Month: August 2020

Room availability for students increased by 290% in Milan

25 August, La Repubblica

Due to the pandemic and the rise of distance learning, many students reconsidered their plans to move for studying. This is especially true for Milan, one of the most popular choices among university students, which saw its offer for student accommodation increased by 290% from 2019. Prices have not registered any significant decrease yet despite the trend. Single rooms in Milan cost on average 565 € a month, while twin rooms decreased by 7% (345 €).

Source: La Repubblica

Translator: Cristina Ambrosi

 

Residential transactions expected to return to pre-pandemic values in Milan

24 August, Il Sole 24 Ore

The Milan residential market is expected to recoup what had lost during the pandemic very soon. Meanwhile, the Revenue Agency reported 4,936 transactions, the lowest result in the last five quarters. Fimaa forecasted decreasing transactions set between 20% and 25% compared to 2019. It will likely take three or two years to return to the same values as 2019, while investment purchases in Milan sank by 20%. Nomisma reported a slight decrease in prices (-0.4% over six months) and a sharper reduction for rents (-0.9%).

Source: Il Sole 24 Ore

Translator: Cristina Ambrosi

 

Engel & Völkers: no crisis for luxury properties despite Covid-19

18 August, Wall Street Italia

The current pandemic doesn’t seem to have impacted the luxury property market as the demand and prices remain stable. Engel & Völkers confirms this trend with properties sold for over one million euro. In Rome, the group sold properties in exclusive areas such as Parioli and the old town for prices between 1,400,000 and 1,750,00 euro. In Courmayeur, Engel & Völkers completed two transactions for 2,790,000 and 3,500,000 euro, while on Garda Lake two villas were sold at over 1,500,000 euro. Another villa in Maremma (Tuscany) was sold by the group for 2,500,000 euro.

Source: Wall Street Italia

Translator: Cristina Ambrosi

Citigroup: the impact of Covid on tourism in Europe

1 August, Il Sole 24 Ore

Citigroup analysed the impact of Covid on the tourist season in Europe. The ongoing reports of active cases at a local level makes cross-border travelling difficult, with detrimental effects on those countries heavily relying on international tourism such as Greece, Portugal and Croatia. On the other hand, countries like the UK and Germany will benefit from this trend, as people will likely spend the holidays in their country. Italy and Spain place themselves halfway, as internal tourism makes up a relevant share of the entire tourism industry in both countries. In this regard, Italy might be in a better position than Spain, as international tourists in Italy accounted for 2.5% of the domestic GDP in 2019 while Italian tourists abroad represented only 1.5% of the GDP. This gap is more marked for Spain, where Spanish tourists abroad represented 2% of the Spanish GDP versus 6% of foreigners.

Source: Il Sole 24 Ore

Translator: Cristina Ambrosi

IPI Intermediazione advisor for the sale of a prime office building in Rome owned by Covivio

3 August, LinkedIn

IPI Intermediazione was the advisor in the sale by Covivio of an office asset located in Lungotevere Mellini, Rome, to a leading company based in Naples for 7.85 million euro. The asset accommodates the Credito Valtellinese offices and covers a surface of about 1,600 Sq m.

Source: LinkedIn

Translator: Cristina Ambrosi

CreVal completed two NPL operations for 372 mln € with MBCredit Solutions and Amco as buyers

07 August, Bebeez

Credito Valtellinese (CreVal) sold impaired loans for a total amount of 372 million euro to MBCredit Solutions (Mediobanca group) and Amco. The portfolio sold to MBCredit Solutions amounts to 102 million euro and concerns unsecured corporate NPLs. The second portfolio was bought by Amco for 270 million euro, and it mostly consists of corporate loans, 60% of which are NPLs and 40% UTPs.

Source: Bebeez

Translator: Cristina Ambrosi

Allianz acquired a prime asset in Rome from Dea Capital RE Sgr for 200 mln €

7 August, Monitor Immobiliare

Allianz Real Estate signed the final contract for the acquisition of a prime asset located in Via dell’Arte, Rome, from a closed-end real estate investment fund managed by DeA Capital Real Estate SGR. The asset was bought for 200 million euro, and it consists of a multi-tenant office complex of three buildings, fully let, covering a surface of 30,828 Sq m. The building was entirely renovated by Dea Capital RE Sgr and is LEED-certified.

Source: Monitor Immobiliare

Translator: Cristina Ambrosi

Kryalos SGR and Castlelake sold 100% of Titan Fund

5 August, Kryalos SGR

Kryalos, together with Castlelake, completed the sale of 100% of the alternative real estate investment fund Titan. The fund held a property located in Viale Sarca, Milan, which, following the completion of a built-to-suit project, was leased to Pirelli in February 2020 through a sale & leaseback operation. The asset covers a surface of 11,000 Sq m. With the addition of the new building 120, Pirelli has then completed its campus in Bicocca which accommodates the learning centre and meeting rooms.

Source: Kryalos SGR

Translator: Cristina Ambrosi