The Italian Real Estate Market in April

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Florencia

The area between Florence and Prato reported the highest prices nationwide for industrial assets (70 €/Sq m versus 65 €/Sq in Milan and 60 €/Sq m in Genoa), as new investments concentrate in the region.

With an investment of 150 million €, the pharmaceutical group Menarini will start in September to construct its new plant in Sesto Fiorentino, covering a 100,000 Sq m area.

In Scandicci, the 28,000 Sq m vacant office building, known as “Palazzaccio” and owned by Cdp, will be converted into a production plant for the luxury brand Yves Saint Laurent (Kering Group).

Finally, the new Fendi Factory will be inaugurated in 2022 in Bagno a Ripoli, covering 13,000 Sq m in total.

Residential

INPS sold a residential complex in Acilia-Dragoncello (Rome) consisting of 40 homes and 57 ancillary properties between cellars and parking spaces. The assets were sold to their tenants for approximately 3 million € in total.

Aquileia Capital Services (Bain Capital Credit) launched Casa Cavour residential project in Udine. The asset, which is owned by Immobiliare Stampa, covers approximately 5,400 Sq m. After being vacant for years, the property will be requalified and converted into 16 apartments.

Offices

BNP Paribas Real Estate Investment Management Italy sold two properties for a total of 9.5 million € in Milan.

In Padova, Finint acquired Palazzo Generali for 15 million €.

Banks

Intrum and Deva Capital acquired from BPER UTPs for a gross value of 248 million €. Intrum will operate as servicer for the portfolio through its subsidiary ReValue. The portfolio mainly consists of loans backed by various assets located throughout Italy.

Retail

Kervis Sgr, assisted by Cbre, sold to an Italian social security fund a retail space currently leased to Esselunga in Milan city centre, which was inaugurated in November 2020.

Hospitality

Prelios sold the protected building Villa Moglia in Chieri (Turin) to a private buyer. The property is currently vacant and covers 6,000 Sq m surrounded by a park. It will be turned into a luxury hotel while preserving its architectonic characteristics.

In Marina di Ventimiglia (Liguria), Namira Sgr presented a requalification project developing on a 57,000 Sq m surface, for a total investment of 200 million €. Namira will develop a five-star hotel and 70 holiday homes. Besides, Borgo del Forte Campus will offer an international campus featuring a wide range of sports facilities, dorms and conference spaces from converting the existing warehouse.

Meanwhile, Adler announced the reopening of its Adler Spa Resort Dolomiti in Ortisei with a total investment of 7.5 million €. The company also plans an Adler hotel in Sicily, near Agrigento, currently under construction, for a total investment of 50 million €.

Bulgarella plans to invest 35 million € for the launch of new hotels in Tuscany, specifically Hotel Cube in Florence (94 rooms), Hotel Bristol in Viareggio (90 rooms), and Hotel Granduca in San Giuliano Terme (200 rooms).

Logistics

Prologis completed a build-to-suit platform in the logistic hub Interporto di Bologna on behalf of a leading express courier covering a total area of 60,000 Sq m.

Meanwhile, Kering inaugurated its new logistic hub in Trecate (Novara), covering 160,000 Sq m. The hub will be fully operational by the end of 2022, delivering to 80 countries and stocking up to 20 million products. Smart automation will allow processing orders in less than three hours and halving delivery times.

Alternative

Quinta Capital SGR sold on behalf of Madison Imperiale 23 telephone exchanges to a group of private investors for 19 million €. The assets are leased to TIM S.p.A.

InvestiRE Sgr (Banca Finnat Group) acquired from Kos Group a sale & leaseback portfolio consisting of three assisted living facilities. Two assets are located in the Province of Florence, while the third is near Novara. The three assets offer 260 beds in total and will be managed by Kos.

 

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