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Internationalization

"Zagamilaw" International Law Firm, with its offices in New York, Toronto and London and thanks to the collaboration with its correspondent Partners, offers its activity of international consultancy and legal assistance both towards Italian clients living abroad and foreign clients living in Italy.

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Rome

Why choose Zagamilaw

Our team is composed by young, competent and motivated people that would be able to give you suggestions about every aspect of your matter. When we are engaged by a client for a legal case, the same client and the same case become to us absolutely important, in fact every professional of Zagamilaw will constantly assist you with the aid and supervision of the Firm's founder Lawyer Paolo Zagami

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Reggio Calabria

Recruiting

"Zagamilaw" International Law Firm, with its offices in New York, Toronto and London and thanks to the collaboration with its correspondent Partners, offers its activity of international consultancy and legal assistance both towards Italian clients living abroad and foreign clients living in Italy.

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New York

Feedback

“Zagamilaw is a fast growing and international business oriented law firm which offers assistance on all legal aspects of Italian residential and commercial real estate transaction and has been appointed between the Top 5 Italian Law firm for the Real Estate sector." - Corporate International Magazine

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Toronto City

International Tax Planning

The International Law Firm "Zagamilaw" is able to assist and advise companies and businesses wishing to implement an efficient international tax planning through proper allocation in different countries of their income derived from investment and management functions of the group, taking into account the different tax regimes and different tax rates adopted by each member, according to a general principle of legal supremacy of internal rules than those of other countries, subject to the existence of international agreements that address conflicts of imputation or double taxation.

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London

Commercial property returns to grow in 2011

19.01.2010 « Back

U.S. commercial real estate investors may have to wait until next year to see their returns start to grow, as returns will likely remain in negative territory this year, according to the research arm of real estate services company CB Richard Ellis Group Inc.

“The worst is behind us because (values) won’t be dropping as fast,” Serguei Chervachidze, CBRE Econometric Advisors (CBRE-EA) Capital Markets economist told Reuters. “That translates into total returns as well.” The greatest declines probably occurred in the third-quarter 2009, although fourth-quarter returns are not yet available, he said. CBRE-EA based its forecasts on the NCREIF Property Index, compiled by the National Council of Real Estate Investment Fiduciaries, an industry group representing pension fund investors and advisers. The index calculates total rates of quarterly returns based on a very large pool of privately held commercial real estate properties.

So far, total returns — net operating income plus the change of the value of a portfolio of property over a year — have fallen by double digits since the peak levels seen near the end of 2007. For U.S. office properties, total returns since then have fallen 23 percent, for warehouse and distribution centers returns have fallen 21 percent. Retail property returns are down 15 percent so far, and apartment building returns are down 23 percent, according to the NCREIF index.

Using the index, CBRE-EA said that returns, under its most likely scenario, should remain negative throughout 2010 and turn 3 percent to 11 percent positive in 2011. It sees values ultimately falling 30 percent to 53 percent from the peak in the last quarter of 2007. Factoring in the slide since then, values are about one-third to halfway there. Stronger, positive income returns from rents generated by commercial property should mitigate somewhat property value declines this year, CBRE-EA said.

Capitalization or “cap” rates, which move inversely to prices, are expected to rise another 0.60 to 1.0 percentage point into mid 2011, CBRE-EA projects under its base-case forecast. Currently cap rates for office properties are about 6.35 percent, 6.96 percent for warehouse and distribution centers, 6.54 percent for retail properties and 5.39 percent for apartment buildings. It see cap rates slowly falling — or values slowing rising — to 2005 and 2006 levels by 2012.

from www.reuters.com