Clifford Chance is advising the Italian group Risanamento in relation to the €1.225bn sale of its French real estate portfolio representing one of the most significant transactions in France since 2007.

The Italian group listed in Milan announced the signing of an agreement with The Olayan Group in association with Chelsfield on the sale of its 80,000m² French real estate portfolio comprising nine premises located in some of the most prestigious districts of Paris, including avenue Montaigne. Several other large foreign investors had also expressed interest in this portfolio.

This sale agreement also includes a call option for Luigi Zunino, founder and former Chairman of Risanamento, giving him the right to purchase one of the properties of the portfolio located on avenue Montaigne.

The closing of this portfolio transaction should occur in the course of June 2014.

The Clifford Chance Real Estate team is advising Risanamento with François Bonteil (partner), Atusa Family (counsel) and Adeline de Ménonville, supported by Eric Davoudet (partner) and Omar El Arjoun for the tax aspects.