News

Qatar Holding has agreed to buy a 40% stake in the flagship Porta Nuova mixed-use development in the city centre of Milan from Italian fund manager Hines Italia SGR. The deal, which follows six months of intense negotiations between the two parties, is said to amount to some €800 mln, valuing the project at a total of €2 bn.  Hines Italia, a joint venture between the Italian Catella family and Houston-based developer Hines, has sold a 40% interest in three development funds it manages, Varesine, Isola and Garibaldi. The stake corresponds to the... [MORE]

Jones Lang LaSalle has hired Alessandra Rabuini to support its logistics and industrial team in Italy, headed by Roberto Piterà. Rabuini has several years of experience in the property sector, particularly in logistics for pharmaceutical companies.  She previously worked for ND Logistics, Dimaf (today known as CEVA), Gruppo Giraud Logistics, as well as Logistica Silvano Chiapparoli & Canali, where she held the post of commercial director of logistics activities. With main offices in Milan and Rome, JLL has about 100 staff in Italy. ... [MORE]

The Pension Fund of Agenti di Assicurazione will invest Euro 30 mn in flexible buildings with reliable tenants. Lucio Modestini, president of the welfare fund, commented at Ghirlandaio on the strategy adopted to protect and boost funds and capitals. The fund is capitalising on real estate, especially now that prices have considerably fallen, added Modestini. Tenant’s reliability will be the key element for investments, assuring stable returns.  

“Today marks a turning point for our company, eventually implementing its industrial relaunch”, said Massimo Caputi, a number one of Feidos, the new business partner of Prelios, and newly appointed Group’s vice president. “In three years - he added – effectively collaborating with our partners, we aim at improving the company, also for the sake of our shareholders, employees, investors”. Prelios “deserves to play a prominent role in the Italian and European real estate s... [MORE]

Milan-based Prelios said the negative figure was largely a result of financial costs of €11 mln. The company, which was spun off from parent group Pirelli two years ago, said the first quarter 'did not show any positive changes against the performance registered in the past year'. 'The macro-economic scenario is, in fact, still characterized by uncertainties,' Prelios noted. The firm saw its revenues fall 20% to €26 mln versus €33 mln a year before. Prelios, which has been posting losses for the past five years, said its board has also approved plans to carry out a €185... [MORE]

The Board of Directors of Fabrica Immobiliare SGR SpA, has reconfirmed Marco Doglio as Chief Executive Officer for 2013-2015. After a first experience as analyst at Barclays International Finance, Marco Doglio has pursuit a remarkable career path in infrastructure and real estate sector: first at Italstat SpA (IRI Group) as head of investment analysis, then at Autostrade SpA as Deputy Financial officer, managing mid-term financial operations and project financing deals in the U.S. and UK. 

Prelios Credit Servicing, the group's unit specialising in the management of non-performing loans, has appointed Riccardo Serrini to the post of Chief Executive Officer.
In a statement, Milan-based Prelios said that the appointment 'completes the process for the strengthening of the organizational and business structure of its credit servicing arm, which manages a portfolio worth €8.6 bn.
Riccardo Serrini previously held the position of general manager at Prelios' fund management arm and before then he worked for a n... [MORE]

In Q1 Beni Stabili Siiq recorded a consolidated net profit of Euro 6.9 mn, a 57.8% decrease compared to Q1 2012, due to Imu and increased borrowing costs. According to Beni Stabili’s press release, EPRA Recurring Net Income (previously called Recurring cash result) recorded Euro 18.3 mn (-24.3%). The EPRA earnings has also slightly fallen, despite gross accounting rents growing by €1.2m, the operating result is slighting diminishing because of the full impact of the IMU tax on the quarter (in the first quarter 2012 the estim... [MORE]

Telecom Italia has decided to sell its historic headquarters overlooking the Milan Stock Exchange and has published a call for expressions of interest within the next two weeks in the main newspapers. The sale process is being conducted by the Avalon agency. Part of the building- the wing facing the Milan Stock Exchange- has already been sold to the Tishman fund. The 13,000 sqm remainder overlooking via Negri will go on sale. The buyer will have to lease back to Telecom Italia.  

