(Visited 16 times, 1 visits today)
(Visited 20 times, 1 visits today)
(Visited 5 times, 1 visits today)
(Visited 26 times, 1 visits today)
(Visited 15 times, 1 visits today)
(Visited 59 times, 1 visits today)
(Visited 23 times, 1 visits today)
(Visited 40 times, 1 visits today)
(Visited 33 times, 1 visits today)
(Visited 8 times, 1 visits today)

offices Market News: Spanish Real Estate Intelligence

Transaction boom in Turin. +47% for offices in a year
07 January, Corriere Nord Ovest Turin registered a little boom of transactions for offices in the third quarter of 2018. The result is in countertrend with the rest of the country and most of the big cities. From July to September, 51 offices were transacted. In comparison with the same period of 2017, the increase was equal to 47.6%, while the national trend was -20.8% and the average for the first eight Italian cities was -27.9% (-59.8% for Florence, -52% for Rome, -18.2% in Milan). In the first nine months of 2018, Turin reported 140 transactions for offices, 534 transactions for shops, 261 for warehouses, and 83 for hotels, banks, public properties and shopping centres. In the third quarter, the office segment was the only segment of the commercial real estate market to report a positive trend in comparison with the same period of 2017. In fact, transactions for shops were 140 (-3.5%), while those for warehouses and depots were 63 (-10.5%). The fourth segment dropped to 16 sales (-10.9%), although it reported a 37% increase in the two previous quarters. In Italy, there were 21,368 transactions for commercial assets in the third quarter of 2018 (-0.3%, the first negative result after 13 quarter of consistent growth). Source: Corriere Nord Ovest Translator: Cristina Ambrosi
Covivio focuses on Milan
11 January, Milano Finanza Covivio is speeding up investing in Italy without losing its focus on the office segment in Milan. Following the debut on the Euronext in Paris and on the Italian Stock Exchange, where it got listed on 2nd January, the real estate company born from the merger between Beni Stabili and Foncière des Régions (today the fourth in Europe concerning dimensions) presents its mission and its strategy concerning Europe and Italy. With managed assets for 23 billion euro and development projects for 5 billion mostly concentrated in Milan, Paris and Berlin, and 850 professionals throughout Europe, Covivio aims at creating a flexible and sustainable Pan-European mixed real estate portfolio distributed between the office, hotel and residential segments. The company follows the entire real estate supply chain, from investment to development, from asset and property management to the offer of innovative services. Milan concentrates 68% of the office portfolio (3.3 billion euro). Covivio aims at increasing by over 50% the pipeline for works under process, going from 421 million euro as in December 2018 to over 600 million forecasted for the end of 2019. The new projects will mainly focus on Milan (88%) for a total of 760 million between the already commissioned ones (over 360 million) and the managed ones (about 400 million euro). The company is headed by Leonardo Del Vecchio (following the merger, the company Delfin of the Del Vecchio family is the main shareholder with 26.4% of the capital, followed by Crédit Agricole Assurances holding 8%, Acm with 7.6% and Covea with 7.1%, while the remaining 50.9% is represented by free float), and it has a capitalisation of 7.1 billion. “Following the merger, we decided to pursue the previous strategy, and we even increased in the investments in Milan. The Milan market is increasingly strategic for us, as it offers great potential. By 2022, we want to concentrate 90% of our Italian portfolio in the city”, explained Alexei Dal Pastro, Covivio Italia Ceo, while presenting the strategy of the group. Covivio operates at European level with a portfolio spanning from France (in the office and hotel segments) to Germany (residential and hospitality), Italy (offices and hospitality), Spain and the UK (hotel segment). It mostly invests in the main European cities, representing investments for 1.7 billion in September 2018. Concerning the sectors, the investments in offices are 10.6 billion, hotels are 5.9 billion (400 facilities), and residential is 5.7 billion (41 thousand houses). Source: Milano Finanza Translator: Cristina Ambrosi
Camuzzi: creditors satisfied for 55%
10 January, Il Sole 24 Ore Less than two years from the start of the composition with creditors after the bankruptcy (February 2017), Camuzzi, the company under liquidation led by Claudio Calabi and Stefano Barbiera, is about to repay those creditors who approved the agreement. The company is expected to satisfy creditors for 55% through the optimisation of its real estate assets. Unicredit, Banca Popolare di Sondrio, Gruppo Ubi and Bnp Paribas, together with the National Revenue, have credits for over 150 million euro. They may receive significant repayments already by the end of this year. More in detail, the company is expected to collect receivables from sales revenue for 70 million euro by the end of the year. In fact, Camuzzi has recently completed the sale of its headquarter valued over 25 million. The property is located in an area with great potential, close to the Prada Foundation and Scalo Romano, the old train yard which is about to undergo requalification soon. Camuzzi also owns the building on the opposite side, covering a surface of 5,550 Sq m. Last spring, the company entered an agreement with Bottega Veneta concerning the sale of two buildings which the luxury brand have been occupying for a long time. The assets are valued at 32.5 million. In addition, a preliminary contract worth over 10 million concerning the sale of a developable area in Piacenza city centre has been signed. Source: Il Sole 24 Ore Translator: Cristina Ambrosi