Real estate and construction in Italy


BonelliErede assists asset management companies, investors, banks and developers with portfolio transactions, financing, the establishment and management of real estate funds, the drafting and negotiation of lease and management agreements, and the development of projects. The practice recently advised Italian real estate investor Beni Stabili on the merger agreement with Foncière des Régions and acted for Amundi on the purchase of a property in the centre of Milan from the Statuto Group. On the financing side, practice head Emanuela Da Rin assisted BNP Paribas, Crédit Agricole CIB and UBI Banca with the financing of the real estate fund Porta Nuova Gioia managed by Coima regarding the development of a 120-metre-high building in Milan. Alessandro Balp is another name to note. Giuseppe Mele joined DLA Piper in December 2017.


Noted for being ‘one of the most robust legal firms within the real estate industry’, Chiomenti specialises in advising on structuring and fund formation as well as real estate developments and transactions. The team, led by the ‘proactive and competentGiuseppe Andrea Giannantonio, also includes Patrizia Liguti, who has 'an impressive experience in a wide range of fields’, the ‘exceptionalUmberto Borzi and newly promoted of counsel Paolo Fedele. Recent highlights include assisting Eurocommercial Properties with the sale of a retail and shopping centres portfolio and acting for Logistic Capital Partners on the development of a logistics facility to be leased to Amazon.

DLA Piper

Jointly led by the ‘knowledgeable’ Francesco De Blasio in Rome and Paolo Foppiani in Milan, DLA Piper ‘is able to provide strong and high-level advice on any kind of real estate transaction’. Olaf Schmidt is also highly regarded; he recently acted for developer Omnam on the purchase of two historic properties in the centre of Rome and assisted Kildare Partners with the indirect purchase of more than 200 real estate assets from Banca Intesa through a fund structure. The Student Hotel Group received advice on the acquisition of a development plot in the centre of Florence and on the related town planning issues. The group welcomed Giuseppe Mele and Chiara Anceschi in December 2017 and February 2018 from BonelliErede and Freshfields Bruckhaus Deringer respectively. Guido Inzaghi left in October 2017 to join BIP - Belvedere Inzaghi & Partners, while senior counsel Rosemarie Serrato joined Nctm Studio Legale in February 2018.

Gianni, Origoni, Grippo, Cappelli & Partners

Gianni, Origoni, Grippo, Cappelli & Partners provides a full-service real estate offering under the leadership of the highly regarded Davide Braghini in Milan and Domenico Tulli in Rome, including high-value transactions, developments and fund structuring. The practice recently assisted Coima with the setting up of a €500m real investment fund, advised Dea Capital Real Estate on the acquisition of a portfolio comprised of three hospitals and two clinics from the Eurosanità Group and acted for new client Zalando on the development of its new fulfillment centre in Verona.

Legance - Avvocati Associati

At Legance - Avvocati Associati, the ‘very committed’ team has ‘extensive experience and knowledge in real estate’ and is ‘able to find smart solutions to resolve the issues arising in negotiations’. Giuseppe Abbruzzese, who has 'a perfect understanding of the needs of the clients and adopts a very pragmatic approach’, acted for the Partners Group on the indirect acquisition of companies owning six shopping centres and galleries in Italy from Blackstone and the establishment of a new closed-end real estate fund. Other work included assisting Natixis Pfandbriefbank and Allianz as lenders with the financing of CBRE Global Investors’ purchase of an asset in Piazza Duoma in Milan. Gabriele Capecchi, Emanuele Espositi and ‘skilled negotiator’ and senior counsel Marco Mastrorosa are other key names. In 2018, Giacomo Gitti and administrative and public law expert Alessandra Palatini were promoted to senior counsel and counsel respectively.


Commended for its ‘dedication to the client’ and its ‘strong negotiation skills focused on problem solving’, the ‘outstanding’ team at Dentons handles all aspects of real estate work across the commercial, residential, leisure and industrial sectors. Recent highlights include assisting Barings Real Estate Advisers and Kryalos with the acquisition of the retail park Parco Fiore in Northern Italy and advising Banco BPM on the sale of a portfolio of three historical properties in the centre of Milan. Practice head Federico Sutti, Maria Sole Insinga and Carlo Merisio are recommended.

