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real-estate-news Market News: Spanish Real Estate Intelligence

Guber Banca and Barclays acquired an NPL portfolio from Banca Valsabbina for 150 million
08 January, Bebeez Guber Banca and Barclays Bank adjudicated the NPL portfolio of Banca Valsabbina for a nominal value of 150 million as in June 2018. The portfolio includes secured and unsecured loans, and it will be acquired through securitisation. The special purpose vehicle will issue untranched securities which will be purchased by Guber Banca and Barclays Bank. The operation includes over 1,300 holdings, 30% of which are secured, 70% are unsecured and mainly located in northern Italy, concentrating in Lombardy, especially in the province of Brescia. Guber Banca will take care of the servicing activity. Freshfield Bruckhaus Deringer was the legal advisor for the buyer. This is the second operation of the partnership of Guber and Barclays after the transaction completed last July together with Värde Partners concerning an NPL portfolio originated from 53 credit unions, rural banks and cooperative banks for a total gross value of 1.397 billion euro. Besides, Värde has held 33.3% of Guber Banca since March 2017, while the remainder of the capital is held by the founders Francesco Guarneri and Gianluigi Bertini. In December 2018, Guber Banca bought from UniCredit Leasing an NPL portfolio worth approximately 170 million euro with underlying leasing contracts under the Italian Law. Managing NPLs for about 9 billion between on its own and on behalf of third-parties, Guber Banca places fifth in the servicer chart in terms of volumes of managed NPs, as reported by PwC based on the figures dated 30th June 2018. The average ticket of the credits in the portfolio was 60 thousand euro at the time, mainly represented by unsecured credits (80%). Source: Bebeez Translator: Cristina Ambrosi
Property prices further decreased in the third quarter of 2018: -0.8%
10 January, Il Sole 24 Ore The property price trend continues being negative. The data regarding the third quarter of 2018 published by Istat has resized the weak positive signals registered in the previous period. In fact, prices for houses had continued decreasing from the April-June period, when they reported a slight recovery from the beginning of 2018. The reduction had been equal to 0.8%, and the same reduction had also been reported on yearly basis. As Istat reported, this is the seventh consecutive reduction. According to the preliminary estimation of the Ipab index, monitoring the prices of properties bought by families “for living and investment purposes, prices had decreased by 16.7% in comparison with the average registered in 2010. This plunge of values is mainly due to existing houses, whose prices fell by 22.9%, while new houses reported a 0.2% growth”. Istat notes that “also for the third quarter, the negative trend is to be attributed solely to the prices of existing houses, which registered a negative variation equal to -1.3% (it was -0.8% in the previous quarter). On the other hand, on a trend basis, prices for new houses had accelerated, having gone from +1.2% in the second quarter of 2018 to +1.4% in the third quarter. Whereas on a cyclical basis, the reduction is reported by both categories (-1% for existing houses and -0.2% for new ones)”. The variation rate for 2018 is equal to -0.5%. As Confedilizia president Giorgio Spaziani Testa wrote on a memo, “In the past year, prices of existing houses had further decreased by 1.3%. In addition to these figures, we must also consider the many properties with no real estate value since nobody wants to buy or rent them. Italians’ savings are being wasted, and politicians are turning on the other side. The new budget law even allows municipalities, for the first time in three years, to further increase the already ridiculous Imu and Tasi property taxes amounting to 21 billion euro yearly (for a total of 150 billion since 2012)”. Source: Il Sole 24 Ore Translator: Cristina Ambrosi
Rome: San Giacomo hospital sold for 61 million
12 January, Il Tempo Ten years after its closure, the Region of Lazio sold the San Giacomo hospital. One of the oldest hospitals in Rome, it has been sold for 61 million to Invimit Sgr Spa, the state-owned company of the Ministry of the Economy which manages the closed-end mutual real estate investment fund named i3 – Regione Lazio.  For this 12th-century building, the city administration obtained “17,848,300 euro, corresponding to the 29.26% of the value, through direct payment, while the remaining 43,151,699 euro, corresponding to the 70.74%, through the underwriting by the Region of 62 shares for a nominal value of 696,995.156 euro each”. The Land Registry Office gave the green light to the sale based on “the requalification plan and the feasibility study submitted by the Region of Lazio”. Moreover, “the evaluating committee deemed adequate the value of 61 million euro as estimated by the independent appraisals of the Fund “i-3 Regione Lazio”. The evaluation, however, has been contested by some members of the regional administration, such as deputy Stefano Fassina: “We’re giving the permission for speculation in the heart of Rome old town, as we can see also from the law recently approved by the Parliament regarding the change of intended use of public properties into private”. According to the trade union Fials, “61 million for a 32 thousand Sq m surface is a sell-off, as it means 1,900 euro/Sq m”. Just before the closure on 31st October 2008, “15 million euro were spent for the renovation works of San Giacomo. Money thrown out of the window, – adds Fials – in addition to 10 years of leasing at 140 thousand euro per year plus the surveillance costs”. In December 2017, to reply to the accusations from the Five Stare Movement about the intention of the regional administration of turning the former hospital into a hotel, the Region of Lazio clarified that “there will be no hotel in San Giacomo, it will be turned instead into a Caritas centre dedicated to senior people, keeping its healthcare vocation”. However, the resolution number 856 reads that the potential intended uses may be “senior house, fitness centre, commercial spaces, restaurants, parking lots: for a total value of 61 million euro”. The contract specifies that the building is subject to historical-artistic restrictions. The successors of Cardinal Salviati, who gave the building to the city at the condition that its hospital function would be kept, have been requesting the respect of this restriction for a long time. In reply, the resolution reads that “it’s not possible to requalify the property and continue using it as a hospital due to the new regulation concerning the seismic classification of the territory”. The appeal of the successors of Cardinal Salviati to the Regional Administrative Court (TAR) is still pending. In fact, the contract specifies that “the sale agreement is pending the final judgment cancelling the decree from the president of Lazio ordering the termination of the hospital function”. In that case, “the amount of the selling price would be returned, and the shares would be voided”. This is what the political party Potere al Popolo wishes: “we don’t want to sell out, people keep demanding the re-opening of the hospital which used to offer 120 beds, and whose Emergency Room used to assist 27,000 patients a year”. Source: Il Tempo Translator: Cristina Ambrosi