(Visited 455 times, 1 visits today)
(Visited 455 times, 1 visits today)
  • Transaction / Assets
    Buildings in Rome
  • Seller
    Milano 90
  • Buyer
    Tristan Capital, York Capital and Feidos
  • € MM
    700

Sale closing for the Scarpellini assets

 

After over one year of negotiations, the D-day has come to transfer the real estate assets of the group Milano 90, headed by the Roman entrepreneur Sergio Scarpellini, arrested for corruption and now under house arrest. This has been one of the most difficult and complex projects of real estate acquisition of the last ten years and it sees the handover  of 8 trophy assets located in central parts of Rome, such as Marino Palace (till a couple of years ago rented by the Chamber of Deputies for its offices and the Parliament’s cafeteria), the headquarter of the Regional Administrative Court (Tar) of Lazio, the headquarter of the international consulting firm Ernst&Young, the building hosting the international press and the former Hotel Bologna. The portfolio will be located to a Fund managed by Idea Fimit (assisted by the solicitor Nino Lombardo from the firm Dla Piper) and it will be purchased by the investors Tristan Capital, York Capital and Feidos: this latter being the only Italian investor of the group. It must be mentioned though that also Idea Fimit Sgr will invest 10 million. It has been a difficult renovation, also for the position of the creditor banks, which had different levels of protection; especially  Unicredit and Aareal had mortgage credits, while Intesa Sanpaolo had an unsecured credit of over 60 million. The banks, assisted by the solicitor Ugo Molinari, will bring home immediately 100% of their credits. The operation has a total value of about 700 million, 500 of which of senior equity and 200 of junior. The pool of investors has already started the analysis works to appreciate the assets composing the portfolio, with the assistance of Negentropy Italia. The legal firms Rcc and Gianni Origoni Grippo Cappelli&Partners also took part in the operation.