Duff & Phelps Advised the DAM Department of Unicredit S.p.A
UniCredit S.p.A selected Duff & Phelps Real Estate Advisory Group as an advisor to start an international competitive tendering process, aimed at transferring a prime commercial real estate asset located in the historic city center of Firenze, La Rinascente Palace. The property is a unique investment opportunity, with a prominent location, good visibility and a total covered surface area of approx. 6,850 m² It is fully rented to a prime department store retailer, La Rinascente, a concept store located in some of the main Italian cities Milan, Turin, Genoa, Monza, Padua, Rome, Cagliari, Catania and Palermo.
Duff & Phelps' Role
Duff & Phelps Real Estate Advisory Group supported Unicredit throughout the tendering process by: supporting the selection of potential buyers (area finance and real estate) and mailing list (NBO and BO); performing the technical analysis (Due Diligence) and creating the Virtual Data Room (VDR), and assisting the definition of the preliminary agreement and the closing process. The closing was on December 2015 and the buyer was Cara Investment Gmbh, a German company that manages family assets.
About UniCredit S.p.A.
UniCredit S.p.A. is one of the first Italian and European lending institutions. It has its registered office in Rome and head office in Milan, in the new UniCredit Tower. The bank has over 40 million customers and operates in 22 countries. The company is listed on the Milan Stock Exchange and is part of the FTSE MIB.