Real Estate

Real estate transactions, leases, development

What we do

Real estate sales, asset deals and share deals on real estate vehicles
Structuring of development and asset enhancement operations (residential, offices, logistics, hospitality, healthcare, data centres)
Real estate investment vehicles: real estate AIF, SICAF, SIIQ/SIINQ, club deals
Real estate tokenisation and fractional ownership (intersection of MiCAR, DL Fintech, traditional real estate)
Real estate contracts (commercial leases, hotel management agreements, development agreements, build-to-suit)
Real estate financings (land mortgage loans, project finance, real security, bank due diligence)
Urban planning, building, permits and relations with public administration (variants, public-private agreements under art. 11 L. 241/1990, equalisation)

Service pillars

Real estate acquisitions and disposals

Structuring of asset deals and share deals on vehicles owning real estate or portfolios. Technical due diligence integrated with surveyors, legal due diligence on titles, urban planning compliance, encumbrances and litigation. Transfer deed, seller warranties, escrow and price adjustment mechanisms.

Development and enhancement

Greenfield and brownfield development operations. Structuring of joint ventures between investor, developer and landowner. Construction and development contracts, regulation of relations between promoter and general contractor, permit profiles and construction site risk management.

Regulated investment vehicles

Establishment and operation of real estate funds under the TUF and the Collective Asset Management Regulation, real estate SICAF, SIIQ and SIINQ. Regulatory profiles, single control under Reg. (EU) 575/2013, governance and relations with the SGR/depositary.

Real estate tokenisation

Structuring of fractional ownership operations on real estate via DLT technology. Token qualification (other crypto-asset MiCAR vs. digital financial instrument under DL Fintech vs. simple token representing contractual rights), AML and prospectus profiles, distribution on authorised CASP or ECSPR platforms. Coordination with the Fintech & Digital Assets practice.

Leases and real estate management

Hotel, retail, logistics and residential commercial leases. Hotel management agreements, lease & franchise, non-residential leases of no less than six years, VAT profiles, tenant guarantees, subrogation, sublease and termination.

Real estate financings

Structuring of land mortgage loans, pool financings, real estate project finance. Real security (first-rank mortgages, special privileges), atypical guarantees, intercreditor agreements, collection mandates, staged payments and development covenants.

Urban planning and administrative profiles

Building permits, SCIA, urban planning variants, public-private agreements, urbanisation conventions, equalisation, administrative litigation before TAR and Council of State in building and urban planning matters.