SICAF Reinvented: innovations and future perspectives

On March 27, 2024, the "Legge Capitali" came into force, introducing significant changes to the regulations of fixed capital investment companies (SICAFs). The event organized by Chiomenti in collaboration with Assoimmobiliare, held on June 11, 2024 at the Auditorium Verdi 4 in Milan, aimed to delve into the new regulatory framework, explore market opportunities and provide insights for possible future adjustments. 

Following the introductory remarks by Gregorio Consoli, Managing Partner, Vincenzo Troiano, Partner, led a dialogue with Andrea Turi, Head of the Supervisory Office for SGR and OICR, Consob, and Luca Zucchelli, Director of the Financial Intermediaries Supervision Department at the Bank of Italy, delving into the process that led to the adoption of the Legge Capitali and market expectations from the regulators' perspective. The discussion highlighted how the new regulatory framework has facilitated the establishment and launch of SICAFs, which are seen as a useful vehicle for managing the dynamics between investors and management companies in the most straightforward and predictable way possible.

The second roundtable focused on the perspectives of investors and managers. Alessandro Busci, Head of Fund Management of Prelios, Luca Migliaccio, Real Estate Director of Ardian and Cristiano Ronchi, Head of Italy of Savills Investment, examined the operators' perception and potential changes related to the enactment of the new legislation. The simplification introduced by the Legge Capitali has in fact retained the beneficial aspects envisioned in the original SICAF conception, overcoming the issues that have so far hindered the instrument's widespread adoption. 

Giuseppe Andrea Giannantonio, Partner, and Flavia Pagnanelli, Managing Associate, dialogued with Roberto Schiavelli, Corporate Legal Director of DeA Capital Real Estate SGR and Chair of the Regulatory Committee of Confindustria Assoimmobiliare, and Michele Stella, CEO of Polis Fondi SGR, examining the issues left unresolved by the Legge Capitali. Through the viewpoints of industry experts, potential legislative changes that could facilitate the use of SICAFs as an investment tool in real estate were analyzed. 

Lastly, Giulia Bighignoli, Counsel, Emanuela Gagliani Caputo and Alessandro Giacosa, Senior Associate, addressed the questions raised during the discussion. The Q&A session clarified doubts regarding the relationship between the administrative body and the external manager, the need to revise the portfolio management agreement between externally managed SICAFs and the external manager, and the impact of the Legge Capitali on the SICAFs' tax treatment. 

The event ended with the closing remarks by Umberto Borzi, Partner, who highlighted how the innovations introduced by the Legge Capitali and the contribution of industry operators can stimulate the development of the real estate market, an area which holds significant potential thanks to the particularly favorable conditions of the Italian scenario.