Real estate and construction in Italy


BonelliErede has two distinct teams - a cross-departmental real estate focus team, comprising lawyers with expertise in corporate, financing and public law, and a sector-specific construction and engineering focus team, which handles matters relating to infrastructure, industrial facilities and public and private construction. Combined, the two teams provide assistance to borrowers and lenders, investment funds and banks, building and developing companies in acquisitions and sales, structurings, restructurings and tax matters. Emanuela Da Rin and Paolo Daino head up the department, which recently expanded through the acquisition of partners Mauro Pisapia, Johannes Karner and Stefano Nanni Costa, all of whom joined as a result of the firm's merger with Lombardi in July 2019. Alessandro Balp is a highly visible member of the team, being involved in some of the most important transactions in Italy and Europe.

Practice head(s):

Emanuela Da Rin; Paolo Daino

Key clients

Prelios SGR

Amundi Real Estate Italia

Società di Gestione del

Risparmio S.p.A.

Bnp Paribas Reim

Salini Impregilo


Chiomenti's activity in the real estate space includes complex transactions for investment and management companies and real estate funds - with a focus on finance, regulation (Vincenzo Troiano) and insurance. In addition, the team also handles development projects involving complex tax structures (one of Giuseppe Andrea Giannantonio's key areas of activity), while town planning and environment  advice are other key areas of strength. The team is a multidisciplinary group of highly esteemed lawyers such as Umberto Borzi and Patrizia Liguti , and was developed further still by the promotion of Katia Zulberti to counsel in January 2019.


‘The team has a broad set of skills, is flexible and takes an effective approach to deals’

‘Umberto Borzi is one of the best lawyers in the real estate industry – his knowledge of the market and dynamics is amazing and extremely valuable.’

‘Chiomenti’s team is most probably the best in Italy for the real estate industry. They are extremely professional and knowledgeable.’

‘Carlo Croff is probably the best lawyer in Real Estate in Italy, very professional and extremely well connected – he finds solutions to every problem.

‘Patrizia Liguti is very experienced and very professional.’

‘Giuseppe Andrea Gianantonio is a very prepared and connected lawyer’

‘Chiomenti’s real estate teams are very well focused – their approach results in high-level agreements’

‘Always available even for small issues – each one of the people involved in the dedicated teams maintains high standards on all occasions’

‘Paolo Fedele and his team are smart and professional’

Key clients

Aedes SIIQ S.p.A.



Angelo Gordon


Banca IMI


BNP Paribas Group

Castello Sgr S.p.A.

CDP Immobiliare

Cerberus Capital Management



Dea Capital

Eurocommercial Properties

Franklin Templeton

Generali Real Estate SGR

Government of Singapore Investment Authority (GIC)

Kervis Asset Management S.p.A.



Kryalos SGR S.p.A.

Intesa Sanpaolo


Logistics Capital Partners

Morgan Stanley

Prelios S.p.A.




Silver Fir

Tristan Capital

Tritax Eurobox

Work highlights

  • Advising Aedes in relation to the partial proportional demerger of Aedes SIIQ particularly of its SIIQ business) in favour of Sedea SIIQ.
  • Advised Kryalos on the transformation, renovation, letting and sale of several landmark buildings in the centre of Milan
  • Advised Tritax EuroBox on the setting up of the structure for its first Italian acquisition and in the acquisition of a regional fulfilment centre.

DLA Piper

DLA Piper is appreciated by clients for being 'a true one-stop shop' for real estate matters across the retail, hotels, office and logistics sectors. The department - which covers transactions, investment, regulatory issues, financing and tax matters - has 'impressive capabilities' and a team of lawyers across Milan and Rome, led by Paolo Foppiani and Francesco De Blasio respectively. In the Milan office, Olaf Schmidt is well regarded for his work for national and international investors and developers; Carmen Chierchia was promoted to partner in May 2019 while Milena Linguanti left for Allen & Overy - Studio Legale Associato in September 2018. In Rome, Filippo Cecchetti from Chiomenti joined the team in August 2018, strengthening the M&A expertise of the department.


‘Olaf Schmidt is an experienced lawyer with the ability to run in a very effective way the whole team and transaction process. He has a lot of gravitas and business acumen in negotiations. He is extremely responsive.’

‘They are a very effective real estate law firm with excellent project management capabilities and highly skilled lawyers

‘Olaf Schmidt is a very senior lawyer but gets directly involved in all matters. He has strong coordination skills and makes sure that all lawyers of the transaction work closely together.’

‘With very good knowledge of the standard market practise, the team benefits from various specialized lawyers (real estate, construction and tax matters) and from capability to well balance the recommendations between the legal and business issues’

‘DLA Piper has one of the best real estate practices in Italy.’

‘Filippo Cecchetti is very effective, works hard, understands complex legal issues and tries to tackle them proactively.’

‘Thorough knowledge of the Italian legal environment and strong knowledge of the real estate market.’

‘DLA Piper has a very broad and large real estate team with a lot of in-depth experience.’

