29 August, Milano Finanza
The newly-elected Minister for the Environment Sergio Costa has decided to move. After decades in the headquarters located in Viale Cristoforo Colombo in Rome, the Ministry’s offices will move in 2019 to a building in Trastevere. The reason is not only of economic nature, like the lease contract but also due to the contrast between the Ministry and the owner of the building, namely Dea Capital with its fund Alpha. The reason for the contrast, which has been going on for the last 15 years, concerns the renovation works of the building. In 2011 the Land Registry Office approved the renewal of the contract at the condition that the works for the total renovation of the building would have been planned, but this never happened. As a result, the Ministry for Environment continued renting the building with the compensation for the occupation. Now Minister Costa decided to find a new headquarter and avoiding appearing in Court against Italy’s biggest asset manager, property of the De Agostini group from Novara.
Having considered the significant dimensions of the building (30 thousand Sq m) and the plentiful of potential tenants, Dea Capital has recently accepted the binding offer worth 53 million from the international fund York representing a pool of American investors. The procedure has been long and complex, having taken nearly one year, and it has finalised this summer, although the closing for the preliminary sales agreement will be on 30th September.
Quinta Capital Partners was the strategic advisor of York for the operation. The company was created from a spin-off the Italian branch of the British asset manager Negentropy. Luca Turco is Quinta Ceo; he has previously covered managerial positions in the real estate sector in companies such as Prelios, Feidos and Fimiti (today Dea Capital Sgr). Among the members of the Board of Directors, there are Carlo Lassandro (Equitalia Giustizia and prior than that Ferrovie Italiane) and Sayonara Naccach (Merrill Lynch and Commerzbank). Just a few months ago, Quinta had finalised some important operations like the acquisition on behalf of an American hedge fund of some unlet assets together with a building office complex in Rome from a Pan European fund of Deutsche Bank, as well as an asset located in Via Moscova, Milan city centre.
Source: Milano Finanza
Translator: Cristina Ambrosi