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Real Estate

“An excellent, stable team with very strong negotiation skills”
Chambers Europe

Carnelutti’s Real Estate Department provides high-level legal advice on complex real estate transactions involving prime residential and commercial assets. The team assists Italian and international clients across the full spectrum of real estate matters, with a particular focus on high-value properties located in Italy’s key historical, financial, and residential areas.

The Department advises throughout all stages of real estate acquisitions and disposals, including transaction structuring, legal due diligence, negotiation and drafting of contractual documentation, and the management of civil and regulatory issues connected with the transfer of high-end assets. The team regularly coordinates with notaries, tax advisors and technical consultants to ensure a seamless and integrated management of each transaction.

A significant portion of the Department’s activity relates to luxury residential real estate transactions involving overseas investors and high-net-worth individuals, also driven by Italy’s increasingly attractive tax framework for new residents, including the so-called Flat Tax regime. The team regularly supports clients relocating to Italy or investing in prime residential properties in connection with broader wealth and estate planning considerations.

In addition to transactional work, the team offers ongoing support in the management and enhancement of real estate portfolios, assisting property owners with lease negotiations, renegotiations, and asset management matters, as well as with the termination of existing lease relationships, repossession procedures, and tenant-related issues.

The Department also has recognised expertise in transactions involving properties subject to regulatory and cultural heritage constraints, including historic, artistic, and landscape protections, advising on the relevant authorisation procedures and implementing appropriate contractual safeguards.

Blending the expertise of Carnelutti's real estate practice group with the firm’s corporate and M&A, tax, litigation, labour and administrative law teams ensures that clients always receive top quality legal support in all areas and specifically with:

  • Real estate acquisitions and disposals;
  • Legal and tax due diligence;
  • Real estate financing;
  • SIIQ (listed real estate investment companies);
  • Development projects;
  • Construction;
  • Asset and property management;
  • Town planning and planning matters and permits;
  • Real estate leases and lettings;
  • Hospitality and leisure;
  • Fiscal planning of real estate transactions;
  • Litigation.

The firm's clients include buyers and sellers of real property of all descriptions:

  • Retail;
  • Logistics;
  • Residential;
  • Office buildings;
  • Retail malls, outlets and shopping centres;
  • Industrial and warehouse facilities;
  • Hotel and leisure.
  • Advising an asset Management Company specializing in the establishment and management of Real Estate Investment Funds, acting on behalf of a real estate fund wholly owned by one of Italy's leading project & construction management companies in the acquisition of the headquarters of Europe's Leading Entertainment Company, in Milan, for a value of 262,5 million Euro.
  • Assisting a major international investor and leading diversified business in the Middle East in association with a London property firm which invests in real estate and related businesses in the UK and Europe in the purchase of the French portfolio of a primary Italian listed real estate company consisting of 9 luxury buildings in Paris, for 1,225 billion Euros.
  • Assisting a property funds asset management company in the sale of five real estate properties located in Turin, Genoa, Milan and Como to one of the world's leading investment and advisory firms.
  • Assisting one Turkey’s rapidly expanding conglomerates, founded in 1980, active today in a wide range  of sectors including machinery, technology, construction, tourism, chemicals, in negotiating and signing an agreement, with one of the leading hotel and leisure companies in the world, to manage an exclusive 5 star luxury hotel & resort located in Venice.
  • Assisting a prestigious real estate investment company whose portfolio includes some of the most exclusive 5-star hotels in Europe and the USA in its acquisition of one of the world’s most majestic and iconic hotels in Rome.
  • Assisting a leading company, which operates in the management of real estate financial instruments, controlled by a leading group in the area of financial services in Europe, in the acquisition of a building located in a northern city centre and owned by an Italian subsidiary of a Luxembourg fund. The entire building is leased out to a retailer of sportswear and sports equipment.
  • Assisting a leading international player in the chemicals, petrochemicals, oil and gas, power, infrastructures and engineering industries, present in more than 30 different countries, in negotiating and drafting the agreement for the lease of two office towers located in Milan, as well as for the supply of ancillary services.
  • Assisting a primary Italian banking group in the acquisition of a minority stake in a leading Italian real estate fund management company.
  • Assisting an asset management company of one of Italy's most innovative financial boutiques in managing the legal terms of one of its speculative real estate funds reserved for qualified investors, with quotaholders, tenants and banks.
  • Assisting the shareholders of a real estate holding company in setting up a joint venture with a leading international group specializing in the management of real estate portfolios for the development of numerous real estate projects, for the creation of real estate funds and their management.
  • Assisting an Italian private real estate company in feasibility studies involving the possible setting up of an SIIQ to streamline part of the group’s business.
  • Assisting a primary Italian asset management company operating in the real estate industry in the acquisition of five buildings, rented to the leading European specialist retailer of appliances and consumer goods, from an internationally operating service provider for retail property.
  • Assisting a primary Italian asset management company operating in the real estate industry in the acquisition of the real estate portfolio owned by several companies belonging to one of the world’s largest private equity groups.
  • Advising one of the leading pan-European real estate investment management companies, advisor to a French institutional investor, on a bid for the acquisition of units of an important real estate fund.
  • Assisting a leading European real estate investment management group in the sale of a property company to an important Italian real estate group.
  • Advising a leading pan-European real estate investment group on the sale of eleven buildings located in various European countries included in an important real estate fund with particular responsibility for the sale of three Italian assets.
  • Assisting a group of investors in a bid for the sale of the entire real estate portfolio of an Italian social security institution.
  • Advising a pan-European real estate investment manager on a high-profile real estate acquisition in Italy. The project included advice on the related loan and security agreements.
  • Assisting real estate advisory firms in investment management and related services agreements with real estate mutual funds.
  • Advising borrowers, banks and insurance companies on the financing of large construction and development restructuring projects.
  • Assisting venture companies in the development of their real estate investment business in Italy by a broad range of acquisitions of office buildings, commercial centres and warehouses.
  • Advising real estate mutual funds on the acquisition process of assets and on the related investment and management agreements.
  • Assisting Italian clients in several acquisitions of real estate assets located abroad.
  • Assisting private equity firms in joint venture acquisitions of Italian based real estate companies and of property investment and development companies.
  • Assisting European based investment management companies to expand their portfolios by the acquisition of development land and buildings under development.
  • Assisting Italian investors in the bidding process connected to banks’ spin off/disposal of their real estate portfolio.
  • Assisting international investors in the purchase of retail properties, shopping centres, and multiplex cinemas.
  • Assisting hotel chain owners in the restructuring and development management of their hotel portfolios.
  • Assisting an international property firm in the winning bid to act as main developer for the regeneration of a 56 acre brownfield site in the centre of Milan.
  • Assisting one of the world’s largest real estate organizations in its role as developer of one of the most important urban regeneration projects undertaken by the City of Milan in recent years.
  • Advising a French property leasing firm on the opening of their Italian operations.
  • Assisting one of Europe's leading financial services groups in relation to the entire acquisition financing for the purchase of a luxury hotel based in Milan by a London based hotel property and management company.
  • Advising a leading company which operates in the management of real estate financial instruments, controlled by a leading group in the area of financial services in Europe, on the acquisition of a famous Milanese landmark building used as garage
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