‘Carmen Chierchia is an outstanding lawyer: professionally excellent, supportive to the client, very empathetic with people, very determined but also reasonably open to see the different points of view’

Key clients


Primonial REIM


Dea Capital Real Estate SGR



UBS Real Estate



Prelios SGR


Allianz Real Estate


Generali Real Estate









aik Immobilien-Investment GmbH

Work highlights

  • Advising Fabrica SGR – AIF Aristotele in the competitive process to acquire a portfolio of six healthcare properties.
  • Assisting Investitori SGR, the Allianz group’s asset management company, in the set-up of a real estate investment fund.
  • Assisted UBS Real Estate, which acted as asset manager for a group of German institutional investors.

Gianni, Origoni, Grippo, Cappelli & Partners

The real estate department at Gianni, Origoni, Grippo, Cappelli & Partners is led by Domenico Tulli, whose practice covers sales, purchases and mergers of real estate companies as well as structuring and joint ventures, and Davide Braghini, whose expertise leans towards investment agreements, management and leasing of properties, construction and development. Their team works closely together with the wider firm's investment funds team as well as with the firm's administrative lawyers, who are experts on zoning regulations and town planning and have gathered extensive in the real estate sector and with international investors.

Practice head(s):

Domenico Tulli; Davide Braghini

Key clients

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.


Generali Real Estate SGR S.p.A.


Qatar Foundation Endowment

Tristan Capital Partners

Varde Partners


Unicredit S.p.A.

Coima RES SIIQ S.p.A.

Cromwell Investment Group

Korea Investment Management Co. Ltd.

Three Stones Capital

Helitrope ltd

Gruppo Leonardo Caltagirone

ITEM s.r.l.

Waltherpark S.p.A

Policlinico di Monza

Work highlights

  • Advised Cromwell Investment Luxembourg and Korea Investment Management on the acquisition of an office property in the Bicocca area of Milan, fully leased to Pirelli Tyre S.p.A. as research and development headquarters, previously owned by a fund managed by Kryalos SGR and invested by Blackstone.
  • Assistance to Proiezioni Future (a joint venture between Värde Partners and Borio Mangiarotti) in the sale of the office component of the Park West development project in Milan to Orion European Real Estate Fund V.
  • Assistance to DeA Capital Real Estate SGR S.p.A. in the structuring, setting-up and placement of a new real estate alternative investment fund which included one of the largest hospitals in Rome and four medical clinics.

Legance - Avvocati Associati

In the real estate space, Legance - Avvocati Associati boasts a wide-ranging offering, which handles not only corporate and administrative matters, but also banking and finance, funds and regulatory expertise. Institutional investors, lenders and asset managers alike appreciate the team's 'skills, negotiation capability and institutional approach'. The practice was boosted by the addition of partner Luca Dal Cerro, who joined from Linklaters in February 2019 and has expanded the team's tax expertise. With him, a considerable number of associates from different backgrounds joined too. Gabriele Capecchi and Giuseppe Abbruzzese lead the practice, while Marco Mastrorosa is another much-appreciated member of the team.


‘High level legal advice for a reasonable fee’

‘Marco Mastrorosa is an excellent lawyer with a strong knowledge of the law and a wide experience of real estate transactions’

Key clients

BNP Paribas

Castello SGR

CBRE Global Investors

Crédit Agricole

DeA Capital Real Estate

Fabrica Immobiliare SGR

FFF Asset management s.a.r.l.

Generali Italia


Invesco Real Estate


Kryalos SGR

Partners Group

Prelios SGR



Torre SGR

Vestas Asset Management


Work highlights

  • Assistance to Hines Italy in the acquisition and in the related financing of a flagship building in Milan.
  • Assistance to Castello SGR in the sale to a fund (having Oaktree as main unitholder) through a direct sale and also through the sale of shares of the companies owning the buildings.
  • Assistance to Vestas Asset Management in the financing and in the subsequent indirect acquisition of an under construction cutting-edge robotic logistic centre that will be the new main logistic centre for a company leader in the e-commerce sector.

Orrick, Herrington & Sutcliffe

Orrick, Herrington & Sutcliffe's international network, combined with the Italy team's expert knowledge of the domestic real estate market, is a great contributor to the success of the US firm's Milan-based real estate practice and comes especially in handy when dealing with foreign retailers, banks, hotels and investors. The real estate group, led by Emanuela Molinaro, is part of the wider banking and finance team under Patrizio Messina, who is also in charge of Europe. Property and portfolio transactions, investments, construction and development projects as well as real estate and construction disputes all make up the firm's broad offering.


‘Complete alignment on each topic and a great willingness to support the clients with their timing.’

‘Orrick succeeds in combining the professionalism and the organization of a large international firm with a human dialogue and constant support. Their professionalism and coordination convey a strong sense of reliability.’

‘Emanuela Molinaro and associate Christian Turotti are excellent professionals, always reliable in the agreed deadlines and experts on very specific topics.’

‘Emanuela Molinaro gives Orrick’s real estate team her own remarkable touch, with broad legal expertise combined with rare commercial sensitivity.’

