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offices Market News: Spanish Real Estate Intelligence

Generali launches Core plus fund for 2 bln € to invest in offices
20 October, Il Sole 24 Ore Generali Real Estate has recently launched its Core plus fund dedicated to offices in the main European cities.  The fund is expected to reach 2 billion € of value, with 500 million directly invested by Generali. It mainly aims at assets to requalify, offering a product meeting the new requirements concerning office spaces as a result of the pandemic and the rise of smart working. The fund will reflect the asset allocation of the group, with investments in France, Germany, southern and central Europe. The first acquisition had been an office building in Prague, which will be followed soon by an asset in Milan, both leased to various tenants. The fund is open-ended and has an Irr (Internal rate return) of 7-8%. Source: Il Sole 24 Ore Translator: Cristina Ambrosi
 
Covivio to invest in offices in Milan about 450 mln €
08 October, Il Sole 24 Ore The real estate company looks positively at the real estate market despite the pandemic. Covivio accounts for about 50% of the total office investments in Italy registered in the first nine months of 2020. The marketing of its project Symbiosis is going well, and in June 2021 Boehringer Ingelheim will relocate there its office. In Milan only, Covivio has a managed pipeline of real estate developments equal to 475 million euro. One of the projects, named Vitae, combines real estate development and requalification for the creation of offices and research labs. Covivio also aims at selling renovated buildings in the city centre for a value of approximately 200 million €. The last deal has been the sale of the offices in Via Cernaia to Bnp Paribas for 94.5 million €. Finally, the developer is a candidate for the acquisition of the Porta Romana rail yard, a very strategic area since it will host the Olympic village for the 2026 winter games. Source: Il Sole 24 Ore Translator: Cristina Ambrosi  
 
PwC forecasts new UTPs for 100 bln € on the Italian market due to Covid-19
08 October, Monitor Immobiliare In its latest report, PwC estimates that the crisis due to the pandemic will generate new UPTs for a value between 60 and 100 billion €. To address this crisis, banks will have to adopt new strategies in order to assess companies better. Not only, but banks must also support the companies struggling as a result of the pandemic or that are undergoing a restructuring and haven’t benefitted from the reliefs set by the Government so far. Source: Monitor Immobiliare Translator: Cristina Ambrosi