Real estate and construction in Italy
BonelliErede's broad real estate practice is covered by two specialist groups. The real estate team, which is led by Emanuela Da Rin, assists clients with the establishment and management of real estate portfolios, agreements and real estate finance transactions. It is also notably active in the real estate investment funds space, where it acts for asset management firms. Elsewhere, Paolo Daino heads up the construction and engineering team, which handles tenders and claims, and assists employers and contractors with all aspects of construction projects. Alessandro Balp is a recognised practitioner with in-depth knowledge of investment funds and associated regulation.
Emanuela Da Rin; Paolo Daino
Other key lawyers:
‘Paolo Daino is available and brilliant in a way that is out of the ordinary.’
‘Decidedly above average, also with regard to the availability and speed in replying’
Webuild (Salini Impregilo)
Amundi Real Estate Italia SGR
- Advised COIMA SGR on the completion of a transaction with UBI Banca that will facilitate UBI Group’s transfer of its Milanese headquarters to COIMA’s Porta Nuova development.
- Advised Gruppo San Donato on the financing granted by a pool of banks for the development of the Galeazzi Hospital in Milan.
- Advised Webuild on the award of a civil construction contract by Infrastructure Ontario and Metrolinx for the Hurontario LRT.
Chiomenti has a highly active, multidisciplinary real estate practice, which encompasses the firm's strengths in civil, corporate, administrative and bankruptcy law and financial regulation. Giuseppe Andrea Giannantonio, who heads up the department, focuses on tax law and tax planning matters as well as structuring real estate domestic and cross-border transactions. Both Patrizia Liguti and Umberto Borzi are M&A lawyers, with in-depth knowledge of real estate portfolios and transactions in the retail, office, logistics and hotel spaces. Their 'reliability, rigour and competence' are particularly appreciated by foreign investors entering the Italian market and for Italian ones seeking to complete transactions abroad.
Giuseppe Andrea Giannantonio
Other key lawyers:
Patrizia Liguti; Umberto Borzi; Corrado Borghesan; Paolo Fedele
‘Maximum competence on all aspects of finance and real estate transactions. Consolidated sector experience with focused teams, specialized lawyers and knowledge of the needs of national and institutional investors. The presence of a highly specialized team in real estate and construction law distinguishes the firm.’
‘Umberto Borzi and Patrizia Liguti represent a point of reference for foreign investors entering the Italian market and for Italian ones seeking to complete transactions abroad. Reliability, rigour and competence are the qualities that distinguish them, very useful especially on complicated transactions or with counterparties that are difficult to negotiate’
‘Extremely prepared lawyers and great responsiveness ’
‘Responsive and commercially minded’
‘The team supports clients in complex real estate acquisitions and the structuring of ancillary and strategic consulting services. The strength of the team is to combine skills in the real estate, regulatory and M&A fields to be able to face the various facets of transactions with adequate resources, well coordinated by the reference partner. The latter has particular focus in helping to resolve certain commercial impasses.’
‘Dedication and extreme availability of senior profiles, including Borzi and Borghesan, is a plus, together with their ability to approach partially discordant positions, and to reassure foreign investors who did not know the particular dynamics of the Italian legislative context’
‘Excellent preparation and availability of partners.’
‘Ability to interpret the client’s needs quickly and effectively, providing synergistic professional support in all areas of law, always attentive also in finding the right balance of relations with counterparties, without establishing unproductive rigid or mere conflicting relationships, facilitating the success of the operations, always with the utmost protection of the customer’s needs.’
Aedes SIIQ S.p.A.
BNP Paribas Group
Castello Sgr S.p.A.
Cerberus Capital Management
Generali Real Estate SGR
Kervis Asset Management S.p.A.
Kryalos SGR S.p.A.
Logistics Capital Partners
Round Hill Capital
- Advised Prelios S.p.A. on its step-in in the management of the project aimed at the redevelopment of the areas known as “Milano Sesto” with a total gross area of about 1,450,000 square meters, one of the largest and most important urban redevelopment projects in Europe.
- Advised Vittoria Assicurazioni S.p.A. on the sale and purchase of two real estate portfolios between York, Stoneweg and Vittoria Assicurazioni. Vittoria Assicurazioni purchased from the funds York and Stoneweg 51% of the quotas of the Pegasus real estate fund, managed by Kryalos SGR, owner of office building in Milan, leased to ENI.
- Advised Logistic Capital Partners/Invesco on the development of a 162.000 sqm global distribution facility located in Trecate for a global luxury brands retailer and in relation to its sale di DWS.
Dentons' first-rate practice provides the full spectrum of real estate advice to clients. The group includes Federico Vanetti, who has expertise in brownfield redevelopment, town planning, building, environmental and regulatory law. Practice head Federico Sutti often works on high-profile cases for top investors, funds and asset managers. The team advises clients on domestic mandates and it also handles investments with cross-border aspects. Also recommended are Carlo Merisio and Maria Sole Insinga, who focuses on acquisitions and disposals of assets and share deals.
Other key lawyers:
Carlo Merisio; Maria Sole Insinga; Federico Vanetti; Carlotta Soli
‘Perfect mix between responsiveness and accuracy; deep knowledge of the market and client needs; although they have a relatively young team, they have with large expertise due to the considerable number of transactions in which they are involved-in every year; very flexible in the approach also with counterparties also given the impressively diversified client base they work with.’
‘High quality technical skills, precious support on broad range of legal areas combined with good business acumen. Capable of suggesting solutions which meet complex multinational corporate processes and local requirements at the same time. ’
‘Versatility, close to the client, fast time of response.
‘Carlo Merisio and his team are able to understand local stakeholders and business needs safeguarding at the same time expectations and ways of working set out by global corporate stakeholders. ’
‘Very well organized team for large and complex transactions’
‘Federico Sutti – great legal mind plus excellent contacts in the business community’
‘High and pragmatic ability to solve problems, proven experience, care and thoroughness of in-depth analysis with constant focus on the big picture.’
‘Carlo Merisio and Carlotta Soli are enthusiastic, very responsive and seem indefatigable.’
