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The Italian Real Estate Market in January

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Cbre reports that 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. The pandemic also impacted the NPE market, with PwC estimating new non-performing exposures between 60 and 100 billion € in the next 24 months.

Residential

IPI completed two operations concerning offices and residential units for 11.2 million € in total following their requalification. The first sale consists of an office building in Marghera (Venice) to a telco, while the second one concerns 24 apartments in Florence.

With a 300 million € investment, Coima presented its urban renewal project for a 160,000 Sqm area in Porta Nuova, Milan. Specifically, the project consists of the renovation of the former Pirelli building, which Coima acquired for 193 million €, and the creation of a new Vertical Forest next to it, namely a 25-storey residential tower.

Offices

With an off-market operation, Blue Sgr completed the acquisition from Covivio of a LEED Gold-certified office building (5,000 Sqm) in Milan for 19 million €. The asset is located in CityLife and is entirely leased long-term to multiple tenants.

In Rome, InvestiRE bought a historic building for office use following a bidding procedure. The asset covers a 4,400 Sqm surface and is leased to a leading international financial company.

Banks

UniCredit is expected to sell NPLs for 14 billion € to AMCO to facilitate its merger with Mps. AMCO might buy an additional portfolio from Mps following the first acquisition totalling 8.1 billion € last December. The transfer of non-performing loans is a crucial step for Mps, allowing the Italian Treasury, which holds 68.27% of Mps, to find a buyer for the bank.

Hospitality

The luxury hotel brand Rosewood will open its fourth hotel in Italy in 2023. The new hotel will be located in Rome, in the former Banca Nazionale del Lavoro HQ owned by Antirion. The hotel will offer 157 rooms, three restaurants and a rooftop bar with a panoramic view of the city.

Logistics

Cromwell Property Group completed the off-market acquisition of CLOM (Centro Logistico Orlando Marconi), an intermodal logistics park located in Ascoli Piceno, central Italy. The asset has a net lettable area (NLA) totalling 156,888 Sqm, features nine warehouses, and is connected via railway to the national network. The hub is leased to 24 tenants and is one of the biggest and most efficient logistic centres in Central Italy.

Kryalos Sgr acquired 12 logistics assets in 2020, for a total GLA of 120,000 Sqm. The assets are located in Bergamo, Rome, and Brescia and are all leased to various tenants. Kryalos also acquired an asset in Fizzonasco (Milan) covering an approximate GLA of 45,000 Sqm. The facility is entirely leased to a 3PL (Third Party Logistic Service Provider) company operating both domestically and internationally.

Meanwhile, Barings bought a land plot near Verona, where the company plans to develop a class A logistic hub. The project implies the construction of 40,000 Sqm warehouse space by 2021 and additional warehouses for approximately 35,000 Sqm by 2022.

Blue Sgr, with the support of Immogroup, sold an industrial asset in Turin to a club deal of investors.  The asset develops over six floors and covers a surface of 11,000 Sqm.

In Milan, Sogemi, the company managing the Produce Market, granted building rights to Prologis for a 25,780 Sqm area to implement an agrifood logistic hub. The plan implies constructing the first last-mile agrifood logistic platform covering a surface of 12,000 Sqm and located near the city.

Alternative

Sagitta SGR (Arrow Global Group) acquired a portfolio of 37 photovoltaic power plants, already implemented and connected to the grid, located throughout Italy and leased to various SPVs. The operation was carried out through a 100 million € financing project from Natixis, UniCredit and UBI Banca.

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