Key clients

Auchan Group

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)

Prelios SGR

Monarch Capital Partners

Castello SGR

Meininger Hotels group

DeA Capital SGR



Apollo Management International LLP

Eurospin Group

Isaia & Isaia

Värde Partners

Unieco S.c. in LCA


Work highlights

  • Assisted Auchan Group in the sale of its entire shareholding in Auchan, the company owner of the French international retail group’s business in Italy, to CONAD, the biggest Italian association of independent retail operators, and WRM Group.
  • In the context of a €400m cross-border transaction involving the sale of Aaron Hotels and Hostels Holding’s and ÖMA’s shares in A&O Hotels and Hostels to TPG, the firm advised on the sale of the quotas of a company owning a hostel complex in Venice, to be merged with the hostel previously sold to the same investor in order to become the first-of-its-kind in the Italian hotel and hostel market.
  • Advised Generali Real Estate SGR in a transaction contemplating the contribution in favour of the “Segantini” Fund, of the development project of the “Polo Logistico” building complex, located in Piacenza, previously owned by Generali Proprieties.


Dentons' Italian real estate team draws the wider firm's global reach to advise international asset management companies, financial institutions and other real estate clients across many industry sectors. The team, which demonstrates'great teamwork and professional coordination', is led by well-respected managing partner and real estate head Federico Sutti, who works with experienced professionals from a variety sub-groups with differing skills: Federico Vanetti is in charge of the public policy practice, Carlo Merisio is an expert in asset and share deals, joint ventures and funding, while Maria Sole Insinga advises on real estate M&A, investment funds and development.

Practice head(s):

Federico Sutti


‘Effective leadership is a critical element of any team’s success. Federico Sutti is organised, well informed on market trends and marshals his team well.’

‘Federico Sutti is comfortable working with Italian and international clients. He understands the views and needs of international clients and does his utmost to bridge the gap in knowledge for foreign investors looking to invest in Italy. He also has an excellent eye for details and critical business issues.’

‘They understand different problems and find a suitable solution.’

Key clients


Orion Capital Managers

Fabrica SGR

Savills Investment Management SGR

Allianz Real Estate GmbH – Italian Branch

UBS Asset Management


Invel Real Estate Partners

Partners Group

Torre SGR

Invesco Real Estate

Ark Investment Advisors Pte Limited



Oak Hill


The Student Hotel


Banco BPM

Fondo Pensioni per il Personale Cariplo

Quinta Capital Partners

Work highlights

  • Providing legal assistance to Fabrica SGR in relation to the acquisition of the Excelsior building in Milan and two office buildings located in Turin.
  • Providing legal assistance to Orion Capital Managers in relation to the acquisition of Milano 4 area.
  • Providing legal assistance to Orion Capital Managers through the vehicle Orion V European 9 in relation to the joint venture agreement with Proiezioni Future in the context of the SeiMilano project.

Gatti Pavesi Bianchi

Gatti Pavesi Bianchi's real estate team offers sector-specific expertise on transactions (acquisitions, development and disposals), assets and joint ventures for retailers and asset management companies. 'Real problem solver' Rocco Ferrari is the leading lawyer and particularly active for clients in the retail and shopping centres sector; Guido Sagliaschi distinguishes himself in litigation proceedings and the management of transactions concerning real estate investments funds.

Practice head(s):

Rocco Ferrari


‘Very proactive and specialistic team.’

‘Rocco Ferrari: Excellent industry knowledge. Very supportive in negotiations.’

‘Strong team, helpful, friendly and forthcoming.’

‘Very friendly, prepared and accessible. Easy to talk with them in case of need, always helpful.’

‘Very high-quality advice, excellent expertise. The firm always delivers the result we want or need. Bespoke service. The team is flexible, with great attention to details.’

‘Guido Sagliaschi always delivers outstanding results. He is extremely professional and competent and available. A perfect fit.’

Key clients

Pirelli S.p.A.

BNP Paribas REIM

Daniel Wellington AB

Pinault Collection Sas (Groupe Artemis)

Artisa Group

Savills Investment Management

Nuveen (TIAA)

Generali Real Estate

Trophaeum Asset Management

Real Estate Services S.p.A. (GuglielmoTabacchi Group)

Credit Suisse

Warburg HIH

CBRE Global Investors

Dea Capital Real Estate SGR

Kering Group

AEW Europe

Tikehau Capital

Antirion SGR

H&M Hennes & Mauritz


Cassa Depositi e Prestiti

Bizzi&Partners Development S.p.A. (Davide Bizzi S.p.A.)

Gruppo Percassi


Work highlights

  • Represented Generali Real Estate in the acquisition of  a portfolio of trophy assets.
  • Represented Dea Capital Real Estate in the disposal of a trophy asset in Milan.
  • Represented Savills Investment Management in the sale of the Autogrill headquarter.

Molinari e Associati

Molinari e Associati's real estate clients are serviced by a multi-purpose department that resembles the structure of a boutique firm. The lawyers are generalists who can 'confidently cover complex transactions', development deals, acquisitions and sales of land and portfolios as well as town planning and licensing. Ugo Molinari and Alessandro de Botton are described as 'excellent', while partner Maria Milano is seen as a 'young and charismatic figure'.


‘Mara Milano is fully engaged in the transaction and related negotiations, with strong expertise in real estate matters and wide skills in the relevant related matters.’

