Investing in Italian Real Estate Assets through Regulated Investment Vehicles – Legal and Regulatory Framework

This is the first article of two articles comparing the legal, regulatory and income tax regimes applicable to real estate investment funds, SICAFs and securitization companies. The articles highlight the principal similarities and differences among these investment structures and evaluates their respective advantages and limitations for foreign investors seeking exposure to Italian real estate. This article focuses on the legal and regulatory framework applicable to these vehicles, including the far-reaching reform of collective asset management implemented in 2026.