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The Italian Real Estate Market in July

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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 € in the first half of the year.

Meanwhile, residential transactions have grown by 12.3% according to Scenari Immobiliari, which forecasts that the market might reach 100 billion € by the end of the year. Although house sales grew by 36.8% in the first quarter of 2021, prices haven’t increased yet, except for Milan and Rome

According to the latest survey by Cushman & Wakefield, investors are increasingly focusing on resorts and seasonal tourism over MICE (Meetings, Incentives, Conferences and Exhibitions) hotels and locations near airports. 

Residential

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.

Offices

BNP Paribas REIM Italy SGR acquired an office building in Milan in the Maciachini area. The building is L-shaped and covers 7,100 Sqm. The tenant is a leading luxury brand.

Lio Capital bought from Bnp Paribas Reim two office buildings in Milan for 9.5 million € in total. The buildings, which consist of 15 floors and cover a total commercial surface of 15,000 Sqm, will be requalified.

Macquarie Asset Management bought for 63 million € an office building in Corso Europa, Milan city centre. The asset develops over a 6,000 Sq m surface and eight floors and accommodates the Consulate of Brazil, a law firm, a coworking space and a boutique.

DeA Capital Real Estate Sgr sold a building in Rome for 9.5 million €. The transaction will be formalised in the second half of 2021.

Retail

Baring sold Parco Fiore Retail Park in San Fior (Treviso) to an Austrian institutional investor. The shopping centre was completed in 2019 in compliance with the ESG criteria and covers 27,000 Sqm. It includes 14 stores and is fully leased to leading international brands.

Reale Compagnia Italiana might have reached an agreement to sell its real estate portfolio to Blackstone for about 1 billion €. The portfolio includes offices and retail assets mostly located in prime locations in Milan (Piazza Repubblica, Via Turati, Via Verdi, Via Vincenzo Monti, Via Montenapoleone) as well as the famous arcade Galleria Subalpina in Turin.

Hospitality

Bizzi & Partners acquired the Angst Hotel in Bordighera (Liguria), once one of the most famous hotels in Europe, to convert it into luxury apartments. The former hotel will be updated with design elements and modern facilities while preserving the buildings’ characteristic features and the botanical garden annexed, offering easy access to Monte Carlo and San Remo.

Meanwhile, Aquileia Capital Services (Bain Capital Credit Group) sold the hotel Hilton Garden Inn, 7 km from Malpensa airport and 50 km from Milan to the Greek fund Prodea and the international hospitality group Zeus International. The hotel, which is leased to Malpensa Gestioni, offers 207 rooms and conference venues with a maximum capacity of 700 people.

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