‘The lawyers are very focused, diligent and know their market very well’

Key clients

The Blackstone Group

Finanziaria Internazionale Investments SGR

Coop Alleanza 3.0

Fenice Holding

Barings Real Estate

Gruppo Russotti

Prelios SGR

VGP Costruzioni

York Capital Management Europe (UK) Advisors

Art Invest Real Estate

Benson Elliot

Attestor Capital

Quilvest Private Equity

Kryalos SGR


Work highlights

  • Advised a fund managed by Prelios SGR S.p.A. on the sale of a large portfolio of properties located in the centre and in the north of Italy.
  • Advised Banco BPM S.p.A. in respect of its position as a creditor of the Porta Vittoria Bankruptcy, the bankrupt company owner of a large real estate complex located in Milan, currently at a late stage development.
  • Advised Art Invest on the sale– through a share deal – to Invesco of a hotel in Florence’s historic city centre which is scheduled to open in the second half of 2020.

Nctm Studio Legale

The real estate team at Nctm Studio Legale provides cross-sector advice to businesses including commercial companies, asset managers and real estate funds, and the practice has continued to expand its client portfolio in recent months with a number of significant additions. Practice head Luigi Croce has a particular focus on financings, investments, acquisitions, construction and leasing. Another particular area of specialism is town planning, which serves as an extra string to the firm's bow with regards to logistics operations. Alessandro Vespa combines real estate with corporate and commercial law expertise.

Practice head(s):

Luigi Croce

Key clients

Al Kashlock family office

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.

Monrif S.p.A.

Torre San Montano S.r.l.

Boehringer Ingelheim

University of Milan

Work highlights

  • Assisted the Al Kashlock family in the acquisition, through a SPV, of the units of Living 2.0 real estate FIA managed by Savillls Investment Manager Sgr SpA and owner of the building.
  • Advised Bain and Co. in the negotiation and subscription with BVK Highstreet Retail Cordusio S.p.A. (Hines) of the lease for the new headquarters in Milan.
  • Advised Ceetrus Italy S.p.A. in the sale and purchase of the business as a going concern of the mall located in Rome named “Casal Bertone”.

Studio Legale Padovan

Studio Legale Padovan's considerable reputation in real estate is due in part to the firm's 'remarkable in-depth knowledge' of areas including construction, infrastructure, commercial and project financing. Founding partner and practice head Marco Padovan is an 'outstanding' lawyer, serving a wide variety of clients across both the public and private sectors, including multinationals and medium-sized Italian companies, investment funds and banks.

Practice head(s):

Marco Padovan


‘The practice is able to provide high-quality and prompt support on international complex projects, on par with the major players in the sector.’

‘Marco Padovan’s legal skills and mastery of technical detail are first-rate, covering not only Italian law, but also certain aspects of English and French law as well as international model contract practice. A tailored one-to-one approach for the client is granted also by all the other lawyers of the dedicated team.l

‘Marco Padovan, is very skilled and experienced in legal matters, with an in-depth knowledge of the law and practice of FIDIC contracts and construction industry in general, with excellent fluency in English and ability to provide a strategic approach in complex matters and negotiations. The whole team in the construction and real estate practice is responsive, fluent in English and able to provide professional assistance on various construction matters, built also upon a thorough understanding of the practices of the industry and our needs.’

‘Responses are always quick and satisfactory and critical items are quickly identified to help our decisions being in line with planned business impact. The team is multilingual and multinational. While giving assistance, this firm combines an international perspective with a tailored one-to-one approach for the client, who may benefit from service quality, strong commitment, competence and flexibility.’

‘Marco Padovan has excellent legal skills, in particular with respect to international model contract practice, such as FIDIC. He is able to go through very complex deals identifying the strategic approach for the negotiation.’

‘Service quality and efficiency are at the top. ‘

‘The team goes from strength to strength – Marco Padovan has developed a very impressive team with both domestic and international experience.’

Key clients

Salini Impregilo S.p.A.

Italiana Costruzioni S.p.A.

Allen & Overy - Studio Legale Associato

Lawyers across a number of departments at Allen & Overy - Studio Legale Associato - including corporate, regulatory, tax and banking - come together to form a multidisciplinary real estate team led by counsel Milena Linguanti. With her 'strong preparation and experience,' she leads on many development projects, having joined the firm in September 2018 from DLA Piper. Paolo Nastasi, meanwhile handles real estate M&A transactions for equity funds, companies and financial institutions.

Practice head(s):

Milena Linguanti


‘Depth of knowledge and international reach’

‘Milena Linguanti is a first-class real estate lawyer who displays an exceptional level of attention to detail”

‘Milena Linguanti liaises with clients in a unique way, understanding their needs and concerns.’

Key clients

Aermont Capital

Algebris Investments


Prelios SGR


Signal Capital Partners

Starwood Capital

Vollin Limited

Work highlights

  • Advised Starwood Capital, a leading investment firm, on its acquisition of the fund owning the real estate property named “Energy Park Ovest” from the Italian Coima SGR, through Coima Core Fund III.
  • 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, in the sale of its “Barberino Designer Outlet” mall to a real estate fund managed by one of the leading global asset management companies.
  • Advised Cain International Agent Limited (an international real estate investment firm) as arranger, on a €120m bond issuance by Italian construction company Gruppo Barletta for the financing of two real estate development projects in Italy.

Carnelutti Studio Legale Associato

Benedetta Amisano and her team at Carnelutti Studio Legale Associato advise Italian investors and an ever-growing number of real estate asset management companies on the sale and purchase, management and development of properties. Alexa Falco focuses on commercial leasing, while the wider practice is active across all areas, including logistics, manufacturing and hotels. Over the last year, the department has been strengthened at a senior level and is now planning new hires throughout the whole team.

