International law firm Simmons & Simmons has advised leading Italian real estate operator IGD on the sale of a major portfolio of 13 assets to global investment firms Sixth Street and Starwood Capital.
Valued at €258 million, the portfolio of real estate assets includes hypermarkets, supermarkets and shopping malls located across Italy – which generate a net rental income of approximately €17 million per year.
Sixth Street is a global investment firm with around $75 billion in assets under management (AUM), while Starwood Capital is a private investment firm with $115 billion AUM.
The transaction will be carried out through the creation of a closed-end real estate investment fund (REIF under Italian law), managed by Prelios SGR, a leading asset management company in Italy.
The assets will be transferred through the fund, named the “Food Fund”. 60% of the fund will be held by a Luxembourg-based vehicle (with Sixth Street and Starwood owning 50% each), while the remaining 40% will be held by IGD.
Simmons & Simmons Milan assisted IGD on the deal’s corporate and real estate aspects, with a team led by real estate partner Emanuela Molinaro, supported by supervising associate Christian Turotti and lawyers Francesca Giammarino and Luigi Toscano.
The transaction is expected to close by April 2024.