‘Attention to the customer and professionalism create long-lasting studio-client relationships’
Orion Capital Managers
CPI Property Group
M&G Real Estate
Barings Real Estate
Savills Investment Management SGR
Invesco Real Estate
LCN Capital Partners
Merope Asset Management
Invel Real Estate Partners
The Student Hotel
Ark Investment Advisors
AXA Investment Managers – Real Assets
UBS Asset Management
Allianz Real Estate GmbH – Italian Branch
DeA Capital Real Estate SGR
Bnp Paribas Reim Italy Sgr
- Assisting Mediobanca in relation to the acquisition of an historic building located in Via Santa Margherita 12-14 in Milan, owned by the closed-end real estate alternative investment fund called Pacific1, managed by Kryalos SGR S.p.A. Value: €102.5m.
- Assisting Orion European Real Estate Fund V with the joint venture agreement with Stilo Immobiliare Finanziaria (the holding of the famous Italian entrepreneur Antonio Percassi) that envisages the creation of a new holding company in which some of the biggest outlets and shopping centres in Italy have been contributed. Value: €500m.
- Assisting M&G Real Estate with the acquisition of the 16,500 sq. m office real estate complex located in Milan, 9-11 Via Pola. Value: €136m.
DLA Piper's multidisciplinary group includes lawyers with expertise in restructuring, finance, property litigation, planning and trade authorisation matters. It also has a notable specialism in transactions involving non-performing loans. Francesco De Blasio and Paolo Foppiani head up the department, which is 'a first choice' for many clients. It includes well regarded practitioner Olaf Schmidt, who is particularly knowledgeable about investment and tax law. Valentina Marengo's knowledge of development and construction projects is 'rarely seen in the market’.
Francesco De Blasio; Paolo Foppiani
Other key lawyers:
Olaf Schmidt; Valentina Marengo; Filippo Cecchetti
‘The team is able to cover all legal and tax aspects of real estate investments with very good quality advice and a perfect coordination within the team. Olaf Schmidt does the important investment work himself, but the rest of the team is also very dynamic and always responsive. Pragmatic and solution oriented approach.’
‘The team is responsive and operates in a perfectly aligned way. A true one-stop-shop in Italy.’
‘Commercial acumen and presence of senior lawyers who work directly on the deal’
‘Ability to synthesise’
‘They have a full range of real estate services and also assist with some fairly complicated financial instruments ’
‘Olaf Schmidt provides great support and reliable legal advice in dealing with the Italian property market.
‘Valentina Marengo provides very competent advice and a very prompt service .’
‘The team provides assistance in all areas of real estate development related law. They are very well coordinated and their advice is always proactive and solution oriented. The quality across the team is consistent and high’
DeA Capital Real Estate SGR
UBS Real Estate
AS Roma S.p.A. (listed) and its reference shareholder fund, Raptor (US)
- Assisted Primonial with the acquisition of 6 greenfield senior housing (RSA) projects for in Northern Italy for close to €110 million, from Fondo Salute 2, a closed-end Italian real estate AIF managed by Numeria SGR, an Italian real estate asset management firm.
- Assisted Goldman Sachs with the sale of a real estate complex with office use located in Milan, Galleria Passarella no. 2 and Galleria San Carlo no. 6, following the complete refurbishment of the asset.
- Assisting Investitori SGR S.p.A., the Allianz group’s asset management company, with the set-up of the real estate investment fund called “Investitori Logistic Fund”, reserved for professional investors within the group’s perimeter and dedicated to investments in the logistics real estate segment in Italy.
Gianni & Origoni
Gianni & Origoni advises clients on various types of real estate matters, including acquisitions, sales and lease negotiations. The department is mainly known for its focus on investment funds, where it advises major Italian clients such as the Ministry of Economy and Finance. In addition, it also provides zoning and building advice to international investors; this is Maria Grazia Lanero's main area of focus. Domenico Tulli and Davide Braghini co-head the practice.
Domenico Tulli; Davide Braghini
Other key lawyers:
Maria Grazia Lanero; Andrea Marani; Alessio Giammarino; Francesco Ascione
‘Great competence and experience, coverage of multiple disciplinary areas’
‘Andrea Marani: great competence and precision; Domenico Tulli: great experience.’
‘Highly qualified in the real estate sector, with all the necessary practices to support the client at 360 degrees in any type of transaction (acquisition, restructuring, sale, negotiation of a lease). Excellent level of real estate skills even at the more junior level. The capacity for internal coordination on multidisciplinary projects (real estate, urban planning, tax) where the client usually interfaces with the project leader who manages the team is also highly appreciated. In the negotiation stage, GOP, working with the main Italian firms, is able to find innovative solutions without going into conflict with the counterpart’s law firm.’
‘The team, in which the partner Davide Braghini stands out, is made up of professionals with deep knowledge of the real estate field, a vast track record in real estate operations and high interpersonal skills that facilitate the most complex negotiations. Braghini is able to provide simple answers and solutions even in the most complex contexts. Widespread legal expertise even in the most junior lawyers (Alessio Giammarino is certainly among the most valid) as well as extreme availability and flexibility.’
‘The team led by Domenico Tulli is traditionally a guarantee of competence and knowledge of the most important Italian real estate transactions.’
BNP Paribas REIM SGR S.p.A.
Cassa Depositi e Prestiti Investments Sgr (CDPI Sgr)
Castello SGR S.p.A.
Coima SGR S.p.A.
DEA Capital Real Estate SGR
Generali Real Estate SGR S.p.A.
Prelios SGR S.p.A.
Qatar Foundation Endowment
Tristan Capital Partners
Allianz Real Estate
Coima RES SIIQ S.p.A.
Cromwell Investment Group
Korea Investment Management Co. Ltd.
Three Stones Capital
Swiss Life Asset Management SA
Gruppo Leonardo Caltagirone
Numeria SGR S.p.A.
