14 October, Il Sole 24 Ore
Through the fund Vicus I managed by Prelios Sgr, Hines invested 300 million € in building a logistic park in Vigasio, near Verona. The park aims at getting the Leed Gold certification and will be developed in two phases. With the first phase, 120 million € will be invested to build four buildings for a total surface of 200,000 Sqm by 2023.
Source: Il Sole 24 Ore
Translator: Cristina Ambrosi
28 July, Milano Finanza
Kervis Asset Management reported assets under management for 500 million € at the end of June and aims at reaching 600 million € by focusing on offices and residential assets mainly in Milan. Kervis has recently got exclusive rights for two operations in Milan city centre to convert offices into residential units. Moreover, the company plans to market 100 residential units with an operation valued approximately 70 million € by the end of the year.
Source: Milano Finanza
Translator: Cristina Ambrosi
09 July, Il Sole 24 Ore
Gva Redilco reported that real estate investments in Italy amounted to 2 billion € in the second quarter of 2021, corresponding to approximately 3.3 billion € for the first half of the year.
Offices continue to be investors’ favourite asset class. The absorption rate in Milan reached 127,000 Sqm (+100% compared to Q2 2020), while the take-up in Rome was 48,000 Sqm (+200%).
The logistic segment continues growing, reporting a 1,300,00 Sqm absorption rate (+56% from Q1 2020) and investments exceeding 635 million € in Q1 2021 (+92% compared to Q1 2020).
There is a growing interest in the alternative asset class (Data Center, Telco, Healthcare and Mixed), which reported investments for 860 million (26% of the total investments).
Meanwhile, residential investments amounted to about 385 million, representing 12% of the total investments.
The retail situation is still problematic, with transactions amounting to 176 million €, although high street seems to be recovering in Milan and Rome.
Source: Il Sole 24 Ore
Translator: Cristina Ambrosi
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
14 January, Mark Up
Commercial real estate investments in 2020 amounted to 8.8 billion €, having declined by 29% from 2019 (12 billion €). Foreign investments went from 69% to 58%. However, this doesn’t mean the Italian market lost its appeal, it rather reflects a cautionary approach due to the current uncertainty.
Logistics performed exceptionally well. With investments totalling 1.4 billion € entirely from foreign investors, it proved to be the most resilient sector of 2020, outperforming 2019.
Palazzo Delle Poste in Piazza Cordusio, Milan, was the biggest retail operation of 2020 with 250 million €. Apart from that, retail closed with -29%.
The office segment kept its leading position with 3.7 billion € invested, reporting a 26% decrease from the previous year.
Hospitality registered investments for about 1 billion €, resulting in a 68% decline compared to 2019, which reported an all-time high.
Residential investments amounted to 580 million €, mostly focusing on developments projects, especially in big cities, due to the lack of available assets on the market.
Source: Mark Up
Translator: Cristina Ambrosi
20 October, Il Sole 24 Ore
Generali Real Estate has recently launched its Core plus fund dedicated to offices in the main European cities. The fund is expected to reach 2 billion € of value, with 500 million directly invested by Generali. It mainly aims at assets to requalify, offering a product meeting the new requirements concerning office spaces as a result of the pandemic and the rise of smart working. The fund will reflect the asset allocation of the group, with investments in France, Germany, southern and central Europe. The first acquisition had been an office building in Prague, which will be followed soon by an asset in Milan, both leased to various tenants. The fund is open-ended and has an Irr (Internal rate return) of 7-8%.
Source: Il Sole 24 Ore
Translator: Cristina Ambrosi
08 October, Il Sole 24 Ore
The real estate company looks positively at the real estate market despite the pandemic.
Covivio accounts for about 50% of the total office investments in Italy registered in the first nine months of 2020. The marketing of its project Symbiosis is going well, and in June 2021 Boehringer Ingelheim will relocate there its office.
In Milan only, Covivio has a managed pipeline of real estate developments equal to 475 million euro. One of the projects, named Vitae, combines real estate development and requalification for the creation of offices and research labs.
Covivio also aims at selling renovated buildings in the city centre for a value of approximately 200 million €. The last deal has been the sale of the offices in Via Cernaia to Bnp Paribas for 94.5 million €.
Finally, the developer is a candidate for the acquisition of the Porta Romana rail yard, a very strategic area since it will host the Olympic village for the 2026 winter games.
Source: Il Sole 24 Ore
Translator: Cristina Ambrosi
17 June, Re Quadro
Borgosesia Spa has recently launched Bgs Club Spac, the first Spac (special purpose acquisition company) in Italy. The new company targets private investors looking to invest in real estate by deciding to participate each time in the various long-term investment opportunities proposed to them. Such investments may also consist of assets connected to NPLs. The assets are generally acquired through enforcement procedures or insolvency proceedings to be completed or restructured.
Source: Re Quadro
Translator: Cristina Ambrosi
08 April, Milano Finanza
Ubs recommends adopting a cautious approach when it comes to real estate securities, given the significant exposure of the sector to the economic cycles. The analysts suggest to carefully select the investments, as it’s still not known when the sector will recoup.
Source: Milano Finanza
Translator: Cristina Ambrosi
01 April, Monitor Immobiliare
Scenari Immobiliari reports declining investments in retail real estate in Europe and Italy. After a long positive period, 2019 closed with a -28% decrease from the previous year. The outlook for 2020 isn’t any better due to the Coronavirus emergency, and investments are expected to reduce by 30% in Europe and 25% in Italy. The market will likely recoup only in 2021.
There are investments in the pipeline for 2020-2023 concerning over 5.27 million Sq m in Europe, 1.46 million of which in Italy. Such investments are now at risk since many institutional investors will change their asset allocations.
In Italy, foreign investments will reduce due to the uncertainty of the economic situation. Small businesses will be the most impacted by the crisis, while mass retail will grow.
Source: Monitor Immobiliare
Translator: Cristina Ambrosi
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