Osborne Clarke advised on the sale of Palazzo Pitteri, prestigious and historic building dating back to the 1700s in Piazza dell’Unità d’Italia in central Trieste, and the adjacent building in Via Pozzo del Mare. Osborne Clarke, with a team led by Senior Associate Stefano Panzini and Francesca Giammarino, advised the ‘Alloro’ Fund, managed by Savills Investment Management SGR S.p.A., in the sale. The sale was completed on 1 March 2021.
Palazzo Pitteri, designed and built in 1780 by the architect Ulderico Moro for the businessman Domenico Plenario, and subsequently purchased in 1834 by Leopoldo Pitteri to whom it owes its name, is one of the oldest buildings on Piazza dell’Unità d’Italia and its facade still retains its original appearance. The building is considered an important historical, artistic and cultural asset, and is a listed building subject to the provisions of Legislative Decree 2004/42, the Code of Cultural Heritage and Landscape.
Savills Investment Management SGR S.p.A. is an investment management firm, established in Italy in 2005 and authorised by the Bank of Italy to create and manage alternative real estate funds. Savills Investment Management SGR S.p.A. is part of the Savills group, listed on the London Stock Exchange, providing real estate services worldwide.
Stefano Panzini, Senior associate, Real Estate: “Piazza dell’Unità d’Italia, in Trieste, is the largest sea-facing square in Europe and one of the most beautiful squares in Italy. Advising on the sale of one of its historic buildings is a source of immense satisfaction for our team.”