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All Market News: Spanish Real Estate Intelligence

Turin: inaugurated the new Lingotto shopping centre
21 October, Il Giornale The restructuring works for the Lingotto shopping centre in Turin have been completed. The former 8 Gallery has been extended by 800 Sq m, covering a surface of nearly 30,000 Sq m and offering 25 shops developed over two levels. The shopping centre has been rebranded as Centro Commerciale Lingotto, from the name of the iconic building it occupies. The whole operation meant an investment of 20 million €. Source: Il Giornale Translator: Cristina Ambrosi
 
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
 
The Italian tourist sector lost 6.5 mln tourists due to Covid
14 October, Monitor Immobiliare According to the study carried out by Unioncamere and Isnart, only 60% of the Italians went on holiday this summer against 75% of 2019. As a result, domestic tourism grew by 5%, even though this was not enough to recover the losses that the sector reported. The hospitality market (5% of the national GDP) suffered from the absence of foreign tourists, which account for yearly revenues around 44 billion €, as well as from the preference of the Italian’s for shorter stays. Source: Monitor Immobiliare Translator: Cristina Ambrosi