Tag: EY

Kryalos and EY launched a new €130 mln fund for UTP investments

10 February, Il Sole 24 Ore

Kryalos launched in partnership with EY a new investment fund dedicated to unlikely-to-pay credits with a transfer of credits for a GBV of €130 million from Banco Desio, BPER Banca, Banca del Fucino and Cassa di Risparmio di Volterra. The credits are 56% real estate assets, while the remainder is backed by assets. One-third is related to residential properties, 20% to industrial assets, followed by offices and shops.

Source: Il Sole 24 Ore

Translator: Cristina Ambrosi

EY: hospitality investments slowly on the rise although prices declined by 30%

09 February, Il Sole 24 Ore

EY estimates that investments in the Italian hospitality sector will amount to approximately 1.5 billion € in 2021, registering a slight increase from 2020 (-68% from 2019). Although the market still offers investment opportunities, transactions are being closed at discounted prices (5-10% less for luxury hotels and 25-30% for the other segments). Moreover, the market is expected to fully recover only in 2023.

In 2020 Venice was the most sought-after location with investments for 413 million € (39% of the total investments), followed by Rome (26%), Florence (11%) and Milan (7%). Venice also remained the most expensive city in Italy with prices per room averaging 540 thousand €, followed by Rome (248 thousand €), Florence (200 thousand €) and Milan (90 thousand €).

Source: Il Sole 24 Ore

Translator: Cristina Ambrosi

Kryalos enters the NPL and UTP market and nominates EY as its advisor

25 June, Bebeez

The asset management company Kryalos has recently got the approval from the Bank of Italy to extend its business to distressed credits as well. For this purpose, the company appointed EY as its advisor in the management of UTPs.

Source: Bebeez

Translator: Cristina Ambrosi

EY: NPL transactions for 3.9 billion in 2020

12 May, Milano Finanza

The pandemic has inevitably impacted also the NPL market, where EY estimates that the NPL operations will amount around 39 billion euro in 2020, a value very close to the results reported in 2019.

In its latest report, EY focuses on the bank npe investors operating in Italy, such as Illimity, Banca Ifis, Credito Fondiario and Guber. Due to the coronavirus, their portfolios might register a loss in the net value comprised between 3% and 20%.

Source: Milano Finanza

Translator: Cristina Ambrosi

BNP Paribas, Cbre and EY advisors for Bnl in the sale of its Rome headquarters

30 December, Monitor Immobiliare

BNP Paribas Real Estate Advisory, CBRE and EY assisted Bnl in the sale of its headquarters in Via Vittorio Veneto, Rome. The asset covers a 26,000 Sq m surface and will be re-converted into a luxury hotel.

Source: Monitor Immobiliare

Translator: Cristina Ambrosi

 

Boom of hotel investments: 2.3 billion euro in Q1 (+310%)

15 July, Il Sole 24 Ore

According to EY, 67% of the investments carried out in the hospitality segment in the first half of 2019 originated from American and European investors, while the percentage of domestic investors has progressively reduced. 38% of the investments concern tourist destinations focusing on Rome, Milan, Venice and Florence.

Source: Il Sole 24 Ore

Translator: Cristina Ambrosi

EY: 81% of the leasing impaired loans come from real estate

07 June, Bebeez

At the end of 2018, leasing companies reported impaired loans for 19.3 billion euro, 12.9 billion euro of which were represented by NPLs, while UTPs were 6.1 billion and past-due credits 200 million.

The figures show an improvement on the overall, although real estate credits constitute 81% of the leasing impaired loans.

Leasing impaired loans represent 19.8% of the total exposure of real estate leasing (54 billion euro). Credits with amounts lower than 2.5 million euro constitute 48% of the total.

Source: Bebeez

Translator: Cristina Ambrosi

 

EY: Italian banks to sell 16 billion NPLs originated from real estate leasing

02 April, Il Sole 24 Ore

The derisking activities of the Italian banking sector will also concern NPEs derived from leasing for 19.3 billion euro, 81% of which is represented by real estate leasing, amounting to 15.6 billion in total.

Source: Il Sole 24 Ore

Translator: Cristina Ambrosi

Negative trend of hotels after having grown for three consecutive years

02 February, Milano Finanza

After having grown for three consecutive years, the Italian real estate hospitality sector in 2018 reported a moderate reduction of the total invested volumes compared to 2017. Transactions stopped at 1.3 billion euro (they were 1.6 billion the year before). On the other hand, the number of transactions has considerably grown in the course of the year. In fact, 2018 reported 58 operations, 11 more from 2017, when the deals were 47. The number of transacted rooms reached 7,400. The figures are taken from the report titled Italy Hotel Investment Snapshot 2018 by Ernst & Young which shows the investment trends for the segment.

“While 2017 dominated by private equity international funds, representing 67% of the total investments, 2018 registered a more balanced mix in the type of investors, both domestic and international”, warns the experts from EY. As experts explain, last year Rome attracted 40% of the hospitality investments in Italy, with 2,200 transacted rooms and a transaction volume amounting to 500 million euro. Milan is far behind with 17% of the investments, followed by Venice (11%) and Florence (10%), which reported a similar trend. “These four markets concentrated about 80% of the total investments”, remarks EY, stressing how Venice has today the highest value per room in Italy: 500 thousand euro per room on average. It’s followed by Milan (245 thousand euro) and Rome (230 thousand euro). One of the main transactions has concerned an asset in Piazza Augusto Imperatore in Rome to a family office which will implement there a five-star hotel, the same as another building in the Capital, in Piazza San Marcello. Meanwhile, in Milan, a family office sold 141 rooms of a Mgallery hotel bought by a German investor.

Source: Milano Finanza

Translator: Cristina Ambrosi

Ey and Freshfields with Savills for the acquisition of a real estate portfolio

28 December, Top Legal

Ey and Freshfields assisted Savills Investment Management Sgr in the acquisition, on behalf of an Italian real estate fund including domestic and international investors, of a real estate portfolio composed of value-added assets of mixed-use mostly located in Lombardy.

The transaction is included in a broader operation concerning the transfer of 27 assets worth over 90 million euro in total. This transaction saw the transfer of the first 22 assets for a value of over 60 million.

Ey looked after the fiscal and funding aspects of the acquisition a team lead by Alessandro Padula and composed of Aurelio Pensabene and Mario Naydenov. Freshfields, represented by Marzio Longo, assisted Savills for what concerns corporate law.

The international institutional investor was assisted by the advisor Kervis Asset Management.

Source: Top Legal

Translator: Cristina Ambrosi