05 December, Il Giornale
The management of the property fund J Village has changed ownership. The investment, initially launched by Accademia Sgr, for the requalification and the promotion of the Continassa area in the northern suburbs of Turning and beside the Allianz Stadium, has now passed to Ream Sgr.
The change of managing company of the considerable real estate investment (about 100 million euro) has been approved by the assembly of the fund stakeholders and by the financing banks, and it happened under mutual agreement between the two companies.
Accademia Sgr has been working over the last two years on the launch of the fund and on the construction of most of the properties and infrastructure of J Village. Whereas Ream Sgr, operating since a long time on the territory concerned by the fund, will take care of the delivery of the latest properties and of the full implementation of the long-term management of the fund. The new entries will be J Hotel and Concept Store, planned for the second part of next year.
More in detail, the property fund will operate on a 149 thousand Sq m area for a gross surface of 35 thousand Sq m. In the area, an international school has recently opened, offering education from kindergarten to high school.
“The implementation of J Village and the opening of the new Juventus headquarters, together with the international school Wins and the Juventus Training Center – stated the president of Accademia Sgr Sandro Medici – represents for us a unique occasion. We’re honoured to be appointed by Juventus Football Club as the initial managing company of this project. We thank also the stakeholders of the fund, the City of Turin and the experts working on the project team”.
“The J Village fund represents a unique project in Italy as well as abroad – stresses Giovanni Quaglia, Ream Sgr president – It’s a multifunctional sports village at an international level and, more importantly, at high social value. In fact, the sports and leisure facilities will be available also for the people living in the neighbourhood, an important element for the requalification of suburbs such as Vallette in Turin. The J Village fund is going to join the other 10 funds managed by Ream Sgr in various segments, such as social housing, trophy assets, offices, residential and commercial, healthcare and green economy”.
The repayment of the financing is guaranteed by the income streams originated by the lease contracts of the properties that will be built and rented in the area.
Source: Il Giornale
Translator: Cristina Ambrosi