Waltherpark S.p.A. (Signa Group)
- Assisting INVIMIT SGR with a wide range of legal issues related to the transaction, run by INVIMIT SGR and concerning some of its real estate funds
- Advised Generali Real Estate SGR S.p.A. on the equity restructuring and extension of the term of “Fondo Scarlatti”. Fondo Scarlatti is a closed-end real estate alternative investment fund reserved to professional investors owing a portfolio of more than 25 properties, for a total value of approximately €750m.
- Assisted Coima SGR with the set-up and authorisation to market the new real estate alternative investment fund named “ESG City Impact Fund”, as well as the negotiation of the investment agreements with the first investors in the Fund
Legance - Avvocati Associati's multidisciplinary real estate group includes Gabriele Capecchi and Giuseppe Abbruzzese, who are known respectively for their corporate finance and administrative law expertise. Elena Generini is a specialist in portfolio transactions, real estate developments and management projects. Banking and finance expert Marco Mastrorosa is another key figure in the team.
Gabriele Capecchi; Giuseppe Abbruzzese
Other key lawyers:
Alberto Giampieri; Elena Generini; Marco Mastrorosa; Flavia Carmina
‘Excellent relational network, coverage of all the main sectors of real estate, managing complex operations and interdisciplinary matters.’
‘Alberto Giampieri and Flavia Carmina are able to work in situations of tension between the parties, managing the resolution phase of problems that arise during the deal.’
‘Elena Generini is part of a highly trained team in terms of technical knowledge and supports the customer in his processes from the preliminary phase of an operation to post closing activities, always maintaining a constructive and positive approach even with the counterparties involved. Total availability towards the customer and punctuality in completing the assigned tasks, with no repercussions in terms of the quality of the work produced.’
Cale Street Partners
CBRE Global Investors
DeA Capital Real Estate
Fabrica Immobiliare SGR
FFF Asset management s.a.r.l.
Invesco Real Estate
JP Morgan Asset Management
Monte dei Paschi di Siena
Vestas Asset Management
- Assistance to Banca Monte dei Paschi di Siena with the sale of a large real estate portfolio, in the context of a competitive procedure.
- Assistance to Torre SGR with the competitive procedure for the disposal of the portfolio of the UIU listed fund “UniCredito Immobiliare Uno”.
- Assistance to UnipolSai Assicurazioni with the sale to Hines of the Torre Velasca building in Milan.
Gatti Pavesi Bianchi Ludovici acts for domestic and international institutional investors on a wide range of real estate mandates, such as acquisitions and disposals of companies, single assets, portfolios of assets, joint ventures and development transactions.. It also advises retailers and asset management companies on issues such as town planning regulation and building permits. Rocco Ferrari is notably experienced in sale and leaseback transactions, particularly those in the retail sector. Guido Sagliaschi's real estate sector expertise includes business parks, offices and shopping centres. Ferrari and Sagliaschi are the joint heads of the practice.
Rocco Ferrari; Guido Sagliaschi
‘Speed of response, solid approach to the solution of problems, preparation and experience’
‘Rocco Ferrari is a problem-solving-oriented professional.’
‘Rocco Ferrari is a skilled and very commercial lawyer. He has always out of the box solutions that bring complex transactions to successful closing. He focuses on what really matters and is able to smooth tense situations during negotiations and bring them back on track. Lastly he has always been available around the clock. ’
‘Deep experience in the sector and ability to team up with the customer’
- Assisted Dea Capital Real Estate SGR, on behalf of “Go Italia I” fund, on the sale to GLL of an office complex located in Milan.
- Assisted Elof Italy Management S.p.A. concerning the purchase of a logistic complex in the province of Varese, entirely leased to Panalpina
- Assistance to Tikehau Capital, the alternative asset management and investment group, with the acquisition of an office building located in the Milanofiori business district in the southern part of Milan, through its pan-European Tikehau Real Estate Opportunities (“TREO”) fund launched in 2018.
Molinari Agostinelli acts for clients on the purchase and disposal of real estate portfolios, as well as development and redevelopment projects. In addition, it is sought after to advise on urban planning and authorisations. Clients include real estate companies, developers and builders, as well as investment funds and asset management companies. Practice heads Ugo Molinari and Alessandro de Botton have longstanding experience of corporate transactions and joint ventures. Marco Laviano specialises in real estate M&A in the areas of retail, offices, logistics and hospitality.
Ugo Molinari; Alessandro de Botton
Other key lawyers:
‘One of the firms with the highest quality standards in Italy. Professionals of all levels – partners included – are always able to supervise a variety of cases and to give feedback with really short reaction times.’
‘Alessandro de Botton and Marco Laviano are excellent professionals, able to find feasible solutions even in extremely complex negotiation contexts.’
‘Commercial skills and ability to find the right legal angle to carry out even the most complicated operations. In addition to competence, the firm manages to create a fiduciary relationship with its customers and guarantees maximum focus on the dossiers followed.’
‘Alessandro De Botton and Marco Laviano and the team of professionals who work with them, assist the customer with the best knowledge and, often working in combination, are able to provide 360-degree advice, stimulating the customer to find solutions innovative. The strong commercial spirit distinguishes them and the consolidated knowledge of the subject supports them.’
‘The team stands out for its in-depth knowledge of real estate law, with an analytical approach and excellent negotiation skills.’
‘Attention to detail, total availability, always prompt and orderly feedback.’
Finanziaria internazionale investment sgr
Pgim real estate
- Advised UBI Banca on the sale of seven properties in Milan and its investments in the new headquarters located in via Melchiorre Gioia 22.
- Advised Barings and Kryalos SGR on the sale of a 16.500 sq.mt. newly refurbished real estate complex located in the Porta Nuova district.
- Advised Prelios on the disposal of a large portfolio of assets located in Milan and Rome.
Nctm Studio Legale has a strong real estate investment funds practice and is a first port of call for many fund managers and institutional investors. In addition, its real estate team works with other departments to advise clients on acquisitions and disposals, construction, planning, environmental issues, tax and corporate matters. Luigi Croce, who heads up the department, works with associate Alessandro Vespa. Also recommended are Vito Bisceglie and Giovanni Giuliani, who joined in 2020 from DLA Piper and Chiomenti respectively.
