Interviews

-Which is the performance of the Outlet Mall Fund (if there are any updated data that can be disclosed)


? "The Fund has delivered an annualised IRR of 12.3% on invested equity from inception to 31 December 2012."



-Which is the current portfolio and if it is possible to provide some information on the performance per-country ? "The Fund currently directly owns 8 leading assets located in Italy (3 assets), Austria, the Netherlands, Belgium & Germany (2 ass... [MORE]

As part of the agreement signed with Romeo, you are to launch real estate funds investing in public assets. How will these funds operate considering that public goods will be disposed through public auctions?
It’s not an easy process and it will take time, but I think one of the most important, or the initial step, is actually to understand what is there in terms of de-validate the actual property assets. So I think in that way you can then determine how best to actually package them up for sale, to actually make sure that they fit the require... [MORE]

GVA Redilco won the contract to evaluate the entire real estate portfolio of the Pension Fund of Cariplo in Italy and abroad. How will the survey be carried out and with which targets?
"Accurate surveys will be performed for each building with the aim to assess the current state of maintenance for both the common areas, and all the systems in private and common use. The key target is to define a normalized value for each building, based on the current conditions".

Does this mandate also include asset and property management?... [MORE]

To a certain extent, EIRE may be considered as a mirror of the real estate sector. The scientific committee was convened at the beginning of the month. What were the most critical issues at the centre of the debate?

The new edition of EIRE represents a fundamental moment of reflection for all the Italian real estate community. A community that often struggles to penetrate the market, also in view of a certain “impasse” caused by national political po... [MORE]

“The new edition of EIRE represents a fundamental moment of reflection for all the Italian real estate community. A community that often has difficulty in penetrating the market also due to a certain amount of “impasse” caused by National policies. We must not forget that we are speaking about a sector that through its activity accounts for 11 to 12% of GDP and that is the backbone of the economy, from most other business activities develop and that involves millions of workers”. Antonio Intiglietta, President of Ge.Fi.... [MORE]

Dear President Mazzi, the new EIRE edition will take place from 7th to 9th June at Fieramilano with an important focus on the Logistics sector. The event, in fact, will also include – within the 3 days – a “Logistics Day”, that will take place on 9th June with a dedicated conference, during which you will be one of the protagonists. What is the added value of this sector for the activities of territorial development and new real estate projects?

Logistics, by nature, plays an important role within the Territories and Councils where appor... [MORE]

What is the new concept of a Shopping Centre?
The definition of Shopping Centre does not seem to be in line anymore with the new trends of the market and above all, it does not seem suitable compared to the growing internationalization of the retail system. There is no longer a single concept of old “Shopping Centre”, but there are various definitions with different types and facets: shopping centre/gallery, shopping village, shopping mall, retail park, life style centre, factory outlet centre, and arcade.
The above terminologies have a single commo... [MORE]

What is the new concept of Shopping Centre? For example, the fact that they are structurally “uncovered” or that they are becoming ludic-recreational-cultural places […] 
I believe it is not right to speak of a “new concept” of shopping centre – as if in contrast with an “old concept”.
The process of evolution of shopping centres has been slow but continuous, since their appearance at the beginning of the 1970s and is certainly not over.

Very briefly, a shopping centre may be defined... [MORE]

Firstly, according to your predictions, what are the sector’s prospects for 2011? Is there light at the end of the tunnel?
We are already witnessing the first signs of recovery. In particular investors are beginning to seriously consider new projects and retailers are revisiting their development plans. It appears as though the point of weakness however, continues to be bank credit. It is not a lack of equity which continues to prevent the full recovery of the market. Rather the issue is tied predominantly to a lack of knowledge about r... [MORE]

In which ways and with which goals Malta Enterprise works in the real estate field? Which are your most important future projects?
The main scope of Malta Enterprise is twofold, namely that of attracting foreign investment to Malta and assisting the local enterprise to grow. On certain occasions, this requires the building or upgrading of the necessary infrastructure that would enable businesses to operate successfully. The aforementioned Corporate Village Malta is one such project, whereby we are seeking interested parties from the private sector to d... [MORE]

The Carlyle Group announced that Valeria Falcone has been appointed Country Head Real Estate for Italy, with the task of identifying investment opportunities and to proactively manage their repositioning.

