Garbagnate Salute S.p.A., a joint venture formed by Pessina Costruzioni S.p.A. (majority shareholder), Carbotermo S.p.A. and CO.GE Costruzioni Generali S.p.A., has closed a €39.5 million project financing to design, construct and operate a new hospital in Garbagnate, Milan.

The consortium had entered into a concession agreement with Infrastrutture Lombarde S.p.A. and Azienda Ospedaliera G. Salvini in 2010.

Norton Rose Fulbright has advised lenders, Banca IMI, Intesa Sanpaolo, MPS Capital Services Banca per le Imprese and Banco Popolare, in the deal.

The total investment in the New Garbagnate Milanese Hospital PPP is around €120 million. The new hospital, which will provide 540 beds, is being constructed by Pessina Costruzioni S.p.A. and CO.GE Costruzioni Generali S.p.A.

The Norton Rose Fulbright team advising the banks was led by head of banking and finance in Italy, Arturo Sferruzza, who was assisted by senior associates Elisabetta Negrini and Marco Gelmetti and associates Luigi Costa and Marina Adessi.

Italian law firm CBA Studio Legale advised the borrower and its shareholders (the Project Sponsors) with a team led by partner Marco Cerritelli, assisted by associates Nicola Gaglione and Valentina Perrone and, for tax issues, partner Roberto Brustia, assisted by senior associate Marco Morachioli.