Kervis SGR invests in a Lake Como hotel and golf resort through a new reserved real estate fund

Kervis SGR has acquired a hotel-designated area with an adjoining golf course through a new reserved real estate fund, managed by the SGR and invested in by a leading European private equity real estate investor. The property is located in Grandola ed Uniti and Menaggio and consists of a first area to be developed into a resort, including an 18-hole golf course, as well as a second area to be developed on the shores of Lake Como, located in the same Municipality of Menaggio.

The Greenberg Traurig team assisted Kervis SGR in all aspects of the transaction. For the real estate investment aspects, the team was composed of partner Paolo Bolis and associates Camilla Picedi Benettini and Fabrizio Fato, while the administrative law aspects of the transaction were handled by counsel Gloria Molteni and associate Francesco Pappalepore. Partner Eriprando Guerritore and associate Carlotta Civello provided assistance on the fund formation and investment management aspects related to the launch of the real estate fund, the holding of its hotel investments and, finally, the identification of the most suitable holding structure for commercial operations in the hospitality sector. The team also supported Kervis and Goodwin in the negotiation of the hotel management agreements with the operator Corinthia Hotels, with respect to Italian law aspects.

EY assisted Kervis SGR on all tax aspects of the acquisition and the structuring of the investment, with an international team led by partners Alessandro Padula and Aurelio Pensabene and composed of managers Giorgio Marchesi and Domenico La Barca. In particular, EY coordinated Italian and international tax matters with a pan-European Italian and Luxembourg team, and also handled the tax aspects of the Italian fund managed by Kervis, as well as the due diligence and the sale and purchase agreement.

Greco Vitali Associati, with a team composed of partner Matteo L. Vitali and Of Counsel Lorenzo Bellini Lucini, assisted the seller of the golf complex.