Freshfields Bruckhaus Deringer

Freshfields Bruckhaus Deringer is highly adept at advising on commercial and residential transactions as well as on development and construction matters. Marzio Longo is the key member of the practice. Highlights included assisting REI Investment BV and other Dutch institutional investors with the acquisition of a portfolio of high street retail properties located in various Italian cities and advising Prelios on the acquisition of an area in view of the development of a social housing project.

Molinari e Associati

Molinari e Associati has deep expertise in assisting real estate investment funds, asset management companies and financial institutions with the acquisition and sale of assets and portfolios, development projects, as well as M&A-related matters. ‘Excellent lawyersUgo Molinari and Alessandro de Botton lead the practice; they recently advised the Blackstone Group on the sale of a portfolio consisting of six shopping centres to the Partners Group through a share deal, and acted for Attestor Capital on the acquisition of a company owning hotels and resorts on Lake Como.

Orrick, Herrington & Sutcliffe

At Orrick, Herrington & Sutcliffe, the real estate team is ‘strong and sophisticated due to its ability to navigate complex cross-border transactions’ and can work ‘under extreme time and financial pressure’. Practice head Emanuela Molinaro and associate Christian Turotti are recommended for being ‘extremely hardworking and responsive’. The group’s recent caseload includes advising Aaron Hotels and Hostels Holding on the sale of a hostel complex in Venice to A&O Hotels for €400m, and assisting Carrefour Property Italia with a commercial development project involving the demolition of an existing hypermarket and the construction of a new retail park. Other notable clients include BNP Paribas REIM, Prelios and Apollo Management International.

Studio Professionale Associato a Baker & McKenzie

Studio Professionale Associato a Baker & McKenzie is adept at advising clients in the hotel and retail sectors on real estate transactions and lease agreements. Practice head Pierfrancesco Federici advised the Statuto Group on the sale of an asset in Milan to Amundi Real Estate for €92m and counsel Rita Marchetti assisted Luisa Spagnoli with the negotiation of the lease agreement for its Milan flagship store. Alessandro Matteini is another name to note.

Clifford Chance

Clifford Chance advises financial institutions, investment funds and clients in the retail and hotel sectors on real estate transactions, establishment of funds and financing, as well as on real estate-related taxation and regulatory issues. The ‘productive’ team, which is led by Claudio Cerabolini, is ‘easy to work with’; it recently acted for the Cromwell European Real Estate Investment Trust on the purchase of 14 properties in Italy for €400m in the context of the creation of a pan-European diversified portfolio, and advised the financiers on the establishment of a real estate fixed-capital investment society by an Italian property developer.

Gatti Pavesi Bianchi

Gatti Pavesi Bianchi Studio Legale Associato provides the ‘highest level of attention to detail and professionalism’ and has ‘outstanding skills and experience in real estate transactions’. Rocco Ferrari and the ‘always available and highly skilledGuido Sagliaschi, who was promoted to partner in April 2018, are the key members of the practice. Acting for Antirion on the acquisition of a property complex from Brioschi Sviluppo Immobiliare and Camabo, and advising Edison on the sale and leaseback transaction with DeA Capital regarding the historic headquarters of Foro Buonaparte in Milan is among its recent work.

Grimaldi Studio Legale

Grimaldi Studio Legale’s areas of strength include the development of complex projects, purchase and sale agreements, rent agreements and office and retail leasing. Paolo Rulli advised the Statuto Group on negotiations of hotel management agreements with Mandarin Oriental Hotel Group, Marriott and Four Seasons regarding a portfolio of luxury hotels and is assisting Hines with three student housing, hotel and micro living development and reconversion projects.

