21 December, Corriere di Torino
Azzurra and Francesco Gaetano Caltagirone are shopping in Turin. Through their asset management company Fabrica Sgr, they’ve just acquired two assets that are the symbols of the past and the present of the Elkann-Agnelli family. The Caltagirone family from Rome is also the owner of Il Messaggero, Cementir and Vianini, and it holds 4% of Assicurazioni Generali. With this operation, Caltagirone acquired from Beni Stabili of Leonardo Del Vecchio (holding 3.8% of Assicurazioni Generali) the office building in Via Lugaro 15, which accommodates the newspaper La Stampa, Alpitour and the Amazon development centre, and the building in Corso Marconi 10, which had hosted the Fiat offices for 45 years.
The deal is included in the operation that involves the transfer from Beni Stabili to Fabrica Sgr of assets for a total value of 220 million euro. Among the properties, there is a commercial space for 5 thousand Sq m where a Victoria’s Secret store will open soon. For what concerns the offices, nothing will change, except for the owner. The acquisition by Caltagirone has been a positive close of the year for Turin’s real estate sector since the office market in the city has gone through some difficult times. The other asset owned by Beni Stabili in Turin, the “Palace of Innovation” in Corso Ferrucci 112, has also struggled to find tenants. Now, the space will be soon occupied by a Regus business centre, and perhaps even some departments of the Turin Institute of Technology. Fabrica Sgr, managing assets for 3.5 billion, is already present in the city. Through one of its investment funds, it participated in the implementation of the San Paolo university campus in Via Caraglio for a total of 550 beds.
From the eighth floor of the building in Corso Marconi 10, Giovanni Agnelli had led Fiat for half a century. From 1954 to 1997, Corso Marconi was the synonym of the biggest Italian company. Today, Fiat is headquartered in the area of San Salvario, where there are also other companies such as Tosetti Value ad Aon Italia. Till a couple of months ago, there was also Finpiemonte Participazioni, now relocated to Corso Marche. The other location of La Stampa in Via Marenco might also change owner, as the building has been put for sale. It might become a student hall or a residential building. The first auctions were inquorate, as the investors deem the requested price (14 million euro) too high.
Source: Corriere di Torino