Other key lawyers:
Alessandro Vespa; Vito Bisceglie; Giovanni Giuliani
‘The firm is able to assist the various companies efficiently and effectively. Maximum availability at all levels, from partner to collaborator.’
‘Competence and seriousness’
‘Skills combined with experience’
AXA Real Estate Investment Managers – Pradera Limited
Bain and Co.
Ceetrus Italy S.p.A. (formerly, Gallerie Commerciali Italia S.p.A.)
GSE Italia S.r.l.
Confluence S.r.l. (GSE Group)
Kryalos SGR S.p.A.
Ream SGR S.p.A.
Savills IM SGR. S.p.A.
Prelios SGR S.p.A.
- Assisted the Signa Group, through the company Venedig Beteiligung Srl, with the acquisition from Elliott Group of the entire share capital of Bauer SpA, owner of the iconic Hotel Bauer in Venice (San Marco), from Project Venice S.à.rl, owned by US fund Elliott and the financial group Blue Skye.
- Assisted Ardian, a leading private investment company, with the competitive procedure that led to the execution of a preliminary sale and purchase agreement with Banca Monte dei Paschi di Siena (MPS) for the sale of a portfolio of 28 properties, including some of the assets most iconic assets on the Italian market, for a total commercial area of about 90 thousand square meters.
- Assisted Cromwell Property Group, a leading global real estate asset manager, with the acquisition of a portfolio of 7 logistics assets located in the North of Italy and leased to DHL.
At Orrick, Herrington & Sutcliffe, the real estate practice is part of the firm's finance department. The team's varied portfolio of work includes sale and leaseback transactions, commercial leasing, single asset and portfolio transactions, fund investments and redevelopment projects. Group head Emanuela Molinaro specialises in real estate transactions and construction law matters. Managing associate Christian Turotti focuses on development and redevelopment projects, the purchase of properties in bankruptcy procedures and joint ventures, among other areas.
Other key lawyers:
Patrizio Messina; Christian Turotti
‘The team is highly qualified, punctual, fast and flexible.’
‘Emanuela Molinaro is a very valid partner, she provided excellent contract ideas which proved to be very successful .’
‘Strong understanding between the various members of the team, a complete alignment on each topic and a great willingness to support the client, taking into account our often very tight deadlines. They manage to combine the professionalism and organization of a large international firm and the naturalness of dialogue and the continuous and constant support typical of a trusted lawyer. These features are very difficult to find on the market. Their professionalism and their coordination convey a strong feeling of reliability. ‘
‘Associate Christian Turotti is an excellent professional, always reliable in the agreed deadlines and an expert on very specific issues. He provides all requested support with rare speed, is always available for a sudden scheduling of meetings or calls and of great support in ordering and coordinating all aspects of the operation. Emanuela Molinaro always goes straight to the point of the discussion. Her interventions are always very effective, punctual, concise and decisive. She has the great ability to describe the problem very clearly and to indicate simple and effective solutions. She has the rare ability to deal with very complex issues with simplicity.’
‘The team, led by one of the few women lawyers in the Italian real estate market, Emanuela Molinaro, brings great experience and negotiating skills.’
‘Speed and ease at understanding the peculiarities of the operation’
‘Excellent relationship both internally and with counterparties. Knowledge of various profiles that characterize an operation. Commercial and business oriented approach ‘
‘The team led by Emanuela Molinaro stands out for its maximum availability and competence in relation to all areas of real estate finance. Orrick’s support is invaluable and information is conveyed effectively and clearly. An excellent interpersonal relationship has also been established with the team.’
Crédit Agricole Vita
Colony Capital Inc.
BNP Paribas REIM
Generali Group (including Generali Properties and Generali Real Estate SGR)
Carrefour Group (including Carrefour Property Italia, Carrefour Italia, SSC Società Sviluppo Commerciale, GS and Carmila Group’s companies)
Piacere Terra S.r.l.
Ubisoft Studios S.r.l.
Monarch Capital Partners
Meininger Hotels group
DeA Capital SGR
Apollo Management International LLP
Isaia & Isaia
- Advising Crédit Agricole Vita S.p.a., on the €50m acquisition of a real estate property located in Milan.
- Assisted the Eurozone Logistics Fund, a pan-European logistics Fund headquartered in Luxembourg and managed by BNP Paribas REIM Luxembourg SA, with its first investment in Italy, which involved a strategic logistics platform located in Liscate, near Milan, that was leased to the seller under a sale and lease-back scheme.
- Assisted the Alpha Square Fund, managed by Castello SGR and underwritten entirely by leading American institutional investors, in the purchase of a shopping centre located in Nerviano, in the province of Milan, consisting of an ex-Auchan hypermarket and a shopping mall with 23 shops, owned by Covivio.
BIP - Belvedere Inzaghi & Partners
BIP - Belvedere Inzaghi & Partners demonstrates strong capabilities advising clients on real estate transactions and urban planning issues. The team advises buyers and sellers of large portfolios across a wide range of asset classes, including commercial, industrial, residential, leisure and hospitality. Name partners Antonio Belvedere and Guido Alberto Inzaghi, who jointly lead the team, collectively offer expertise in high-profile real estate development and investment transactions, planning, environmental and public partnership issues. Ivana Magistrelli joined in February 2020 from Grimaldi Studio Legale.
Antonio Belvedere; Guido Alberto Inzaghi
Other key lawyers:
Availability at any time, flexibility, ability to satisfy customer needs in every way, ease and ability in dialogue with public administrations, flexibility in negotiating fees’
‘Great knowledge, availability and speed in rendering the service (Guido Alberto Inzaghi)’
Savills Investment Management Sgr S.p.A.
Coima Sgr S.p.A.
Dea Capital Sgr S.p.A.
Cromwell Property Group
Oaktree Capital Management
- Assisting the joint venture between Hines Italy RE S.r.l. and Blue Noble with the acquisition of the former municipal theatre in Florence and in the ongoing town planning procedures for the requalification of the area
- Assisted the Sequedge Group, a Japanese investment fund, with the sale of a ground floor building in Milan in the Piazza 24 Maggio area.
