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New operation in the hotel market by Sorgente

28 September, Milano Finanza

Sorgente, the real estate company of the Mainetti family, is about to launch a new fund to invest in Italian hotels and to attract the main international investors. In the meanwhile, the company is also working at the first SICAF. Indeed, the Rome-based group is not lacking initiatives. In the last few days, Gualtiero Tamburini, Sorgente sgr, the asset management company of the group, has presented the projects. During the event in occasion of the Aspesi Foundation awards, the manager announced the upcoming start of an alternative real estate fund dedicated to recycling. “It will be a multi-segment real estate fund, specialised in plants for the treatment of special waste to produce alternative fuels and thermal energy”, said Tamburini. The objective is to gather 850 million and to invest the capital in the purchase of already existing and operational plants, for their potential extension, as well as in the implementation of new ones. According to Milano Finanza, there might be two other initiatives coming soon. At the end of 2017, Sorgente Group held total real estate assets for over 5.8 billion, including directly managed assets and those of its subsidiaries.

According to unofficial sources, thanks to his international acquaintances, Valter Mainetti is working at the launch of a new fund dedicated to Italian hospitality. The initiative allegedly got the attention of some foreign investors, and it has already identified its first target in an area in Sant’Elena, where the group plans to build a luxury hotel. Sorgente Group already has a fund dedicated to hotels, Giorgione 2, which was launched in June. In that case, the initial portfolio included two four-star hotels in Rome, and the fund, together with other banks, invested in impaired loans to turn them into profitable assets. This new fund instead aims at getting the attention of international investors in the Italian hospitality sector. The offers are not lacking, especially from Chinese investors looking to enter the Italian market. We will see how things will develop.

Meanwhile, the group has been working for a long time at another initiative which is now ready to be launched. It’s the first SICAF by Sorgente. The fixed real estate capital investment company (SICAF) is a new instrument introduced in 2014 which had spread quite slowly. As anticipated by Milano Finanza on 20th January, Sorgente planned the constitution of a Sicaf to transfer 26 properties for a total value of 242 million. Now everything is ready to start the paperwork necessary to launch the company.

Source: Milano Finanza

Translator: Cristina Ambrosi