How do foreign investors feel about the Italian market? Is it still attractive or is it paying for the legislative uncertainty related to the possible taxation that could penalise the sector?
The Italian market continues to be attractive for The Carlyle Group as well as for other foreign investors. This is because Italy is a stable market, pa... [MORE]

Beni Stabili, Italy’s biggest listed real estate group, has called a board meeting on Dec 15 to approve the change which will take place next year, making it the second company to become a REIT in Italy after IGD. “Becoming a REIT means for us having access to capital markets that invest in REITs, a worldwide market worth hundreds of billions of dollars,” Chief Executive ... [MORE]

* Also interested in Oman, Abu Dhabi projects
* Export agency SACE may help finance Turkish road
By Ayla Jean Yackley and Evrim Ergin

(Reuters) – Astaldi, Italy’s No. 2 builder, wants to build hospitals, railways and power plants in Turkey because of its rapid economic growth and strategic position between Europe and Asia, Chairman Paolo Astaldi said Thursday. Astaldi is also interested in transportation projects in Abu Dhabi and Oman, Paolo Astaldi told Reuters in Istanbul before a groundbreaking for a $6.5 billion road project in western T... [MORE]

(Reuters) – Italy, one of Iraq’s main trade partners, wants to invest more in the war-battered country’s metals and construction sectors, but poor security is deterring investors, Italy’s ambassador to Baghdad said. Italy is already a big player in Iraq’s vital energy sector, with oil major ENI developing the country’s southern supergiant Zubair field. Italy is also a major importer of Iraqi oil, with 12 percent of its oil needs covered by Iraq last year. 

Italian companies are now looking at fresh opportunities in Iraq’s infrastructure an... [MORE]

* Sees 2010 results matching H1 trends
* Cautions about market volatility
* Evaluating asset sales in Italy, Romania
* Rules out capital increase, raising new debt
* Shares down 0.6 percent, in line with market

Italy’s No. 2 real estate firm Immobiliare Grande Distribuzione said investors in Europe were more confident about the industry and forecast full-year profit growth would match its first-half improvement. Chief executive Claudio Albertini told Reuters trading orders from European investors helped to drive shares in... [MORE]

European fund manager BNP Paribas Real Estate Investment Management is working on a new retail property investment fund for institutional investors. The vehicle, which will have a volume of EUR 300 mln, will focus on retail box properties across Italy.

'We are in discussions with an industrial group on the transfer of a seed portfolio of retail boxes valued at EUR 300 mln. This means that the fund is already fully invested. In 2011 we hope to raise around EUR 140 mln of equity from investors and make use of 60% of leverage to buy the portfolio,' managing director for... [MORE]

INTERVIEW-Italy builders to restructure as 2011 pickup unlikely
* Any recovery may be short-lived or uneven
* Calls for government to unlock infrastructure funds
* Italian firms eye new markets in Africa, South America
By Danilo Masoni

(Reuters) – Italian construction companies will have to take further restructuring measures since a recovery in demand in their home market is unlikely for at least another year, a lobby group said. Italian builders group ANCE Director-General Federico Merola told Reuters a reboun... [MORE]

Dear Dr. Morena, since May you’re the new President of RICS Italy, the Italian Chapter of the Royal Institution of Chartered Surveyors, the most important international association of professionals in real estate. A rapid "career" within RICS Italy, since you entered in 2006. What was your course within the Italian association?
"I have been member of RICS since 2006 and soon after, I had the opportunity to be part of the Board with the role of Honorary Secretary, a role that allowed me to understand how is managed an Anglo-Saxon associative structure wide... [MORE]

Mr. Buzzetti, ANCE is the Italian Association of Constructors. In addressing to international real estate operators who receive this Newsletter, what can ANCE offer to foreign entities that intend to invest in housing construction in Italy?

Since its establishment, ANCE supports national and foreign operators interested in our country, through its specific know how, including regulations. We are therefore available in transferring our competence to all subjects interested in investing in real estate in Italy. Nevertheless, many of our associated companies operate both as... [MORE]

Massimo Vitali, you’re at the helm of one of the most go-ahead groups in Italian real estate. Your business model is organized around five well-defined areas, though they’re all related to construction in one way or another. Was that arrangement chosen as a way of coping with the crisis, or does it match the particular characteristics of your business?

Vitali has been working in the construction industry for nearly a century: we’re mainly engaged in infrastructure work and office buildings. Over the years the Vitali Group has achieved real verti... [MORE]