- Assisted Bologna Football Club 1909 with the filing of the restoration and renovation project of the Renato Dall’Ara Stadium.
Clifford Chance leverages its international reach to act on real estate transactions at European level. The team, which is led by Claudio Cerabolini, has been particularly active recently in advising clients on acquisitions of portfolios and assets in the logistics sector. Elsewhere, the group's expertise includes private fundraising, development, debt finance transactions and restructuring.
‘Young team, always available and responsive in requests. Excellent internal organisation and customer focus.’
‘Excellent interpersonal and coordination skills with the other Clifford Chance offices in Europe’
AXA Investment Managers
Meritz Financial Group
Prelios SGR S.p.A.
Corinthia Hotels Limited
Cromwell European Real Estate Investment Trust
Swiss Life Asset Managers France
- Advised Patrizia AG in the context of the acquisition of a pan-European portfolio of 42 logistics assets from BentallGreenOak for approximately €1.2bn.
- Advised a pool of primary banking groups in relation to the finance aspects of the acquisition of a 30% stake of Supermarkets Italiani S.p.A., the company controlling the Italian supermarket chain Esselunga.
- Advised Prelios SGR on the acquisition of a sizeable portfolio of three office buildings located in Milan and Rome.
Greenberg Traurig Santa Maria has an expanding real estate practice, which is jointly led by Marzio Longo and Federico Barbàra. The firm is particularly prominent in matters connected with logistics, residential portfolios, student housing and data centres. In a key development in 2020, of counsel Gloria Molteni joined from Studio Legale Villata, Degli Esposti e Associati. The team's work includes cross-border and domestic acquisitions and disposals, leasing, non-performing loan transactions and matters arising from bankruptcies.
Marzio Longo; Federico Barbàra
Other key lawyers:
Paolo Bolis; Gloria Molteni
‘Dynamism, pro-activity and problem-solving ability. Excellent communication skills with the customer and management of problematic situations mainly in negotiations with counterparties.’
‘Partners are always present and in constant communication with the customer, including for issues that could be managed by collaborators. Availability on a short notice, even during the weekend.’
‘Extremely prepared lawyers and great responsiveness’
‘Responsive and commercially-minded’
‘Professionalism, experience and openness in finding solutions to issues.’
‘Technical skills, client relationship skills.’
‘Competence, professionalism and speed in execution’
‘Federico Barbara is one of the best professionals in the Real Estate sector thanks to his technical skills and to the important network with the main RE operators both in Italy and abroad.’
Savills Investment Management
Gruppo San Donato
Global Net Lease
- Represented a special purpose vehicle owned by Vittoria Assicurazioni S.p.A. and a joint-venture in the refinancing of the acquisition and capex of four residential properties.
- Advised San Donato Group on the purchase and development on behalf of the Galeazzi Hospital of a portion of the former Milan Expo Area.
- Acted for Savills Investment Management S.p.A. on the acquisition of the “Gran Roma – GranShopping” shopping centre located in Rome.
Hogan Lovells International LLP's real estate team is recognised for its expertise in asset acquisitions and disposals, and also for assisting landlords and tenants with commercial leasing negotiations. In addition, it works with the finance, tax and regulatory departments to cover real estate planning, finance transactions and tax optimisation. Marco Rota Candiani heads up the practice, which includes regulatory expert Maria Deledda.
Marco Rota Candiani
Other key lawyers:
Alberto Carrara; Maria Deledda
‘The team covers the full spectrum of real estate legal knowledge and has commercial real estate market insights in the Milanese market. All team members speak excellent English.’
‘Marco Rota Candiani is very commercially minded. He has excellent knowledge of the real estate market in Milan and is always creatively looking to find a way to close the deal and to mitigate positions without forgetting the need to protect his client’s needs. His positive attitude was especially helpful when the parties got stuck in the negotiations due to apparent deal-breaker matters. Senior associate Alberto Carrara complements the team with great drafting skills in English and excellent knowledge of commercial real estate leases. Very helpful is his fluency in Spanish. Counsel Maria Deledda is a highly proficient construction lawyer with great knowledge of the commercial real estate construction market practices in Italy. She fully controls her subject and always comes to party meetings extraordinarily well-prepared.’
K&L Gates covers the whole spectrum of real estate advice, including the related areas of public law, town planning, funds and finance. The practice is sought after by clients throughout the retail, hospitality, office and logistics sectors. The key practitioner in this area is practice head Francesco Sanna.
‘Professionalism and modesty.’
‘Availability and attention.’
DeA Capital Real Estate Sgr S.p.A.
LaSalle Investment Management Kapitalverwaltungsgesellschaft mbH
Invesco Real Estate
Allianz Real Estate GmbH
Barings Real Estate Advisers Europe LLP
CBRE Global Investors SGR S.p.A.
AEW Europe S. A.
Tetris Design & Build S.r.l.
- Advising In Town, a joint venture between LendLease & Risanamento S.p.A., on structuring the development of a large office park in Milan Santa Giulia and letting to a primary international company in the oil & gas sector
- Assistance to Kryalos SGR with the legal aspects of the sale to a reserved FIA managed by InvestiRE SGR of a sky-earth property located in Milan
- Assistance to Allianz Real Estate GmbH with the acquisition of a logistic park and with Town Planning and Tax issues.
Osborne Clarke is known for its strength in international mid-market real estate transactions. Its team's wide-ranging expertise also includes development and regeneration projects, portfolio management, real estate finance and landlord and tenant work. In addition, on the contentious side, real estate disputes are another key workstream. The practice is jointly led by Simone Monesi and Sara Miglioli. Stefano Panzini focuses on corporate real estate matters.
Simone Monesi; Sara Miglioli
Other key lawyers:
‘Organization and professionalism of the partners’
‘Attention to details in individual situations’
‘The firm excels in the speed of response and in the competitiveness of the rate applied, while guaranteeing very high levels of service’
‘Simone Monesi’s knowledge and negotiating ability are definitely out of the norm, as well as his innate ability to find solutions in situations of negotiation deadlock.’
