Financial Taxation, Real Estate and Asset Management
We assist banks, SGRs, investment funds, insurance companies, real estate sponsors and domestic and international institutional investors in structured finance, real estate, asset management and capital markets transactions.
On the financial side, we deal with the tax structuring of domestic and cross-border financing, securitisations, NPLs/UTPs. On the real estate side, we cover the full cycle of real estate investment — acquisition, holding, development, asset management and disposal — overseeing dedicated vehicles (real estate funds, SIIQs, club deals, Luxembourg SCSps) and the interaction with VAT/registration tax/IMU.
On the real estate side, we integrate tax and valuation expertise: valuation of real estate portfolios and single assets, expert appraisals supporting contribution and demerger transactions, fair value of SGRs and real estate funds in real estate M&A, oversight of VAT, registration, mortgage and cadastral tax aspects throughout the entire life cycle of the investment.
Areas of focus
- Financial instruments, derivatives, insurance products, PIRs and individual savings plans.
- Acquisition finance and refinancing: interest deductibility, hybrid mismatches, intercreditor.
- Securitisations, SPV vehicles, NPLs/UTPs, transactions on non-performing loans.
- Investment funds (UCITS, AIFs), Italian and foreign SGRs.
- Real estate: SIIQs, Italian and foreign real estate funds, club deals, real estate JVs.
- Real estate development transactions: build-to-rent, build-to-suit, student housing, logistics, data centres.
- VAT and indirect tax aspects of real estate and financial transactions.
- AIFMD II and Italian credit funds: differentiated leverage limits, liquidity management, prudential supervision, tax regime of credit UCIs.
- Valuations and appraisals: real estate portfolios, single assets, NPLs/UTPs, fair value of SGRs and funds, expert appraisals.
