Rome    Reggio Calabria     New York     Toronto    London

10 years celebration

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.

CONTINUE READING
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

CONTINUE READING
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.

CONTINUE READING
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

CONTINUE READING
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.

CONTINUE READING
London

Efforts to close European debt funding gap

31.08.2010 « Back

The debt funding gap across Europe is expected to reach €115bn during the next two years said DTZ Research in its latest report issued today. This gap varies across countries, but 56% of the European debt funding gap is estimated to be in only two countries, the UK and Spain. France, Germany, Italy and Ireland account for a further 28%.

Nigel Almond of DTZ Research and co-author of the report says: “Naturally, the larger markets have higher absolute levels of outstanding debt than smaller markets. Therefore, it makes sense for these markets to also have higher funding gaps. However, in terms of relative exposures, comparing the funding gap to the invested stock is a more appropriate relative measure. On this basis, the UK and Spain both have high absolute funding gaps, which are also high compared to their overall invested stock at 7% and 8%, respectively. In contrast, Germany and France have more modest relative debt funding gaps at 2% and 3%. Ireland has a 10% relative debt funding gap, the highest in Europe.”

Based on a separate analysis, DTZ Research estimates there to be €58bn of equity available to target direct real estate in Europe in each of the next two years. The new €116bn equity is sufficient to finance the European debt funding gap in the next two years. But, since the equity has been available for some time and the debt funding gap remains, it does trigger the question – why has the debt funding gap not been resolved yet with all this available equity?

Kostis Papadopoulos of DTZ Research and co-author of the report believes that there has been a number of obstacles, both on the equity, as well as the debt side, that have so far prevented the effective matching up of the available new equity to finance the debt funding gap.

He said: “On the equity side, there has been a divide in the type of opportunities that investors are seeking. Many global, opportunity-driven, fund managers are keen to invest in bank’s loan portfolios. But, their high total return requirements would only be met if banks sell loans at significant discounts to par. “

“On the other hand, most institutional investors are focused on investing in prime properties in core markets. Also, many of these institutions do not have to ability to buy loan positions,” added Mr Papadopoulos.

The DTZ Research report reveals that these factors have created a stand-off with banks reluctant to sell at distressed prices. Equity investors have been unwilling to buy loans at non-distressed prices and as a result the funding gap has not been resolved so far.

It notes that there have already been a wide range of different solutions put in place and categorises these recent deal solutions, seen across various deals in Europe, which together offer a possible solutions to the debt funding gap: the first is a pure debt solution which includes a mixture of restructuring, including extension of maturity, selling the loan to a third party and foreclosure. The second is a pure equity solution whereby the existing borrower injects new equity or a new equity partner injects equity and thirdly, a hybrid equity-debt solution with a debt for equity swap.

from www.corp-intl.com