Practice head(s):

Benedetta Amisano


‘Lawyers at Carnelutti are multi-lingual and well-prepared with respect to the applicable regulations.’

‘The individuals I have met in Carnelutti are readily available and give timely attention to client issues. I know they’ll make the extra effort to ensure that their work contributes positively to the project completion.’

‘Carnelutti Law Firm is a certainty if high-level legal assistance on all the real estate matters is needed.’

‘Benedetta Amisano is an experienced professional who is able to follow all the needs of a client and to provide high standard advice.’

‘Carnelutti is a well-known law firm in Milan and is highly appreciated in the real estate sector. The partners and their teams are prepared, available and experienced to assist investors and real estate developers.’

‘Alexia Falco assists in real estate agreements and acquisitions. She is often involved in strategic plans and provides legal opinions since the very early stages of acquisitions. She is very appreciated by both asset and real estate managers for her availability and competency. The quality of her contracts and advice is very high. ‘

Key clients

Hayrish Investment Management Limited

Allianz SpA

BNP Paribas Reim Sgr SpA

UBS Real Estate GmbH

Real Estate Asset Management SGR SpA

Lfpi Italia Reim SpA (Lazard Group)


Castello Sgr

Investire Sgr

Pensplan Invest Sgr

Work highlights

  • Assisting BNP Paribas Reim in the sale of the famous Milanese landmark building Garage Traversi, located in the fashion district in the city centre, to US-based Invesco Real Estate.
  • Advised REAM, which was acting on behalf of the Sympleo fund, in the purchase of two properties: an executive office building on Via Monfalcone in Milan and another building on Viale Monza in Milan, both premises being sold by a real estate investment fund managed by Generali Real Estate.

Clifford Chance

Clifford Chance's Milan-based real estate team is coordinated by Claudio Cerabolini, who leads an interdisciplinary team advising clients on real estate private equity and finance transactions, including investments in offices (a particular area of focus for the firm), homes, logistics and hotels.

Practice head(s):

Claudio Cerabolini

Key clients

AXA Real Estate

CBRE Global Investors

Cromwell Property Group


Partners Group


Swiss Life REIM

Starwood Capital

Torre SGR (owned by Fortress Investment Group and Unicredit)

Work highlights

  • Assisting a leading real estate investment group in relation to the acquisition from a fund managed by a world leading real estate fund of a portfolio of seven logistics assets representing a total surface area of 382,278 sq m located in Italy, France and the Netherlands.
  • Assisted Prelios in the acquisition of a portfolio of properties through Fondo Cristoforo, an alternative real estate investment fund. The real estate portfolio is worth over €250m and consists of three office buildings in Rome and Milan.
  • Advised funds managed by the Korean company Meritz Financial Group on the acquisition of 50% of the units in the “COIMA Core Fund VIII” Fund managed by COIMA.

Hogan Lovells International LLP

With a strong track record of work involving five-star hotels, Hogan Lovells International LLP's Milan real estate department also acts for an array of Italian and international investment management firms and bio-tech companies. The team has full-service capability covering all main industry sectors, including fashion, finance and logistics. Corporate M&A partner Marco Rota Candiani leads the practice, assisted by public law counsel Maria Deledda.

Practice head(s):

Marco Rota Candiani


‘Great legal knowledge, resourcefulness and commercial flexibility’

Jones Day

Jones Day's Italy real estate team acts for a variety of key players in the sector, notably in retail, constructions and logistics, but is particularly appreciated by clients in the banking and finance sectors, which seek the firm's advice on managing assets, properties and lease agreements, as well as construction-related matters. Much-appreciated practice head Matteo Troni often works closely together with banking and finance partners as well as cross-border experts, including Sara Rizzon, who was made of counsel in January 2019.

Practice head(s):

Matteo Troni


‘Matteo Troni has a very deep knowledge of the market and is, at the same time, a sophisticated lawyer. Negotiating with Matteo is a real pleasure.’

Key clients


Bank of America Merrill Lynch

CBRE Group, Inc.

Deutsche Bank AG

ING Capital LLC


Natixis S.A.

Nuveen Real Estate

Principal Real Estate

Tristan Capital Partners LLP

Work highlights

  • Advised Principal Real Estate Spezialfondgesellschaft INTERNOS on the legal due diligence and “asset deal” acquisition and financing of an office building located in Milan around the central station area.
  • Advised Reno De Medici and Magenta regarding the sale of a real estate complex located in Boffalora Sopra Ticino (Milan) to Vetropack Italia.
  • Advised Time Equities in the structuring of a platform for the acquisition of an initial portfolio of NPLs and potential multiple subsequent investments in the same sector.

Osborne Clarke

Osborne Clarke's Italy practice has 'extensive experience and knowledge' in real estate and offers 'excellent service' to its mid-sized investor, developer and lender clients. The department benefits from the firm's international connections in Europe and the US, as well as the firmwide focus on real estate, which allows the team (under Simone Monesi in Milan and Sara Miglioli in Brescia) to handle 'complex and heterogeneous' cases, from investments, acquisitions and disposals of assets, finance and restructuring, portfolio management,  construction contracts and real estate litigation. Stefano Panzini is recommended for his corporate real estate work.

Practice head(s):

Simone Monesi; Sara Miglioli


‘I appreciate the flexibility of the Italian team to find smart and innovative solutions within the frame of Italian regulations.’

