DeA Capital acquired €90 mln portfolio from BNP Paribas

04 May, Bebeez

On behalf of CPI Property Group, DeA Capital Real Estate SGR acquired a real estate portfolio from BNP Paribas Real Estate Investment Management Italy SGR, valued at €90 million. The portfolio consists of 5 office assets for a 35,000 Sqm total surface in Milan and Rome and 10 commercial assets covering 48,000 Sqm in northern Italy. At the closing of the contract, 86% of the portfolio was leased to premium tenants.

Source: Bebeez

Translator: Cristina Ambrosi

Turin: Prelios sold Palazzo dei Cavalieri di Torino

01 March, Bebeez

Prelios Sgr sold the 17th-century building named Palazzo dei Cavalieri di Torino to an undisclosed buyer. The asset, covering 4,155 Sq m, is located near Porte Palatine and is part of the old Ospedale Mauriziano complex. It will be renovated and converted into apartments, while the ground floor will accommodate commercial activities.

Source: Bebeez

Translator: Cristina Ambrosi

Mycredit: negative price trend and growing interest in the NPL market

20 May, Il Sole 24 Ore

The survey carried out by Mycredit on about 500 brokers aimed at assessing the impact of Covid-19 on the real estate market shows a negative trend of prices and the demand. Most players believe the market is struggling, even if only in the short term. According to the survey, commercial and industrial assets will be the most impacted by the crisis, while prices are likely to rise for residential properties. Finally, 95% of the people surveyed are interested in the NPL market.

Source: Il Sole 24 Ore

Translator: Cristina Ambrosi

Il Sole 24 Ore to launch the online magazine Real Estate24 to focus on real estate

19 November, Il Sole 24 Ore

Il Sole 24 Ore will launch on 25 November the online magazine Real Estate24 to focus on real estate. It’s not by chance that real estate investments in Italy amount to 129 billion euro, 80% of which are made in the residential segment, representing 18% of the domestic GDP.

Moreover, according to the Revenue Agency, residential transactions reached nearly 600 thousand units in 2018, the highest result since 2010. But the real estate sector also includes commercial assets such as offices, shops, hotels, logistics and industrial plants, as well as student housing and assisted living facilities.

Source: Il Sole 24 Ore

Translator: Cristina Ambrosi

Omi: growing trend for commercial assets

31 May, Italia Oggi

Retail and warehouses reported positive results concerning transactions, respectively with +4.6% and +0.6%, while office transactions decreased (-3.7%). The total transacted value is equal to 15.6 billion euro.

Retail registered 29,463 transactions in 2018 (+4.6% from 2017). Logistics has remained substantially stable (+0.6%) with 12,120 transactions. After having reported a growing trend for two consecutive years, offices have decreased (-3.7%), reporting 9.988 transactions in total.

Source: Italia Oggi

Translator: Cristina Ambrosi

Transactions for non-residential properties have decreased

22 October, Italia Oggi

Transactions for properties for artisanal, commercial, industrial and office use have fallen by 27.1% in the span of one year. The data is taken from the real estate report published today by Istat which compared the third quarter of 2018 with the same period in 2017.

The north-west of Italy has reduced by 26.6%, the north-east by 41.1%, the centre by 22.1%, the south by 13.7% and the islands by 17.1%.

Confedilizia president Giorgio Spaziani Testa commented: “These results confirm that it’s necessary to implement strategies to revitalise the sector of non-residential properties, which suffers from various factors, especially from the heavy taxation”.

Source: Italia Oggi

Translator: Cristina Ambrosi

Beni Stabili sold Galleria Excelsior in Milan and two assets in Turin for 220 million in total

22 December, Milano Finanza

Beni Stabili completed the sale of Excelsior in Milan and of two office buildings in Turin for 220.5 million euro in total. With this sale, the company increased by 2% its allocation in the Milan office segment, representing now 72% of the total market value. The Excelsior Galleria del Corso in Milan is a high-street commercial building not far from Duomo. Last July, Beni Stabili signed a new lease contract for about 5 thousand Sq m with Hexagon which will replace the current primary tenant Coin Excelsior in 2019 following the remodelling. The asset in Galleria del Corso will accommodate Italy’s biggest Victoria’s Secret flagship store. The other assets of the portfolio are two multi-tenant office buildings in Turin city centre. The total surface exceeds 44 thousand Sq m. The assets are almost entirely leased.

Source: Milano Finanza

Translator: Cristina Ambrosi

First closing for the new fund Fondaco-CarVal on real estate credits for a value of 140 million euro

02 April, Bebeez

Fondaco Italian Loans Portfolio Fund, the fund dedicated to investments in Italian credits backed by commercial and residential real estate, performing as well as non-performing, managed by Fondaco sgr, has announced the first closing for funds raised amounting to 140 million euro distributed among 13 Italian institutional investors.

The fund was launched one year ago, and it might reach 150 million by the end of March, including the conclusion of the decisional process of two other big Italian institutions, bringing Fondaco to the second phase of funding, dedicated to international investors. The final objective is 400 million euro, while the net target yield is over 10% and the fund duration is 6 years with quarterly coupon.

The Fondaco partner for this project is CarVal Investors, a company operating in distress debts. The company will invest directly in the fund and it will co-invest all the Fondaco transactions through its funds following the same strategy. CarVal has over 30 years’ experience and investments for more than 103 billion dollars for over 5,300 transactions in 79 countries. The average returns obtained by CarVal following this same strategy in Europe in the last 10 years has been over 16%.

The Fondaco dedicated team working on this project is very active at local level, and it’s in touch with more than 100 banks to identify, assess and select the best opportunities to offer to investors.

The Fondaco sgr Ceo, Davide Tinelli, explained that the fund “is taking a great opportunity: the execution sale by Italian banks through a big international player with a long and successful track record. The partnership between Fondaco and CarVal allows combining the international best practices with the knowledge of the Italian financial market. The investments are made only if they fit in the CarVal global portfolio, after having been compared with the best opportunities at a global level”.

Source: Bebeez

Translator: Cristina Ambrosi