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INTERNATIONAL DEALS
Norton Rose Studio Legale is advising Limitless, the global real estate arm of Dubai World, on a proposed EURO;475 million acquisition of the vast Falck property redevelopment project located in Milan's Sesto San Giovanni district. The seller, Italian real estate developer Risanamento, is keen to sell the property as part of a debt restructuring plan, which also includes a new EURO;75 million revolving credit line from several Italian banks and a moratorium on a part of the group's debt, agreed to by a majority of Risanamento's creditors. The parties signed an unbinding preliminary purchase and sale agreement for the property on 22 December 2008. The deal is expected to close in the first months of 2009, following completion of due diligence and receipt of certain required permits and regulatory approvals. Norton Rose Studio Legale Managing Partner, Paolo Daviddi, commented: "The credit crisis has put a damper on fundraising activity generally. In 2009 we expect to see an increase in investments by sovereign wealth funds in Italy as well as an increase in disposals of assets by companies in financial stress. Norton Rose Group has acted for Limitless around the globe. This is the first major deal on which Limitless has instructed us to act on in Italy." The Norton Rose Studio Legale team for Limitless on this matter includes Italy managing partner, Paolo Daviddi, senior associate Andrea Sassi and associate Lucia Capotondi, all based in Milan, and, for tax issues, Antonello Lupo, partner, and Francesco Nardacchione (based in Rome). We are also advising Limitless on the approximately EURO;350 million debt package to support the acquisition. The banks involved in the financing are Intesa Sanpaolo S.p.A. and Banca IMI S.p.A.. Mario Lisanti, Partner, Milan office, is leading the banking team for Limitless, assisted by senior associate Gennaro Mazzuoccolo and associates Domenico Petrone and Federica Periale, all based in Milan.
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