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(Visited 235 times, 1 visits today)

Who is on the Parnasi assets

27 March, Milano Finanza

Something is moving for the Parnasi assets of Capital Dev, a UniCredit subsidiary and guided by Claudio Calabi. The company has started making the first steps in the enhancement of its real estate assets at the beginning of 2017 with the objective of optimizing the efforts of its parent company UniCredit. In fact, Capital Dev is the special purpose vehicle 100% owned by UniCredit that gathers all the assets coming from Parsitalia (the company of the group Parnasi), except for the building rights on the land where Parnasi plans to build the new Roma FC stadium. The company has a 450 million debt towards UniCredit. According to some analysists, the bank might not collect all its credit. In any case, the bank hasn’t made yet its assessments, limiting at the moment at registering the interests of investors on some assets. The portfolio of the company led by Calabi is mainly composed by five development projects, four in Rome and one in Catania and, as already said, the interest of the market is definitely a positive factor. According to Milano Finanza, some investors might have already made proposals, providing solutions allowing UniCredit to deconsolidate its holdings in Capital Dev. The most interesting proposal came from doBank (a company owned by the group Fortress) that has already worked with UniCredit on some operations. Pimco has also expressed its interest, acting together Gwm and York. It’s clear that the propolis, all different from each other and in different advancement stages (doBank might be already ahead with the assessments) will mean some sacrifices for UniCredit and this is a crucial detail in the evaluation phase. Two other players, one coming from finance, the other from the industrial sector, are interested especially in one asset, namely the Laurentino shopping centre.

At this stage, Capital Dev has to consider two options: whether to find just one partner and sign a single offer or whether to start different negotiations for each asset of the portfolio.

As always in these cases, time will be decisive. In fact, some investors believe that the operations haven’t been either regular or fast so far, and they hope for the dossier to be examined by UniCredit in order to take prompt decisions. It seems like many investors are not willing to wait for much longer. It’s the case, for instance, of LendLease, the Australian giant that has been involved in the past few years in one development project and has subscribed a conditional agreement related to the Pescaccio shopping centre.

The Capital Dev most interesting development projects are indeed the two shopping centres. One is the Maximo Shopping Centre, developing along Via Laurentina (close to Eur), for a total surface of 60,500 Sq m, featuring about 135 shops, a multiplex cinema with 1,300 seats, a fitness centre and a food hall facing on a big square. Capital Dev has recently started the construction site and has also appointed the general contractor, Colombo Costruzioni. The second asset is Pescaccio, the biggest. On the Parsitalia website, it reads that the shopping centre (located south-west of Rome), will have total a capacity of 315 thousand Sq m. However, some things have changed compared to the initial project, and this is one of the reasons why works have stopped. Before Parsitalia ended up in liquidation and the assets were transferred to Capital Dev of UniCredit, basically converting the exposure, LendLease had signed an agreement with Parnasi for the development of Pescaccio. The area had been planned years ago and it was clear from the beginning that the operation needed a revision of the urban plan to reduce the total surface, rather than building more. The negotiations have restarted in the past few weeks, both with the Municipality of Rome and with the banks claiming the biggest exposures on the Pescaccio asset. One of these creditors is the German Aareal Bank, with a credit of 160 million, in addition to the 450 of UniCredit, bringing the total exposure to 600 million. LendLease has expressed its interest since the beginning of the implementation of the project, and it might be even willing to finance the development. However, the operation has been stuck for years. Therefore, LendLease may also decide to step back since it’s very unlikely it will obtain an answer in the upcoming months. LendLease, after all, is already committed for important projects in Italy, starting from the development of Santa Giulia and of Arexpo in Milan.

Source: Milano Finanza

Translator: Cristina Ambrosi

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