PedersoliGattai acted as transaction counsel in the real estate securitisation deal, pursuant to articles 7, paragraph 1 letter b-bis and 7.2 of the Italian law no. 130 of 30 April 1999, of the real estate property currently used as hotel and named “Hotel Polo”, located in Parioli district in Rome.

In particular, the securitisation vehicle Gladio SPV Srl has purchased the property in execution of the certified restructuring plan pursuant to article 56 of the Italian Legislative Decree no. 14 of 12 January 2019 drafted by the selling company Pierre Srl.

The transaction, aimed at converting the Hotel into luxury flats and offices, was executed through the granting of financing pursuant to Article 7, paragraph 1, letter b-bis of the Italian Law no. 130 of 30 April 1999, by illimity Bank SpA, as senior investor, and the issue of a class of variable return securities underwritten by the company Kumi SpA, as junior investor.

The structured finance team of PedersoliGattai, coordinated by Emanuela Campari Bernacchi and Valentina Lattanzi (partners), and composed of Francesco Lucernari (counsel) as well as Francesca Scarabello and Giovanni Di Gaspare (associates), advised illimity Bank SpA and the other parties involved in the transaction in the negotiation and finalisation of the credit facility agreement as well as in the drafting of the securitization documents.

Riccardo Sgrò (senior counsel) provided legal assistance in relation to restructuring aspects connected with the restructuring agreement pursuant to art. 56 of the Italian Legislative Decree no. 14 of 12 January 2019.