The Clock Tower, a Santa Monica office building beloved by Westside creative firms, has been snapped up by Italian investors who specialize in buying trophy historic properties. Clad in white terra cotta, the 12-story Art Deco-style office high-rise on Santa Monica Boulevard near the Third Street Promenade commands some of the highest rents in Southern California. It is considered one of the choicest addresses in the burgeoning technology and entertainment business enclave known as Silicon Beach. Sorgente Group of America Corp., which controls the famous Flatiron Buildi... [MORE]

Real estate residential assets play different roles in the current market, but they can be repositioned and adapted to meet new trends and lifestyles. IlQI’s conference on 7th May 7, hosted by NCTM Law Firm, will focus on the residential market: “Homes: rules, market dynamics and emerging housing needs”. Main real estate players and expert will attend the conference, together with university professors and representatives of Local Authorities. 

The ‘newborn’ Asset Management Company (SGR) will manage the public ‘fund of funds’ approved by the Decree-Law n. 87 June 2012. Vicenzo Fortunato, former Chief of Staff at Grilli, will manage the fund together with Elizabeth Spitz, former Director of Agenzia del Demanio (the Italian Public Property Agency). Antimo Prosperi (CONSIP) and Federico Merola, (Ance) are also part of the Board. The first portfolio will include 350 assets transferred by the Agency for an estimated value between Euro 1.2 bn and Euro 1.5 bn. 

Wednesday 15 May 2013: 08.00 – 10.30
ITALY Investment Briefing
08.00 – 10.30 (Discussion: 08.30 – 10.00)
K&L Gates
One New Change (entrance on Watling Street)
London, EC4M 9AF, UK

Investment activity in Italy looks set to increase over 2013 with first quarter deals indicating a recovery in investment volumns. Recent research and commentary suggests that Italy is back in focus and PropertyEU has an excellent panel to provide you with a timely and time-efficient update and briefing on the key d... [MORE]

The weakness of the Italian economy coupled with rising joblessness caused a deterioration of performance of Italian residential mortgage-backed securities in February, with default rates and mortgage delinquencies rising, says Moody's Investors Service.
The overall cumulative default rate of the RMBS pools rose to 2.8% from 2.6% 12 months earlier, with the 2008 vintage recorded the highest default rate, up to 4.1% in February from 2.7% a year earlier – even if this was mostly due to a small number of specific issues, Apulia Finance N. 4- Series 2, Apulia Finance N. 4- Series 2008... [MORE]

Ikea hits Lecce. Through its subsidiary Ikea Retail Italia Srl the Swedish giant has purchased a 12-hectare plot of land, located between the the estern ringrouad (tagenziale est) and the Maglie-Lecce road. From its Italian headquarters, Ikea confirms that the new megastore of southern Apulien will not be built in the ‘short-medium term’. The catchment area of this store will stretch also to Basilicata and Calabria. 

“The Board of Directors, held before the meeting, unanimously voted in favour of the one-month extension of IDeA Fimit for Santa Giulia”, said Claudio Calabi, CEO of Risanamento. IDeA Fimit “aims at putting forward a binding proposal by the month of May”, he added. The Chairman Daniele Discepolo then explained that “Qatar Holding has sent an expression of interest on the remaining France-based real estate assets, offering a prince higher than the value estimated by the experts”.... [MORE]

“After downsizing our expectations on the Italian economy, we believe that also residential prices will decrease by 3% this year”. This is the outlook offered by Standard and Poor's quarterly report, that warns from hopping in a recovery of the economy before 2015”. S&P’s experts however “rule out a further nosedive”. 

Italian real estate funds are still falling, but more slowly. The Global FD index, issued by Association of Engineers and Architects of Milan, stands at 41.4 points in April 2013 (100 points in December 2004), slightly decreasing from 41.7 in March. Overall the index trend is recovering, slowing down the downturn started in February (in January the index achieved 47 points). Moreover in April the absolute value of the discount to NAV stood still at -58. 

Today’s Italian market is dominated by the institutional investors. Property represents a good asset class for liquid investors like pension funds whose portfolios are already heavily invested in real estate. This is what was presented at the IPD 2012 Italian Index Launch. The Index delivered a total return of 1.5% in the twelve months to December 2012.  The positive result was achieved thanks to still robust income return that outbalanced a quite strong contraction in values. In the same period, Italian real estate funds have delivered a negative performance, -5.8% - driven... [MORE]

While the residential market is still suffering, more foreigners are buying holiday homes in Italy. Scenari Immobiliari has been monitoring this market since 2005, recording a steady growth. In Europe Italy ranks third after France and Spain for the number of houses bought by foregners. In 2012, foreign families have purchased 4,600 units, spending over Euro 2.1 bn, 13.5% more than in 2011. Looking at this positive trend in Q1 2013, Scenari Immobiliari has estimated for 2013 a 10% increase in number of transactions. It is cautious estimate, considering the potentia... [MORE]