Vitale&Co assisted CDP Immobiliare in the recovery of the Manifattura Tabacchi of Florence: sale of the majority stake to the US fund Aermont
CDP Immobiliare, property development branch of Cassa Depositi e Prestiti, announced the sale of a majority stake in Manifattura Tabacchi SpA, which owns the namesake property located in Florence, to Aermont Capital LLP (formerly Perella Weinberg Real Estate UK LLP) for a value of approximately € 80 million
The building complex of the Manifattura Tabacchi is a former industrial complex built between the 30s-40s currently in total disuse, located in a semi-central area North-West of Florence town, with a gross floor area of ??approximately 90,000 square meters. The real estate project of Aermont, which will require a further investments for € 130 million, includes the construction of a luxury student residence, a hotel, shops, smart working spaces and apartments with high energy-savings and the latest technology of advanced home automation.
The project appears to be the most important real estate project planned by the “Urban plan” of the City of Florence, using the existing volumes of the historical rationalist complex, which may be only partly demolished and rebuilt as they are protected by the Superintendence
The sale of the majority stake in the Manifattura Tabacchi is part of a wider financial recovery operation of the company through the subscription of a restructuring agreement ex art. 67 L.F.
“Manifattura Tabacchi has finally been sold and now it has a future. Good news, a major achievement that is among the first effects of the new planning regulations approved by the City. After so many years also this area of ??District 5 will be appreciated again as it deserves!” said the Mayor of Florence Dario Nardella on his Facebook page, welcoming a real turning point that, according to the administration’s intentions, should allow finally the promotion of one of the areas with the highest urban and historical value, and the entire “Quartiere” area, within a walking distance from line 2 of the tramway, from the university and from the entrance of Cascine park, and next to the future line 4 of the tramway which will connect Leopolda station to Piagge’s district.
CDP Immobiliare was assisted by Vitale & Co SpA as its financial advisor.