‘Excellent professional qualities, experience in negotiations, great availability’
‘Simone Monesi has excellent skills and experience in the real estate law sector and effective negotiation skills which contribute significantly to the achievement of corporate objectives.’
‘Great professionalism and team-working, in particular Simone Monesi and Stefano Panzini.’
Klépierre SA and Klépierre Management Italia S.r.l.
Limestone Capital AG
Habona Invest GmbH, Pareus S.r.l.
UCI Cinema Group
DEA Capital Real Estate SGR S.p.A
BNP Paribas REIM SGR p.A.
BPER Banca S.p.A
- Advising Habona Invest, a long-established, German real estate investment company, in connection with the development of a 1,500 unit residential complex in Caorle (near Venice), with an ultimate development value in the region of €250 million.
- Assisting BNP Paribas REIM, as manager of the ‘Alloro’ closed ended alternative investment fund, on the sale to private and business investors of several hundred residential and commercial property units located across Italy, and on the sale of luxury units in an historical building in the centre of Milan among other high value work – the total having an aggregate value of over €120 million.
- Advising the UCI Group (a leading cinema brand in Germany, Italy and Portugal, owned by Odeon Cinemas) on projects for the revamping of its multiplex cinemas in Rome Laurentino and Vicenza, which will align them with the state-of-the-art market trends.
Studio Legale Padovan has a strong reputation in international infrastructure projects and acts for clients on the development of shopping and business centres, residential real estate and sports facilities. Practice head Marco Padovan is assisted by a sizeable group of associates, including Michele Bonomini, who focuses on real estate transactions, land law and public and private works contracts.
Other key lawyers:
Edoardo Poletti; Piergluigi Salvati; Michele Bonomini
‘Edoardo Poletti deals with counterparties very elegantly and diligently in a way almost to smoothen any potentially litigious and commercially very sensitive matters. ’
‘Highly responsive and accurate. Timely legal advice.’
‘Commitment, availability, responsiveness, competence, mastery of foreign languages in particular French and English at the highest level.’
‘Marco Padovan, Edoardo Poletti and Piergluigi Salvati offer high-level competence and a way of cooperating with high quality human relationships.’
‘The firm represents a top-level boutique assisting with large infrastructure projects abroad’
Webuild S.p.A. (formerly Salini Impregilo S.p.A.)
- Advising a global player specialising in major infrastructure and development projects on a multibillion euro transport project in Scandinavia.
- Advising a specialist transport sector contractor on a major EPC transport infrastructure project in the USA including design, build, test, certifying and maintenance.
- Advising a global player on the development of a hospital in Turkey via a PPP project.
Pavia e Ansaldo is best known for advising large Italian real estate investment funds, state-owned entities, pension funds and international investors. It is particularly noted for its strengths in the retail and leisure industries, although the hotels, residential, office and industrial sectors are other key areas of activity. Fiorenza Resta and Claudio Cera co-head the real estate team. Daniele Carminati leads the construction and project finance department, which acts for contractors, sub-contractors and construction companies.
Fiorenza Resta; Claudio Cera; Daniele Carminati
‘The team ensures maximum professionalism and availability. It is made up of highly trained professionals from a technical-legal point of view, each issue is examined in depth from every aspect, including the economic and commercial ones, in order to always provide the customer with the best solution.’
Anas International Enterprise S.p.A.
Danieli & C. Officine Meccaniche S.p.A.
Fabrica Immobiliare SGR
FS Sistemi Urbani S.r.l. – Ferrovie dello Stato Italiane Group
Focus Investments S.p.A. and its subsidiaries Iniziativa Immobiliare Due S.r.l. – Iniziativa Immobiliare Tre S.r.l.
Gruppo First Atlantic RE
Hirmer (former Travel Charme)
Invimit SGR S.p.A.
M+W Italy S.r.l.
Mayhoola Italy S.r.l.
Omnia Hotel Group
Sator Immobiliare SGR S.p.A – Fondo “Leopardi” – Fondo “Dante Retail” – Fondo “Petrarca”
Sorgente SGR S.p.A.
- Advising FS Sistemi Urbani S.r.l. – Ferrovie dello Stato Italiane Group (Italian National Railway) on the development of the Olympic Village for the 2026 Winter Olympics (hosted by Milan) will be built.
- Advising Omnia Hotels Group on the redevelopment of four properties into four-star hotels to promote recovery of the hard-hit hospitality sector after Covid-19 emergency.
- Advising Port of Authority of Ravenna (one of the most important ports in Europe) on the public procurement aspects of the largest ongoing redevelopment of any European port.
Allen & Overy - Studio Legale Associato
Allen & Overy - Studio Legale Associato advises clients on acquisitions, disposals, joint ventures and the reorganisation of real estate assets. The cross-practice group is led by corporate lawyer Paolo Nastasi, who has expertise in real estate transactions, leases, development projects and construction contracts. Pietro Scarfone focuses on banking and real estate finance. Milena Linguanti moved to Nunziante Magrone.
Paolo Nastasi; Pietro Scarfone
Other key lawyers:
‘Great competence, availability and ability to satisfy requests in compliance with the deadlines set by the customer.’
‘Paolo Nastasi is competent, prepared, available, always clear and punctual even on the most complex issues. The same also applies to senior associate Francesca Croci.’
‘Allen & Overy has profound experience in closely related areas and its international reach and use of sophisticated structuring techniques sets them apart from many competitors.’
‘Paolo Nastasi and his team prove to have deep knowledge of the real estate field combined with a strong expertise on M&A. Nastasi has the capability to match such two areas and advise as to what is best for the client.’
‘In-depth expertise, reliability, accuracy and efficiency.’
‘Very commercial approach to their advice and always keeping the bigger picture in mind.’
