Clifford Chance has advised Goldman Sachs International on the origination and securitisation of a €363,000,000 commercial real estate loan secured over a portfolio of shopping centres and retail parks in Italy.

The transaction represented the first Italian commercial mortgage backed securitisation since the financial crisis. The success of the transaction highlights the gradual re-emergence of the European CMBS market.

Clifford Chance has a strong track record of delivering groundbreaking cross-jurisdictional real estate financings and securitisations against a backdrop of significant regulatory change. Partner Emma Matebalavu commented:

"We are delighted to have advised Goldman Sachs on such a significant transaction.  Having advised on a number of UK and German CMBS transactions this year, it is exciting to witness an Italian CMBS transaction and points to a positive outlook for European CMBS in 2014."

The Clifford Chance team was led by Tanja Svetina and Giuseppe De Palma and in London by Emma Matebalavu and Jane Cheong Tung Sing.