, a 55,000 square meter, Grade-A office complex located in the Milan metropolitan area.
The strategic location of Segreen Business Park, situated in Milan’s hinterland and just minutes from Linate Airport, underscores the appeal of this investment. Milan continues to assert itself as one of Europe’s foremost business hubs, offering extensive infrastructure, international connectivity, and a highly skilled labor force attracted to modern, flexible, and sustainable working environments. This dynamic market environment is precisely why Eldridge chose to support PineBridge Benson Elliot in their continued investment strategy focused on delivering premium office spaces that meet the evolving needs of multinational tenants.
Eldridge Real Estate Credit: Expertise and Strategic Investment Focus
Eldridge Real Estate Credit is recognized for its extensive focus on investment opportunities across the United States, the United Kingdom, and Europe. The platform targets a broad spectrum of credit opportunities, including term loans, construction financing, transitional and value-add projects, as well as special situations across the capital structure. With over $12 billion in loans originated to date, Eldridge leverages a disciplined and methodical approach, combining rigorous risk assessment with market insight to create long-term value for investors.
Segreen Business Park: A Premier Milanese Office Destination
Segreen Business Park distinguishes itself as a landmark office campus, meticulously designed to blend business functionality with lifestyle-oriented amenities. The property is exceptionally well-connected, bolstered by a dedicated private shuttle service linking the campus to multiple railway and metro stations throughout Milan. The business park’s design emphasizes modernity, flexibility, and environmental responsibility. Tenants benefit from a comprehensive range of services and facilities, including a kindergarten, restaurant, auditorium and event spaces, fitness and wellness centers, EV charging stations, car wash facilities, landscaped open-air areas, coworking spaces, and an all-encompassing concierge service.
Beyond convenience, Segreen prioritizes sustainability. Its buildings have achieved LEED Gold and Platinum certification, reflecting a commitment to environmentally responsible development. This combination of high-quality infrastructure, thoughtful amenities, and sustainable design has made Segreen Business Park a preferred location for leading multinational tenants across a variety of sectors, including biotechnology, pharmaceuticals, automotive, medical research, energy management, manufacturing, and shipping. Currently, the property boasts an impressive occupancy rate of nearly 80 percent, further highlighting its market desirability.
Statements from Leadership: Strategic Insight and Market Confidence
In discussing the transaction, Matteo Milan, Head of European Real Estate at Eldridge Capital Management, remarked:
“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.”
Echoing this sentiment, Fabrizio Antonini, Managing Director of Europa Risorse SGR, emphasized the strategic significance of the refinancing:
“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.”
These statements highlight a shared vision among Eldridge, PineBridge Benson Elliot, and Europa Risorse for sustaining the long-term value and performance of Segreen Business Park while ensuring that it meets the highest operational, sustainability, and tenant experience standards.
Eldridge: Global Reach and Diversified Capabilities
Eldridge operates as an asset management and insurance holding company with over $70 billion in assets under management. Its operations are organized into two primary divisions: Eldridge Capital Management and Eldridge Wealth Solutions.
- Eldridge Capital Management focuses on four core investment strategies: diversified credit, GP solutions, real estate credit, and sports & entertainment. Within real estate credit, the firm leverages a global perspective, identifying high-quality opportunities across multiple geographies while deploying capital in a disciplined manner.
- Eldridge Wealth Solutions, on the other hand, is an insurance and retirement platform encompassing wholly-owned insurance companies Security Benefit and Everly Life, providing retirement solutions, insurance, and risk management products.
Eldridge’s corporate structure and diversified approach allow it to deliver capital efficiently to markets and sectors where it can drive sustainable returns, such as the refinancing of Segreen Business Park.
Castello SGR: Italian Expertise in Alternative Investments
The fund manager, Castello SGR, is a leading asset management company in Italy specializing in the promotion and management of alternative investment instruments, particularly in real estate. With approximately €5.1 billion in assets under management as of December 31, 2025, Castello SGR manages over 90 active funds and more than 400 properties spanning diverse sectors. Since July 2023, Castello SGR has been part of Anima, a prominent investment group in Italy, enhancing its strategic capabilities and investor network.
PineBridge Benson Elliot: Pan-European Real Estate Specialist
PineBridge Benson Elliot brings two decades of experience in pan-European real estate private equity. The firm’s in-house operational expertise and deep market knowledge have enabled it to acquire and manage high-quality assets effectively. In December 2025, PineBridge Benson Elliot became part of MetLife Investment Management, the institutional asset management division of MetLife, Inc. (NYSE: MET), enhancing its global reach and capacity to serve investors with integrated expertise in public and private fixed income, real estate, equity, multi-asset solutions, and insurance-linked products. As of the end of 2025, the combined organization had $741.7 billion in assets under management, illustrating the scale and breadth of resources backing their investment activities.
Europa Risorse SGR: Active Asset Management and Sustainable Development
Europa Risorse SGR S.p.A., an independent Milan-based asset management company, focuses on the management and development of real estate funds as well as the redevelopment, regeneration, and repositioning of complex office, commercial, and industrial assets. With more than twenty years of operational experience, Europa Risorse has established itself as a reliable platform for both domestic and international institutional investors. Its integrated capabilities span the entire real estate lifecycle, from development and active asset management to long-term value creation, aligning with global best practices in sustainability and innovation.
Segreen Business Park: Supporting Milan’s Business Ecosystem
Segreen Business Park’s development reflects broader trends in Milan’s commercial real estate sector, where sustainable design, tenant experience, and connectivity are increasingly critical differentiators. The business park’s extensive amenities and certifications demonstrate a commitment not only to environmental stewardship but also to supporting tenants’ productivity, health, and well-being. By offering high-quality workspaces combined with lifestyle-oriented services, Segreen strengthens Milan’s position as a hub for multinational corporations seeking modern, sustainable office solutions.
