CBA advises on the refinancing of the Corso Vercelli 22 redevelopment project

CBA Studio Legale e Tributario, White & Case, Cappelli Riolo Calderaro Crisostomo Del Din & Partners (CRCCD) and LawaL Legal & Tax Advisory acted as legal advisors on the refinancing of the real estate securitisation relating to the redevelopment project at Corso Vercelli 22 in Milan. The transaction was carried out through the securitisation vehicle Real Estate SPV Project 2410, established pursuant to Article 7.2 of Italian Law No. 130/1999.

As part of the refinancing, Gardant Investor SGR, a doValue Group company and manager of the closed-end alternative credit fund "Miro", subscribed for Class S and Class V notes issued by the securitisation vehicle. The proceeds of the issuance were used, among other things, to refinance certain previously issued Class A notes as well as a VAT facility previously granted to the SPV. Part of the proceeds may also be used to finance additional capital expenditure relating to the property.

The underlying redevelopment project is sponsored by Apeiron, with the participation of Green Arrow Capital SGR, acting as manager of the closed-end alternative real estate fund "Green Arrow MiTo", which holds the Class M notes. Apeiron continues to act as asset manager for the project and retains an investment in the structure through the junior classes of notes.

White & Case advised Gardant Investor SGR with a team led by partners Luca Maffia and Francesco Scebba, supported by associate Marco Cattani. Real estate aspects of the transaction were handled by partners Domenico Fanuele and Davide Cavazzana, together with associate Francesco Speciale.

CBA advised Apeiron, the sponsor and asset manager of the transaction, on tax matters with Partner Roberto Brustia and Senior Associate Andrea Motta, while the real estate aspects were handled by Associate Pierluigi Alessio and Senior Associate Federica Rota.

CRCCD acted as drafting counsel to Apeiron and the other junior investors, restructuring the existing securitisation documentation in preparation for the issuance of the Class S, Class V and Class M notes, and coordinating the activities required for the exit of the existing investors from the securitisation. The team comprised partner Fabio Zambito and senior associate Davide Paqualotto.

LawaL Legal & Tax Advisory advised Green Arrow Capital SGR, as manager of the "Green Arrow MiTo" fund, on the negotiation of the securitisation documentation and the contractual arrangements in place with the sponsor. The team was led by partners Piergiorgio Mancone and Luca Gobbi.