Giambrone advises 12.18. Investment Management in the acquisition of a 5 Resort in Italy
Our Corporate team in London, Munich and Milan has advised one of the Germany's fastest growing independent hotel owner/operators, 12.18. Investment Management, on an agreement to acquire the freehold interest of a hotel under development, located in Porto Cervo, Sardinia, for a total consideration of Euro50 million. The firm also advised on the acquisition financing and related management equity arrangements.
As part of the transaction, 12.18. has acquired the entire issued share capital of Itacosmer S.p.A. from the Tosolini family, an Italian private equity real estate investor. Itacosmer owned the unencumbered freehold interest of the Baja Sardinia hotel in the Emerald Coast of Sardinia. The development of the hotel, which will be part of the 7Pines chain and will be branded 7Pines Sardinia, is expected to be completed and operational before summer 2020.
Itacosmer’s shareholders were advised by Gianni Origoni Grippo & Partners. The Giambrone team advising 12.18 was led by Managing Partner Gabriele Giambrone and included Massimiliano Fabrini, Giorgio Bianco, Luca Fara, Luca Salerno and Luja Ling
Giambrone’s strong hospitality sector practice has advised on a number of high profile transactions recently, advising some of the largest names within the industry.