‘Simone Monesi is always trying to understand the clients’ and counterparts’ respective constraints and to bring win/win structures. ‘

‘Simone Monesi has extraordinary negotiation skills, Stefano Panzini has very deep knowledge of all real estate matters.’

‘Both Simone Monesi and Stefano Panzini display great professionalism, offer appropriate advice and immediate answers to my issues. Osborne Clarke offers very good quality of work, a strength-in-depth team and value for money.’

Key clients

BNP Paribas Real Estate Investment Management Italy SGR p.A.

Klépierre SA, Klepierre Management Italia S.r.l

XXI Century Soccer S.a.r.l

DEA Capital Real Estate SGR S.p,A

Habona Invest GmbH

Magnetti Building S.p,A

Ardea S.r.l

Galleria Commerciale Assago S.r.l.

Shopville Le Gru S.r.l

UCI Cinema Group

Paterlini Costruzioni


Work highlights

  • Advising Klépierre, Europe’s second largest publically-traded mall operator, and its Italian subsidiary on the acquisition of part of the Le Gru shopping centre in Grugliasco (Turin) from Carrefour for €90m.
  • Representing leading cinema operator, UCI Group, on its first project for the remodelling of its multiplex cinemas in Italy – an ambitious, ‘first-of-its-kind’ project in the jurisdiction that will align them with state of the art trends already prevalent elsewhere.
  • Assisting Harbona Invest, a German real estate investment company, with the development of a residential complex in Caorle (near Venice), with an ultimate development value in the region of €250m.

Pavia e Ansaldo

Pavia e Ansaldo's real estate department, which is led by Fiorenza Resta and Claudio Cera, works with the construction and project finance team headed up by Daniele Carminati, focusing on portfolio management, acquisitions and project financing. The group's most notable recent work has involved leasings and refurbishments for a major global bank, real estate litigation for a pension fund and construction projects in the energy, telecoms and transport segments.


‘Professionalism, client focus and determination.’

Key clients

Anas International Enterprise S.p.A.

Danieli & C. Officine Meccaniche S.p.A.

Fabrica Immobiliare SGR

Focus Investments S.p.A. and its subsidiaries Iniziativa Immobiliare Due S.r.l. – Iniziativa Immobiliare Tre S.r.l.

Gruppo Finim

Gruppo First Atlantic RE

Hirmer (former Travel Charme)

Hirmer Immobilien

Invimit SGR S.p.A.

LHM S.r.l.

M+W Italy S.r.l.

Mayhoola Italy S.r.l.

Proger S.p.A.

Sator Immobiliare SGR S.p.A – Fondo “Leopardi” – Fondo “Dante Retail” – Fondo “Petrarca”

Sorgente SGR S.p.A.

Work highlights

  • Advising Investire, one of Italy’s largest asset managers, on a €91m real estate financing.
  • Successfully representing Fondazione ENPAM (the Italian Doctors’ pension fund) in real estate litigation.
  • Representing DeA Capital Real Estate in a judgment before the Rome Court of Appeals.

Studio Professionale Associato a Baker & McKenzie

Studio Professionale Associato a Baker & McKenzie is well equipped to address the needs of a wide variety of real estate clients, including hotels, international investment funds, retailers and pharma companies. Pierfrancesco Federici, who leads the team. has extensive transactional and regulatory expertise; partner Alessandro Matteini focuses on M&A and restructuring; while Rita Marchetti, who was welcomed into partnership in July 2019, specialises in divestments in the hotel, resort and retail sectors.

Practice head(s):

Pierfrancesco Federici


‘Alessandro Matteini is a very active member of the team’

Key clients


Savills Investment Management SGR

BNP Paribas SGR


Polymath & Boffin

Arrow Global

Lvmh Moet Hennessy Louis Vuitton Inc.

Felician Services, Inc.

Gruppo Statuto

Work highlights

  • Advised REAM in its capacity of management company of the Italian real estate alternative investment fund called “Sympleo”, in the selling of a real estate asset located in Rome to BNP Paribas REIM.
  • Assisted Savills Investment Management in the acquisition, through the multi-sector real estate AIF called “Mercury”, of a portfolio of eight supermarkets located between Emilia Romagna and Lombardy.
  • Advised the pan-European Fund NEIF, managed by BNP Paribas Real Estate Investment Management Luxembourg, in the acquisition of the “Gaurico Building”, a mult-tenant office complex located in Rome in the EUR Laurentina area.

BIP - Belvedere Inzaghi & Partners

At BIP - Belvedere Inzaghi & Partners, founding partners Antonio Belvedere and Guido Alberto Inzaghi are both experts in real estate and administrative law and take a lead role on many of the firm's key matters. The real estate investment department is led by Paolo Marra , who is also co-head of the corporate and civil law department. His team, which grew considerably in early 2019 at mid- and lower level, covers work relating to large urban transactions, redevelopment and leases.

Practice head(s):

Paolo Marra


‘Excellent knowledge of the real estate sector, in particular, great support and ability in dealing with public administration bodies and municipalities.’

‘Excellent availability of partners and senior associates, efficiency in providing legal outcomes.’

Key clients

Savills Investment Management Sgr S.p.a.


Hines S.p.a.

