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alternative Assets News: Spanish Real Estate Intelligence

Aviva Investors: Coronavirus will block the growth of real estate in Italy
23 March, Il Sole 24 Ore Aviva Investors reports that it’s reasonable to expect fewer transactions in the upcoming months, although the impact that Coronavirus will have on real estate is not clear yet. Meanwhile, liquidity and credit risk must be carefully monitored. Shops are one of the most impacted sectors. The survival of retail will depend on Government support. Being strictly connected to tourism, hospitality is also likely to face challenges as the pandemic goes on. Logistics benefits from e-commerce. Although the sector might have been impacted by the disruption in the supply chain and the lack of global workforce, it’s also true that the market has reported a rise in online purchases during the quarantine. Concerning student housing, the occupancy rate will be under pressure for the 2020-2021 academic year since many international students might decide to not come to Italy to study. Source: Il Sole 24 Ore Translator: Cristina Ambrosi
 
Florence: Blue Noble and Hines acquired the former Teatro Comunale
02 March, First Online Cassa Depositi e Prestiti sold the former Teatro Comunale in Florence to a joint venture formed by Blue Noble and Hines. According to the rumours, the transaction amounted to 25 million euro and was founded by Bnp Paribas, whereas the reconversion costs are assessed at 75 million. The theatre will be turned into apartments, a part of which will be sold, while the rest will be rented at affordable prices. The works are expected to start in 2020 and finish by 2022. Source: First Online Translator: Cristina Ambrosi
 
Milan: Hines partners with Varde to compete for Scalo Romana
26 February, Milano Finanza The requalification project of Scalo Romana in Milan is currently in the phase of gathering the manifestations of interest from the various contestants. According to the rumours, Hines is supposed to participate in partnership with Varde and Borio Mangiarotti, while Coima will team up with Covivio and Prada. The requalification of the area implies the creation of seven buildings to accommodate the athletes of the 2026 Olympics, after which they will be converted into student residences. Of the 164,000 Sq m GFA, 30% will be for non-residential use and 70% for residential use. Finally, 50% of the total surface will be turned into a public park. Source: Milano Finanza Translator: Cristina Ambrosi