Real estate funds, structured acquisitions, mortgage securitizations (art. 7.1 and 7.2 Law 130/99), ReoCo vehicles, asset management. A practice area designed for those who view real estate as an asset class — not as an isolated transaction.
Real estate, for Studio Legale Tofani, is not a generalist practice — it is the natural extension of the Banking & NPL area. Because a real estate asset is almost always, first and foremost, a mortgage collateral — and because securitization, valorization and recovery operations on mortgage credit require an integrated reading across real property law, banking law and financial law.
We assist SGRs and real estate AIFs, banks and servicers, institutional investors and real estate companies in operations built around property as a financial instrument.
The market context demands this. In 2025, Italian real estate moved €12.5 billion in investments (+23% YoY), the second-best historical result. Meanwhile, the secured NPE secondary market remains structural — while Italian real estate enforcement proceedings (averaging 6 years to auction completion) make alternative recovery vehicles like ReoCo operationally critical.
Establishment, management and wind-down of Italian real estate investment funds (FIA immobiliari). Regulatory relationships with Bank of Italy and CONSOB. Fund regulations, depositary agreements, side letters.
Share and asset deals on residential, commercial, logistic and industrial portfolios. Sale & lease-back, development projects, urban planning compliance, permits, authorizations.
Financial and operational leasing. Commercial leases (L. 392/78), institutional tenant contracts, property and facility management mandates, post-COVID and post-inflation renegotiations, dispute resolution.
ReoCo vehicles under art. 7.1 Law 130/99 for mortgage NPL. Direct real estate securitization under art. 7.2 (introduced by 2019 Growth Decree). Servicing agreements, master servicing, collateral due diligence.
The firm's flagship. Every institutional real estate operation intersects — sooner or later — with the underlying banking credit. Our NPL mandate base (€4bn+ documented) is the technical foundation of the secured real estate practice.
Explore →Profit Farm — first Italian ECSP-authorized platform (CONSOB Dec. 2024) — and Risolve RE NPL S.r.l. operate on mortgage credit and NPL real estate in an integrated perspective. The firm is the legal hub of the ecosystem.
Explore →SGRs, institutional investors, selling banks, servicers on secured portfolios — request a confidential consultation to evaluate the operation structure and the most suitable vehicle.
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