Paul Hastings Janofsky & Walker and Allen & Overy (A&O) have secured roles advising on the €305m (£205m) Alternative Investment Market (AIM) float of Italian real estate investment company Spazio Investment.

Paul Hastings advised Spazio and its shareholders on the float following a competitive pitch. London-based US capital markets and M&A partner Joel Simon led the team, assisted by New York corporate partner Scott Saks, Milan finance partner Roberto Cornetta and UK corporate partners Kathryn Brown and Ronan O'Sullivan.

A&O, led by Milan international capital markets partner Max Aaron and assisted by London-based corporate associate James Rowe, advised Deutsche Bank and Credit Suisse as underwriters.

Spazio and Pirelli also instructed Bonelli Erede Pappalardo, which advised on certain Italian issues, while Loyens & Loeff advised Spazio on Dutch law.

Simon told Legal Week: "Without the need to have the listing document approved by the London Stock Exchange, you can typically get to market a little quicker on AIM, but in effect on a deal of this size and complexity there is not much difference to a listing on the main exchange."

He added: "An interesting analogy is that NASDAQ started small at first, but companies such as Microsoft are now listed on it, and it may be that is the way AIM goes."