Cattolica Assicurazioni


Coima Sgr S.p.a.

Dea Capital Sgr Spa

Cromwell Property Group


Oaktree Capital Management

Work highlights

  • Assisted Coima Sgr S.p.a. in the acquisition of a €193m building.
  • Assisted Società Cattolica Di Assicurazione in the acquisition and redevelopment of a €30m building.
  • Assisted Valecenter Srl in the acquisition of a trade centre.

Curtis, Mallet-Prevost, Colt & Mosle

The Italy real estate team at US firm Curtis, Mallet-Prevost, Colt & Mosle LLP is led out of Rome by Sergio Esposito Farber, whose expertise centres on property acquisitions and dispositions. Key clients include UK- and US-based firms; the practice advises on transactions, leasings, and management contracts as well as corporate and regulatory matters. Private clients also turn to the firm for luxury real estate advice.

Practice head(s):

Sergio Esposito Farber

Key clients

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.

Work highlights

  • Drafting of a general planning agreement. for Rete Ferroviaria Italiana, Trenitalia and Fs Sistemi Urbani.
  • Assistance to Residenziale Immobiliare (Cassa depositi e prestiti group) in the renovation and future lease of an historical building located in Rome city centre.
  • Advised Colony Capital on the cross-border sale of two flagship properties located in Rome to the Embassy of Korea.

Greenberg Traurig Santa Maria

The real estate practice at Greenberg Traurig Santa Maria has strong ties with a wide pool of clients, many of which have their roots in Germany, the UK or across the Atlantic, and are seeking investment opportunities in the Italian real estate market. Often acting on large portfolios within the logistics, office and hospitality sector, the department extended its reach through the significant addition of Marzio Longo   from Freshfields Bruckhaus Deringer, with whom Federico Barbàra now shares the leadership of the practice.

Practice head(s):

Marzio Longo; Federico Barbàra

Key clients

Savills Investment Management

Gruppo San Donato

Serenissima SGR

Gruppo Barletta

Sonae Sierra

Stam Europe

Generali RE

Carlyle RE SGR

Work highlights

  • Acted for Savills on the acquisition of the Gran Roma shopping centre.
  • Assisted the Barletta Group with the issue of a €120m development bond.
  • Acted for Serenissima on the development of buildings to be used for logistics activities.

Grimaldi Studio Legale

Grimaldi Studio Legale's practice comprises nine partners across the firm's Rome and Milan offices. Paolo Rulli, who has extensive experience as a corporate lawyer, has a longstanding track record of advising on major transactions in the real estate sector.

Practice head(s):

Paolo Rulli

K&L Gates

The Europe-integrated real estate practice at K&L Gates has been expanding with a series of new additions, resulting in the firm moving into new premises in Milan. The team's work includes advising clients on investments, development matters, transactions and contracts. Banking and financial markets expert Fabrizio Dotti joined from Simmons & Simmons in 2018; Paolo Rusconi was hired from RCC in 2019: his expertise is on debt restructurings transactions. Meanwhile, public law and town planning-focused Vanessa Boato was promoted to the partnership.

Practice head(s):

Francesco Sanna

Key clients

AEW Europe S.A.

Angelo Gordon


Allianz S.p.A.

Invesco Real Estate

UBS Asset Management Sgr S.p.A.

AEW Europe S.A.

Angelo Gordon

DeA Capital Real Estate Sgr S.p.A.

GWM Capital Management S.r.l.

LendLease – Risanamento S.p.A.

Tetris Design & Build S.r.l.

Barings Real Estate LLP

CBRE Global Investors Sgr S.p.A.

Work highlights

  • Advised AEW Europe  in connection with the acquisition of a portion of a building located in Rome, Via del Corso 511-513.
  • Advised Tiburtina Investments, a company fully owned by Natixis, in connection with the sale – structured as an asset deal – of a real estate complex.
  • Assisted AEW Europe in the dismissing procedure of the real estate assets owned by Natixis Group in Italy, located in Rome, Via Faustiniana.

Norton Rose Fulbright

Norton Rose Fulbright in Milan has an experienced and internationally active team, which is led by banking partner Gennaro Mazzuoccolo. The team not only assists investors and banks but is also able to attract clients such as energy and construction companies, developers and other businesses requiring early-stage advice when entering the Italian real estate market.

Practice head(s):

Gennaro Mazzuoccolo

Key clients


Enel Green Power

Tages Capital





Silver Ridge



Generli RE


Work highlights

  • Advised the Invesco Group on a real estate financing for the acquisition of a retail outlet in Bressanone.
  • Advised on real estate dispute for Swiss Re.
  • Advised on the implementation of a Build, Sell and Operate model and construction and operation of a 1.8GW solar and wind portfolio for Enel Green Power.


Ashurst is building up a 'unique' real estate team under the leadership of Andrea Caputo, who the firm recruited as a partner in April 2019 from Freshfields Bruckhaus Deringer. He and his team work in tandem with banking partner Mario Lisanti to advise investors, asset managers and developers (both in Italy and abroad) on portfolio acquisitions, financing and leasings in the retail, hotels and offices sectors. The team also collaborates with the firm's international offices - especially the Luxemburg practice - for tax, corporate and regulatory matters.

Practice head(s):

Andrea Caputo; Mario Lisanti


‘Andrea Caputo is building up the real estate team with the help of banking partner Mario Lisanti, thus creating a unique team with broad expertise.’

