Global legal practice Norton Rose Fulbright has advised Banca IMI, Intesa Sanpaolo, MPS Capital Services Banca per le Imprese and Banco Popolare on a €39.5 million project financing to Garbagnate Salute S.p.A. (Garbagnate), which entered into a concession agreement with Infrastrutture Lombarde S.p.A. and Azienda Ospedaliera G. Salvini in 2010 to design, construct and operate the new hospital in Garbagnate.

The shareholders of Garbagnate are Pessina Costruzioni S.p.A. (majority shareholder), Carbotermo S.p.A. and CO.GE Costruzioni Generali S.p.A.

The total investment in the New Garbagnate Milanese Hospital PPP is around €120 million, making it one of the largest value health sector investments in Italy in the past 12 months. The new hospital, which will provide 540 beds, is being constructed by Pessina Costruzioni S.p.A. and CO.GE Costruzioni Generali S.p.A.

The Norton Rose Fulbright team advising the banks was led by head of banking and finance in Italy, Arturo Sferruzza, who was assisted by senior associates Elisabetta Negrini and Marco Gelmetti and associates Luigi Costa and Marina Adessi.

Italian law firm CBA Studio Legale advised the borrower and its shareholders (the Project Sponsors) with a team led by partner Marco Cerritelli, assisted by associates Nicola Gaglione and Valentina Perrone and, for tax issues, partner Roberto Brustia, assisted by senior associate Marco Morachioli.