19 December, Corriere del Trentino
Besides the share capital increase, there is also a possible sale of the whole company. By the end of the week, the members of Castello Sgr will receive through Mediobanca the binding offers. We’ll see then whether the members decide to sell their shares or not.
Castello Sgr was incorporated in 2007, and it has been consistently growing in dimensions since then, reaching assets under management for 2.3 billion. Castello currently manages 34 closed-end real estate funds. In 2017 the company reported net commissions for 12.4 million euro and Ebitda for 5.6 million euro (42% Ebitda margin). The assets are diversified according to the intended destination (39% office, 15% residential, 14% hotels) as well as the geographical area. In the last five years, the company has grown through asset acquisitions and the growth of its organisation.
After the exit of the Caritro Foundation, the Castello Sgr shareholders are Isa with 46.22%, Maire Investment with 32.88%, Itas Holding with 14.32%, Lo.ga Fin with 3.63% and its management with 2.95%.
In Trento, Castello implemented the Albere neighbourhood designed by Renzo Piano. The project, however, suffers from the current difficulties of real estate, resulting in a large number of unsold properties.
According to Il Sole 24 Ore, after having received several non-binding offers, the company received four binding offers from big international players. The American Oaktree and the French Lbo might be among the competitors.
According to verified sources, the offers should come within the week, while they will be evaluated after the holidays. Some shareholders might not be interested in selling. Once done the necessary evaluations, it will be possible to understand the new company organisation. However, it’s rather unlikely that the company will continue being based in Trentino after all these years.
The hotel segment might be the most interesting for the potential buyers. In fact, Castello Sgr manages 16 hotels, five of which are luxury hotels located throughout the country.
Another interesting segment is the NPL one, namely bad loans disposed by banks and often backed by real estate assets. Oaktree is very active in this particular segment.
Source: Corriere del Trentino
Translator: Cristina Ambrosi