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Poste: the fund Obelisco collapsed. Lost all the capital

26 July, La Repubblica

The real estate investment fund Obelisco was incorporated in 2005 and collected 172 million euro from private investors through the 14 thousand post offices of Poste Italiane. The fund’s objective was “investing in a diversified portfolio of office, commercial and logistics assets and obtaining yearly returns for at least 5.5% through the asset sale and management”. Instead, as recently reported by the fund manager Investire Sgr: “As of today, there are no distributions of proceeds or capital”. Losses are 88% of the total. The main reasons are the poor quality of the assets of the portfolio and high risk of the type of investment, usually addressing institutional investors. Poste Italiane is already studying a compensation plan for the investors.

Source: La Repubblica

Translator: Cristina Ambrosi