‘Paolo Nastasi is a young and hungry partner with a singular focus on client service’
Signal Capital Partners
The Space Cinema
- Advised European Outlet Mall Fund, a fund managed by Nuveen Real Estate owning a portfolio of a number of outlet-malls in Italy and in other European countries, on the sale of its “Barberino Designer Outlet” shopping mall to a real estate fund managed by one of the leading global asset management companies.
- Advising Primark, the well-known clothing retailer, on the start-up and expansion of its business operations in Italy including the negotiation of all the related real estate contracts.
- Advised Starwood Capital, a leading investment firm, on its acquisition of the fund owning the 61.400 sqm LEED PLATINUM certified real estate complex called “Energy Park Ovest” from the Italian real estate investor Coima SGR, through the Coima Core Fund III.
Ashurst's real estate team, which is led by Andrea Caputo, comprises of practitioners with expertise in commercial real estate, town planning, environmental law and tax law. Mario Lisanti leads the real estate finance practice. In addition to being active in the domestic arena, the group also handles an international workload and works closely with practitioners based in Luxembourg and London.
Andrea Caputo; Mario Lisanti
‘The team led by Andrea Caputo stands out for its competence and availability.’
‘Andrea Caputo stands out not only for competence and availability, but also for a remarkable ability to create a pleasant work environment.’
DeA Capital Real Estate SGR
- Advised Hines on the preliminary purchase, on behalf of the Hines European Value Fund (HEVF Milan1) managed by Prelios SGR, of the iconic 27-storey mixed-use Torre Velasca tower in the centre of Milan.
- Advised DeA Capital Real Estate SGR S.p.A., as manager of Omega Fund, a closed-end real estate fund, on the sale of Arte 25, a prime office complex in the central business district of Rome, to a family of Allianz Group investors acting through the Italian branch of Allianz Real Estate GmbH.
- Advised BNP Paribas on a real estate financing transaction to support the acquisition of a prime asset in the centre of Milan (via Santa Margherita).
Carnelutti Studio Legale Associato
Carnelutti Studio Legale Associato is particularly active in transactions, management, leasing and development projects. The team handles work in a wide range of asset classes, including hospitality, retail, logistic and offices. Benedetta Amisano, who heads up the department, mainly assists investors, developers, banks and public companies with construction, planning and zoning matters.
Allianz Real Estate GmbH
Aquileia Capital Services
BNP Paribas Reim Sgr SpA
BG Asset Management SA (Borletti Group)
Castello SGR Spa
LFPI Italia Reim S.p.A.
Real Estate Asset Management (REAM) SGR S.p.A.
The Ritz Hotel Limited (Ritz Paris)
UBS Real Estate GmbH
- Assisting Real Estate Asset Management SGR SpA with negotiations with Lendlease Group for the establishment and management of a real estate fund to purchase the so-called “Torri SKY”, a signature office complex of three buildings in Milan
- Assisting Real Estate Asset Management SGR SpA with negotiations with Lendlease Group for the establishment and management of a real-estate fund to purchase a plot of land located in Milano Santa Giulia.
- Advised on executing the international franchise agreements related to the 5-star hotel called “Grand Hotel Savoia” and the 4-star apartment hotel called “Savoia Palace”, both located in Cortina d’Ampezzo, with Radisson Hospitality Belgium SRL.
Curtis, Mallet-Prevost, Colt & Mosle
Curtis, Mallet-Prevost, Colt & Mosle has a notable specialism in complex real estate finance transactions and it also assists private clients with the acquisition and leasing of luxury real estate units. Elsewhere, other areas of activity include commercial leasing transactions, development and zoning work, and the acquisition of foreclosed properties. Practice head Sergio Esposito Farber acts for a mix of Italian and multinational corporates, as well as international investment funds. Giovanni Sagramoso joined in May 2020 from Ughi E Nunziante.
Sergio Esposito Farber
Other key lawyers:
Carmine Gravina; Giovanni Sagramoso
‘Ability to address issues comprehensively even beyond mere legal aspects’
‘Professionalism, availability and great ability to adapt to customer needs’
‘Multidisciplinary approach with a boutique cut’
‘Sergio Esposito is very competent and knows the real estate market well. It is measured in managing relations with counterparties and with the teams of advisors participating in the operation. The collaboration on the deals managed together has always produced results of absolute satisfaction for the customer’
‘Carmine Gravina and his team are able to strike the balance between guiding the clients along their company policies for maximum risk containment and the need to independently take leadership in negotiations with the counterparty or in suggesting a specific structural structure for a certain operation.’
Colony Capital SAS
Telecom Italia S.p.A.
Hotelturist S.p.A. (TH Resorts)
Pirelli & C. S.p.A.
Fabrica Immobiliare SGR S.p.A.
Cassa Depositi e Prestiti group
Rete Ferroviaria Italiana S.p.A.
- Advised Rete Ferroviaria Italiana S.p.A., Trenitalia S.p.A. and FS Sistemi Urbani S.r.l on the drafting and negotiation of a General Planning Agreement executed with Areale Bolzano – ABZ S.p.A. This concerned the displacement of the railway station, and the urban improvement of the whole area, with the objective to allow major town development and enhanced railway transport to Brennero.
- Advised DeA Capital Real Estate SGR S.p.A., acting on behalf of one of the funds managed by the latter, on the acquisition of two flagship properties, comprised in Galleria Passerella 2/Galleria San Carlo 6/Corso Europa 15, located in the Central Business District of Milan and near to the fashion district.
- Assisted a primary real estate operator belonging to Cassa Depositi e Prestiti group, as landlord, with drafting and negotiating the transaction documents pertaining to the renovation and future lease of a significant part of an historical building located in Rome (RM), in favour of Enel Italia S.p.A., the leading utility company in the Italian market.
Jones Day has a strong profile among banks and financial institutions, for whom it handles the structuring, drafting and negotiating of financing transactions. In addition, its team works on asset management, property and lease agreements, and construction contracts. Francesco Squerzoni, who heads up the practice, acts for originators, arrangers and investors. His expertise includes securitisations, trade finance and non-performing loans.
