International law firm Allen & Overy advised Banca Intesa S.p.A., Banca di
Roma S.p.A., Bipop Carire S.p.A. and MCC S.p.A. on the e600 million
financing of Tecla – Fondo Uffici – a close ended real estate fund created
by Pirelli & C. Real Estate Società di Gestione del Risparmio S.p.A.
The transaction represents the first financing of a real estate fund under
the newly enacted real estate fund regulations which deal with the new
threshold of indebtedness allowed for real estate funds.
The loan was originally granted to Tiglio I S.r.l., a company incorporated
in Italy and controlled by MSMC Italy Holding B.V., Pirelli & C. Real Estate
S.p.A., Telecom Italia S.p.A. and Telecom Italia Media S.p.A.. The
portfolio transferred by Tiglio I to Tecla consists of a spin-off of part of
the company’s real estate portfolio, contributed, among others, by Telecom
Italia and Pirelli to Tiglio I, and includes real estate properties located
in Rome, Milan and Turin.
The successful listing of Tecla on the retail stock market took place on 5
March 2004. Pirelli & C. Real Estate Società di Gestione del Risparmio
S.p.A. sold the quotas on the retail stock market for a price exceeding
their nominal value by more than 2 per cent.
The Allen & Overy team was led by partner Giancarlo Castorino with
assistance from senior associate Mirja Cartia, associate Catalina Greidinger
and trainees Antongiulio Scialpi, Lilia Lani and others.
For further information please contact Caroline Davies
(caroline.davies@allenovery.com) in London on +44 20 7330 2867.
