International legal practice Norton Rose Studio Legale has advised Banca Nazionale del Lavoro S.p.A. as sole arranger and lender of the debt package supporting the creation of Fondo Immobiliare – Comune di Milano II (the “Fund”). The Fund has been set up to maximise the value of a large real estate portfolio owned by the Municipality of Milan, which includes 65 assets located mainly in the Province of Milan. On full completion of the transaction, the Fund will own assets with an aggregate estimated value of not less than €120,000,000.

The Norton Rose Studio Legale team was led by Milan-based banking partner Mario Lisanti, assisted by associates Alberto Castelli, Domenico Petrone, Federica Periale and Marco Gelmetti and by trainee Luigia Bersani; Francesca Staffieri, based in the Rome office, assisted on tax matters. The Fund was advised by Bonelli Erede Pappalardo Studio Legale (team led by banking partner Emanuela Da Rin).

Back in 2008, the same teams of lawyers acted on the debt package supporting the creation of Fondo Immobiliare – Comune di Milano I, the first real estate fund established by the Municipality of Milan.