CASE CASSIOPEA advises on the sale of Grandi Stazioni Retail by Antin Infrastructure Partners, ICAMAP and Borletti Group to a consortium of infrastructure investors comprising DWS and Omers

CASE CASSIOPEA acted as financial advisor in the sale of Grandi Stazioni Retail S.p.A. (“Grandi Stazioni Retail” or “GSR”) by Antin Infrastructure Partners, ICAMAP and Borletti Group to a consortium of infrastructure investors comprising DWS and Omers.

Headquartered in Rome, GSR operates the long-term leasehold providing exclusive rights to the commercial leasing and advertising spaces of the 14 largest Italian railway stations.

Antin Infrastructure Partners, ICAMAP and Borletti Group acquired GSR from Ferrovie dello Stato Italiane and Eurostazioni in 2016. Under their ownership, GSR has been transformed to create a unique visitor experience. Substantial contributions have been made to enhance the public spaces around the historic city centres where its train stations are located. GSR has also significantly invested across the network, managed and repositioned commercial spaces, introduced innovative, high-quality brands and services. The company has delivered meaningful growth through commercial innovation and improvement of the stations’ commercial areas and media advertising assets.

GSR will continue to benefit from the strong tailwinds as travellers prioritise rail’s sustainability benefits and given the planned investments in rail infrastructure across Italy.

Angelika Schöchlin, Antin Managing Partner, Johann Dumas, Antin Head of Luxembourg, Guillaume Poitrinal, ICAMAP Chairman and Co-Founder, Alexandre Aquien, ICAMAP Managing Director and Co-Founder, and Maurizio Borletti, Borletti Group Co-Founder commented on the transaction: “As the outgoing shareholders of GSR, we are very proud of our successful partnership which has led to the substantial strategic transformation of GSR. We are also grateful for the strong performance of GSR’s experienced management team and dedicated employees and are confident they will continue to be successful under their new owners.”

Stefano Trentino, Founding Partner of CASE CASSIOPEA in Italy, commented: “We are delighted of having assisted the shareholders of Grandi Stazioni Retail in this landmark transaction. This deal is built on the longstanding relationships with selling shareholders and the work done in the past for Grandi Stazioni Retail including advising on the acquisition of Retail Group. This transaction further highlights our commitment to building long standing relationships leveraging on specific sector expertise and reinforces our track-record in the infrastructure, real estate, and retail sectors.”

CASE CASSIOPEA acted as financial advisor alongside UBS AG and Intesa San Paolo, while Bonelli Erede acted as legal advisor.

The transaction is expected to close in Q4 2024.