GIM Legal as Deal Counsel in the Unwinding of the securitasion ICCREA SME Cart 2016


GIM Legal acted which one deal counsel in the early repayment and consensual termination of the securitization carried out by the ICCREA Group in 2016 on credit portfolios deriving from financial leasing contracts, with the issue of 5 classes of notes by the vehicle company pursuant to Law 130/1999 called ICCREA SME Cart 2016 Srl.

The operation, completed on 17 June last, was completed through the exercise by the originator ICCREA BancaImpresa SpA (IBI) of the call option provided for in the original transfer agreement, repurchase pursuant to art. 58 of the Consolidated Law on Banking of residual receivables and subsequent full early repayment of the outstanding notes for about 607 million euro.

Il termination and unwinding agreement it was signed by all parties involved in the securitization, including Citibank (as Principal Paying Agent, Italian Paying Agent, Agent Bank and Account Bank), IBI (as Originator and Servicer), ICCREA Banca SpA (as Arranger, Expenses Account Bank and Back-up Servicer), Accounting Partners SpA (as Computation Agent and Representative of the Noteholders), Zenith Service SpA (as Back-up Servicer Facilitator) e F2A Srl (as Corporate Services Provider).

The GIM Legal team dedicated to the operation was led by the partners Nicola Cozzi e Alessandro Matteini, with the collaboration of the associate Emanuele D'Auria.

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GIM Legal assisted Castello SGR in financing the "Innovation Campus Milano" real estate complex

DLA Piper he assisted VTB Bank, as arranger bank and lending bank, in the financing transaction carried out in favor of the alternative real estate investment fund called "Green Fund One" and managed by Castello SGR and relating to the multipurpose real estate complex called "Innovation Campus Milan”, Located in the municipality of Peschiera Borromeo (Milan) and the first example of a campus in Italy built according to the American LEED certification criteria.

In particular, the financing transaction, for the amount of euro 40 million, was carried out in the context of the transfer of the aforementioned real estate complex from the investment fund called "Gennaker" (also managed by Castello SGR) to the Green Fund One investment fund, with simultaneous takeover by the latter of a portion of debt relating or connected to the aforementioned real estate complex.

Castello SGR SpA was assisted GIM Legal in the structuring and execution of the transaction and in the negotiations concerning the financial documentation completed between the new fund and VTB Banca, at the same time as the senior creditor's release of the guarantees on the property.

DLA Piper assisted VTB Bank with a multidisciplinary team coordinated by the partner Giuseppe Mele and the lawyer Ivano Sproviero and composed of the latter, together with the trainee Costanza Dejana, for the financial law profiles of the operation, by the partner Olaf Schmidt and by the Chiara Sciaraffa for the real estate aspects, by the partner Carmen Chierchia and by the lawyer Sabrina Calatroni for the planning law profiles, as well as by the partner Andrea Di Dio for the tax aspects of the operation.

The GIM Legal team dedicated to the operation was coordinated by the partners Nicola Cozzi (for corporate and financial profiles) e Luigi Rizzi (for regulatory profiles), with the collaboration of the associates Emanuele D'Auria e Anna Laura Pisu.

The parties availed themselves of the collaboration of Notary Marco Ruggeri for the stipulation of some key documents of the transaction at the time of closing.