‘Andrea Caputo combines outstanding law expertise with strong commercial appeal, following his clients in every step of the transaction.’

Key clients

DeA Capital Real Estate SGR S.p.A.


Prelios SGR S.p.A.

UniCredit S.p.A.


Work highlights

  • Advised Värde on the €337m refinancing of the debt of the Dedica Group (formerly Boscolo Group).
  • Advised UniCredit S.p.A. on the real estate development financing to Step Real Estate S.r.l.
  • Advised a reserved fund managed by DeA Capital Real Estate Sgr on the sale of a real estate portfolio.


CMS works with clients across many sectors; institutional investors, real estate funds, lenders and borrowers from the hospitality, real estate, construction and banking industries all come to the firm for advice on transactions, funds, tax and financing matters. The Italian department is split between Rome, under Marco Casasole, and Milan, under Dietmar Zischg. Both lawyers have strong M&A expertise and operate internationally.

Practice head(s):

Marco Casasole; Dietmar Zischg

Key clients

Gruppo Saba


Event Hotels

Banca Popolare di Vicenza

Work highlights

  • Assisted Saba Italia, benchmark industrial operator in the development of solutions in the field of urban mobility, specialising in car park management, in the acquisition of Parcheggi Mojano.
  • Assisted seller Sireo Immobilienfonds n.4 Milano in the disposal of an office building in Milan (as a share deal) to an Italian private investor.
  • Assisted Event Hotels, as tenant, in negotiation of a new lease for 4-star Cerretani Hotel in Florence, operated under the “M-Gallery by sofitel” brand.

Cocuzza & Associati Studio Legale

Cocuzza & Associati Studio Legale's real estate department, led by Claudio Cocuzza, sets itself apart from the competition thanks to its contribution to important luxury and retail projects and by assisting global giants within the fashion world. The team's key lawyers (including Alessandro Barzaghi and Giulia Comparini) also advise real estate players in sectors such as insurance and research. Recent work highlights include the establishment of investments, commercial networks structuring, joint ventures and property acquisitions.

Practice head(s):

Claudio Cocuzza

Key clients


PVH Corporation

Eurocommercial Properties

Work highlights

  • Leading work for Camaieu on the negotiation of retail and 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.
  • Representing PVH Corporation, the leading US-based global clothing company which owns a selection of world-renowned brands, including Tommy Hilfiger and Calvin Klein.

De Berti Jacchia Franchini Forlani

Founding partner Gianni Forlani heads up De Berti Jacchia Franchini Forlani's wide real estate offering, which includes well regarded lawyers such as Rome office head Antonella Terranova. The practice, which encompasses regulatory and town planning work, also handles M&A, financing and leasing matters.

Practice head(s):

Gianni Forlani

Key clients

Algardi Immobiliare Srl

Ice snei Spa

Ikea retail/property

Inter IKEA Group


Rolex Italia Spa

Sandvik group

Sts Alpresor ab

Work highlights

  • Assisted Algardi Immobiliare in the sale to the Real Estate Investment Fund “Inarcassa Re – Comparto Uno”, managed by Fabrica SGR, 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.
  • Assisted STS Alpresor AB in the negotiation and drafting of a contract for the purchasing of several properties in the center of Cervinia.
  • Assisting companies of the AB Volvo Group (Renault trucks commercial Italia and Volvo Construction Equipment Italia) with rental agreements and arrangements related to the real estate they use in Italy to carry out their activities.

Simmons & Simmons

Simmons & Simmons's real estate client roster (which has a particular focus on real estate investment funds) turns to the firm for advice on asset disposals and acquisitions across Italy, as well as lease agreement and debt restructuring. Specialising in M&A, corporate real estate and private equity, practice head Dario Spinella is often backed up by the wider firm's banking and finance team, providing a 'fully integrated service and best in class lawyers.' 

Practice head(s):

Dario Spinella


‘Pragmatic approach and availability round the clock’

‘Customer focus, availability, professionality and real estate skills’

‘Goal and deal-driven’

Key clients

Kryalos SGR S.p.A.

Benson Elliot

Europa Risorse SGR S.p.A.

The Ability Group

Work highlights

  • Advising Kryalos on the disposal of an historical real estate asset in Bologna.
  • Advised Europa Risorse on the acquisition of a real estate asset in Milan.
  • Assisted Ability Group in the refinancing of the Resort Kamarina Hotel by Farallon Capital Management.

Withers Studio Legale

The real estate department at Withers Studio Legale is divided between its Milan and Padua offices. Led by Sergio Anania and the well connected Roberta Crivellaro, the team has a focus on transactions, as well as restructuring and refinancing, and has particular expertise in the luxury, manufacturing, hospitality and retail sectors.


‘Their Italian team is very strong and able to operate with ease in Italy and in other countries – not just in Europe.’

‘Roberta Crivellaro has the know-how, the understanding of the protocols required and vast knowledge of property issues.’

Key clients

Soho House

Officine Mak Srl

Tory Burch

Work highlights

  • Assistance to Soho House in 2 new hotels in Rome, the client’s first investments in Italy.
  • Assistance to Tory Burch in property matters in relation to their flagship stores in Italy
  • Advised Officine Mak on a purchase from a foreclosure proceeding.