We advised Icade on the signature of a memorandum of understanding to invest in the construction of seven nursing homes in the Piedmont, Veneto and Lombardy regions of Northern Italy. The €122 million investment will represent a property portfolio of 1,020 beds and 52,200 sq.m.

The transaction will be carried out through a property fund managed by Numeria, an Italian asset management company (SGR) and is part of a new partnership between Numeria and Icade. The final purchase agreement is expected to be signed in the last quarter of 2018, once necessary approvals and authorizations have been obtained.

As both an investor and a developer, Icade is an integrated real estate player which designs innovative products and services adapted to new urban and lifestyles and habits. Icade is listed on the Euronext Paris and its leading shareholder is the Caisse des Dépôts group.

The Freshfields team was led in Paris by partner Cyril Valentin. In Italy, our teams in Rome and Milan were led by partner Roberto Egori.