Hogan Lovells International LLP

Hogan Lovells International LLP focuses on acting for clients in the hotel and leisure, fashion and luxury, financial services and logistics sectors on domestic real estate transactions, lease agreements and M&A-related matters. The main name to note is Marco Rota Candiani; he advised Segro, alongside counsel Maria Deledda, on the sale of a property in the Energy Park in Vimercate to Corum Asset Management. Dana Italiana also engaged the practice to oversee the acquisition of the Brevini headquarters in Reggio Emilia consisting of an industrial plant, warehouse and offices.

Jones Day

Jones Day ‘has a deep knowledge of the market’ and ‘works closely with the clients to find the most appropriate solutions for each problem’. Valued for ‘adopting a creative approach’, the ‘very clever’ Matteo Troni recently advised Goldman Sachs International on the acquisition of a leasing portfolio and related underlying assets from Hypo Alpe Adria Bank and assisted the Bank of America with the negotiation, drafting and finalisation of a credit agreement to finance the purchase of a portfolio of eight offices and logistics assets by an Italian real estate fund. Associate Silvia Beggiato is also recommended.

Nctm Studio Legale

Nctm Studio Legale handles financing, acquisitions and disposals, fund formation and taxation matters as well as land use, planning and development, construction and leasing issues. In recent highlights, the ‘competent and experienced’ team assisted the European Investment Bank with the lease of its new headquarters in Rome, advised San Pellegrino on the development of its flagship factory in Milan and acted for a property trust on the purchase of a 45,000sqm logistics asset. Practice head Luigi Croce and Christian Mocellin are key names. Rosemarie Serrato joined from DLA Piper in February 2018 and Alessandro Vespa was made partner in April 2018.

Studio Legale Padovan

Best known for its infrastructure projects, development and construction expertise, Studio Legale Padovan has been advising Salini Impregilo on several major infrastructure and development projects, including the negotiation and drafting of a contract with an investment fund company in connection with the financing and development of the new ENI headquarters in Milan. Marco Padovan leads the practice.

Allen & Overy - Studio Legale Associato

Allen & Overy - Studio Legale Associato’s real estate expertise spans the acquisition and disposal of assets, lease agreements, financing, as well as development and construction matters, town planning and environmental and regulatory compliance. The group acts for financial institutions, corporates and real estate investment funds and developers. Counsel Carlo Merisio left in January 2018 to join Dentons.

Carnelutti Studio Legale Associato

Carnelutti Studio Legale Associato is ‘able to take into consideration each peculiarity of the client’ and regularly handles real estate transactions in the retail and hospitality sector as well as the negotiation and drafting of lease agreements. ‘Remarkable lawyer’ and head of practice Benedetta Amisano advised Allianz on the negotiation of a lease agreement for a hotel with the HNH Hotels & Resorts Group.

De Berti Jacchia Franchini Forlani

De Berti Jacchia Franchini Forlani is active in the negotiation of contractor agreements, town planning, real estate investments and financing, leasing, as well as sale and purchase of properties and property portfolios. The group recently advised STS Alpresor AB on the negotiation and drafting of a contract for the renovation and subsequent sale of a hotel in the Italian Alps. Gianni Forlani heads the practice.

Osborne Clarke

Osborne Clarke specialises in real estate investments and financing as well as on fund structuring and formation, contentious real estate issues, development and regeneration and construction contracts. In recent highlights, Simone Monesi advised DeA Capital Real Estate on the sale of a portfolio composed of eight movie theatres to Aermont; and Sara Miglioli assisted co-owners Siste and Marino Golinelli with the sale of a property in Milan to AXA and with the negotiations with the tenants.

Pavia e Ansaldo

Pavia e Ansaldo counts real estate investment funds, state-owned entities, pension funds and international investors among its clients. The practice advised Investire on the negotiation of a €91m facility agreement with Natixis for the development of a portfolio of nursing homes, and acted for Fabrica Immobiliare on the negotiation for the termination of a lease agreement with the Italian telecoms operator Wind. Claudio Cera, Daniele Carminati and Fiorenza Resta are the names to note.