‘Tailored service with intense partner participation’
‘Open mindedness and proactivity’
Crédit Agricole Corporate and Investment Bank, Milan Branch
Bank of America Merrill Lynch
CBRE Group, Inc.
Deutsche Bank AG
ING Capital LLC
Nuveen Real Estate
Principal Real Estate
Tristan Capital Partners LLP
- Advised Crédit Agricole Corporate and investment Bank, Milan Branch, on structuring, drafting and negotiating of a €91.3m facilities agreement aimed at refinancing the acquisition and the development of a portfolio of six logistic assets located in Italy
- Advised CBRE on the turn-key acquisition of a logistics site to be developed in Turate (Como) that is pre-let to Kasanova S.p.A.
- Advised Marathon on the acquisition, from a major German institutional investor, of an office building park made up of three office buildings located in Sesto San Giovanni, Italy.
CMS' team is supported by the firm's European practice on real estate transactions, funds, tax, property financing and refinancing matters. The team, which is jointly led by Marco Casasole and Dietmar Zischg, recently handled real estate work involving hospitals, residential care facilities and student housing.
Marco Casasole; Dietmar Zischg
REInvest Asset Management SA
Banca Popolare di Vicenza
- Advised Silver Fir Capital SGR S.p.A./Franklin Templeton on the acquisition of hospital and residential care facility in Venice
- Advised Silver Fir Capital SGR S.p.A./Franklin Templeton on sale and lease back of hospital and residential care facility located in the city centre of Venice.
Cocuzza & Associati Studio Legale
Cocuzza & Associati Studio Legale specialises in handling real estate matters for clients operating in the retail, fashion and luxury goods sectors. Name partner Claudio Cocuzza heads up the team, which advises clients on leasing, development, acquisitions, divestments, investments and insolvency. Clients of the firm include Italian and European developers, iconic retailers and real estate investors.
Other key lawyers:
Alessandro Barzaghi; Giulia Comparini
‘Alessandro Barzaghi is a business-oriented professional willing to create solutions in difficult times too’
‘Knowledge of business dynamics, attention to detail and to the quality of work but also innovation, speed and precision in feedback, compliance with deadlines and ability to work even in emergency conditions. Giulia Comparini is a professional, whose standing is indisputable both at an Italian and international level; she is an open and sincere person too.’
- Advising Camaieu since its initial development in the Italian market on commercial lease agreements related to retail development in the Italian market as well as the renewal of existing leases.
- Advising Inditex on a broad range of real estate matters, from complex leasing to the acquisition of trophy real estate assets
- Advising the PVH Corporation on the negotiation of lease agreements and in opening all of its retail stores in Italy.
De Berti Jacchia Franchini Forlani
At De Berti Jacchia Franchini Forlani, founding partner Gianni Forlani leads the multidisciplinary real estate practice, which covers real estate portfolio transactions, real estate finance, leasing and town planning issues, among other matters. The department's clients include businesses and private clients. It is notably active in the retail sector, where it handles the acquisition and development of brown and greenfield sites, as well as related environmental, administrative and financial issues. The hotel sector is also a key area of activity.
Other key lawyers:
‘Marco Frazzica: great competence and reliability’
Algardi Immobiliare Srl
Ice Snei Spa
Inter Ikea Group
Rolex Italia Spa
- Assisted Algardi Immobiliare with the sale to the real estate investment fund “Inarcassa Re – Comparto Uno”, of the property for office use in Milan leased to Sorgenia, a leading company in the energy sector, and to Siirtec Nigi, active in engineering processes for the petrochemical sector.
- Continuously assisting the ski tour and hotel operator Sts Alpresor AB in its expansion in the Italian territory.
Gattai, Minoli, Partners has a growing real estate practice, which historically started with Federico Bal and Gaetano Carrello advising on the M&A and financial aspects of real estate transactions respectively. It has since expanded, with Gianluca Gariboldi adding administrative and environmental law expertise to the offering. In 2020, real estate transactions expert Andrea Francesco Castelli joined from Chiomenti. All four individuals jointly lead the practice.
Simmons & Simmons
At Simmons & Simmons, the multidisciplinary real estate practice is led by Dario Spinella, whose experience includes assisting international clients (particularly those from Asia and the Middle East) with real estate projects in Italy. The wider team also includes practitioners from the corporate, finance, administrative law and dispute resolution departments. Clients include European and international property investors, developers and occupiers, landlords and tenants, lenders and borrowers.
Kryalos SGR S.p.A.
Europa Risorse SGR S.p.A.
The Ability Group
Forti Sviluppo Immobiliare S.r.l.
- Advised Europa Risorse SGR S.p.A. on the acquisition of a real estate asset located at Via Rizzoli 2, 4, 6 in Milan. The asset will be turned into a business park, making it one of the biggest urban and environmental redevelopment projects over the last few years.
- Advised Kryalos SGR S.p.A., acting as management company of one of its real estate investment funds, on the disposal of a trophy asset located in the city centre of Turin (composed of a high street retail platform) to be partially converted in a luxury residential condominium.
- Advising Kryalos SGR S.p.A. on the ordinary management of the real estate assets pertaining to one of its funds.
Withers Studio Legale assists high-net-worth individuals, entrepreneurs and family businesses with their investment transactions and financing matters. The real estate team works closely with experts in tax and wealth planning department, as well as practitioners across the firm's international network. The firm has a particularly strong profile in the wine and hospitality sectors. Sergio Anania and Roberta Crivellaro co-head the team.
Sergio Anania; Roberta Crivellaro
Officine Mak Srl – Cassina de’ Pecchi
Officine Mak Srl – Vimondrone
- Advised Officine Mak Srl – Cassina de’ Pecchi on negotiations with the owner of a 140,000 sq.m plot and with several major retail operators who were the subsequent purchasers of portions of the area as well as on the most efficient corporate structure to put in place. Value of transaction > Euro 10M.
- Advised Officine Mak Srl – Vimodrone on the purchase of a dismissed industrial area from a fund in liquidation managed by Prelios SGRpA. Our client intends to build 140 residential flats and sell the remaining area to various retail operators. Value of transaction Euro 4 M.