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real-estate-transactions Assets News: Spanish Real Estate Intelligence

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
Start of the year with a sprint for the NPL market
08 January, Milano Finanza The NPL market started the year with a sprint. Guber Banca together with Barclays obtained an NPL portfolio from Banca Valsabbina for a nominal value of approximately 150 million euro. In December, Illimity (Spaxs group) completed the acquisition of new non-performing loans for a total nominal value of about 175 million euro. Here as follows the two operations in detail. Guber Banca with Barclays Bank Plc got an NPL portfolio from Banca Valsabbina for a gross book value of 150 million euro as on 30th June 2018. The portfolio including secured and unsecured loans will be acquired through a special purpose vehicle for its securitisation. Meanwhile, it will issue untranched securities which will be underwritten by Guber Banca and Barclays Bank. As a memo reads, “The operation includes 1,300 holdings, 30% of which are secured and 70% are unsecured, mainly located in the north of Italy, especially in Lombardy, in the province of Brescia. Guber Banca will take care of the servicing.  Freshfield Bruckhaus Deringer was the legal advisor for the buyers. In December, Illimity (Spaxs group) completed the acquisition of new non-performing loans for a total nominal value of about 175 million euro. With this operation, the total nominal value of the NPL portfolio held by the bank reached 1.5 billion. The NPLs originate from various small and medium banks. 85% of the portfolio is composed of unsecured loans with an average value of 100 thousand euro per share. Moreover, the bank also completed its first transaction in the NPL single-name segment for an amount of 25 million. The transaction consists of five NPL holdings towards corporate debtors and banked by industrial and commercial assets located in Lombardy. The operation concerned a bank mainly operating in northern Italy. “We’ve built a strong team with highly-skilled professionals. We see interesting business opportunities in all the area where we’re active: NPL portfolio and single-name acquisitions, secured and unsecured loans, NPL financing and servicing, with particular attention on the NPL corporate segment. Besides the NPL portfolio acquisitions and the financing activities carried out in the last few months of 2018, with this operation we’ve started also operating in the single-name segment, which offers many investment opportunities and is still a relatively new market”, commented Andrea Clamer, head for the NPL division of the new bank. Source: Milano Finanza Translator: Cristina Ambrosi
Ey and Freshfields with Savills for the acquisition of a real estate portfolio
28 December, Top Legal Ey and Freshfields assisted Savills Investment Management Sgr in the acquisition, on behalf of an Italian real estate fund including domestic and international investors, of a real estate portfolio composed of value-added assets of mixed-use mostly located in Lombardy. The transaction is included in a broader operation concerning the transfer of 27 assets worth over 90 million euro in total. This transaction saw the transfer of the first 22 assets for a value of over 60 million. Ey looked after the fiscal and funding aspects of the acquisition a team lead by Alessandro Padula and composed of Aurelio Pensabene and Mario Naydenov. Freshfields, represented by Marzio Longo, assisted Savills for what concerns corporate law. The international institutional investor was assisted by the advisor Kervis Asset Management. Source: Top Legal Translator: Cristina Ambrosi