Giambrone Assists 12.18 Investment GmbH in a Commercial Real Estate Acquisition in Sardinia
In January 2018, the Sardinian desk of Giambrone was approached by 12.18 Investment GmbH group, an international investment management company based in Germany, to provide legal assistance and due diligence in relation to the high value acquisition of a luxury hotel in the prestigious seaside location of Baja, Sardinia, the vendor being a Sardinian family business, Itacosmer S.p.a.
The project was complex and Giambrone created a dynamic multidisciplinary legal team, led by Gabriele Giambrone, composed of teams from the relevant offices in the Giambrone group, comprising of Giorgio Bianco, who controls the Sardinian desk together with Massimiliano Fabrini and Stefania Skonieczny, partners in the Milan office and their assistants; with the Munich office providing assistance with German legal issues that applied to the transaction
The negotiations were disrupted by a proposed piece of legislation particularly aimed at investment in Sardinia which took a step closer to becoming law, leading the vendors to change their position in anticipation of the legislation. In order to prevent the deal stalling or breaking down completely two alternative approaches, taking into account all risks, were developed by the Giambrone legal team. Once the preferred approach was selected a robust strategy was constructed to bring the project to a successful conclusion, overcoming the obstacles that had arisen.