Global law firm K&L Gates has advised a pool of investors led by Crea.re Group S.r.l. in its acquisition of Turin’s Galleria Subalpina from the Opal fund, managed by Kryalos sgr and underwritten by Blackstone.

Galleria Subalpina is a historic building dating back to 1873. The property covers an area of 14,000 square meters between Piazza Castello and Piazza Carlo Alberto and includes 21 retail units.

The deal team was led by Milan Corporate partner Arturo Meglio supported by associate Gaia Bacchi and Real Estate partner Francesco Sanna with assistance from senior associate Elisa Tambè. Partner Vittorio Salvadori di Wiesenhoff provided tax advice.

Meglio commented: “We congratulate Crea.re Group on their successful acquisition of the Galleria. The demand for complex real estate-backed corporate transactions in Italy is on the rise, driven by sophisticated investors. We are well-equipped to support clients like Crea.re Group in seizing these opportunities by assembling teams that harness the combined experience of our Corporate, Real Estate, Town Planning, and Tax lawyers. Our cross-practice teams enable us to seamlessly deliver the comprehensive advice required for such multifaceted transactions.”

Lawyers in K&L Gates’ large, diversified Real Estate and Town Planning practices advise clients in a variety of real estate investment, land use, planning and zoning, development and construction, financing, leasing, tax, and litigation matters around the world.