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The Italian Real Estate Market in November

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Turín, Italy

As a result of the ongoing pandemic, Intrum estimates new impaired loans totalling approximately 100 billion € in the next 12-24 months, with an increase of Italy’s Npe ratio equal to 12%, against an average of 5% in the rest of Europe. According to Prelios, the pandemic will generate new non-performing exposures between 60 and 100 billion €.

On the other hand, Covid had a positive impact on the real estate logistic sector, thanks to the rise of e-commerce. As JLL reported, in the first nine months of 2020, logistic leased spaces totalled a 1.5 million Sq m surface (+13% from 2019). In the same period, transaction volumes amounted to 860 million € (+69% from the previous years).

Residential

The developer Borgosesia acquired an asset in Gardone Riviera, near Garda Lake, for 3.95 million €. Although almost finished, the residential complex has been left unused for several years. Borgosesia will requalify the asset and implement nine apartments.

In Milan, Manifatture Milano S.p.A will start shortly the requalification of the old tobacco factory (Ex Manifattura Tabacchi) in Bicocca. With a 41,000 Sq m surface, the asset will be divided into four lots, accommodating homes, student halls, social housing and public services.

Offices

Deka Immobilien bought from Prelios an entire building in Eur, Rome, for an undisclosed amount. 90% of the space is leased, accommodating tenants such as PwC and Prelios.

Always in Eur, Fonciere Lfpi Europa (FLE) bought from AXA IM – Real Assets a multitenant office building. The asset, which covers a surface of 11,500 Sq m and was entirely renovated in 2017.

Banks

AMCO and Credito Fondiario adjudicated most of Banco Bpm corporate UTP portfolio for 1 billion €. The portfolio consists of 149 holdings, 56% originating from real estate.

Meanwhile, Illimity Bank S.p.A. announced the completion of two UTP transactions for a total GBV of 120 million €. The first operation concerns a joint venture with VEI Green aiming at investing up to 100 million € in the energy sector. With this operation, Illimity acquired seven holdings, mostly UTP, amounting to 20.5 million €. The second transaction consists in the acquisition of single name UTPs held by Banco Bpm towards FinGruppo Holding S.p.A., currently under liquidation, for a total amount of approximately 98 million €.

Moreover, Illimity also acquired from UniCredit a UTP portfolio for 153 million €. This acquisition is part of a broader operation amounting to 600 million € in total and exclusively consisting of UTPs towards about 450 Italian SMEs.

Hospitality

In Trieste, Mtk and JP Immobilien acquired Palazzo delle Ferrovie for 10 million € from Ferservizi (Ferrovie dello Stato). The former office building, covering a 20,000 Sq m surface, has been vacant for years and will be converted into a hotel with a 40 million investment.

The Pantheon Hotel, located in Rome old town, had been sold by DeA Capital to InvestiRe for about 62 million €. Marriott manages the hotel under the brand Autograph.

In L’Aquila, the Quaianni family sold the Amiternum hotel for 2.3 million € to the entrepreneur Roberto Tomei. The hotel will be restructured and rebranded under the name My Suite.

Logistics

Kryalos acquired two logistics assets near Turin and Milan. The Turin hub is currently leased to an international company operating in the automation and energy management sectors and covers a surface of 17,140 Sq m. The second asset, located north-west of Milan, had been acquired through a sale and leaseback operation and has a 12,700 Sq m surface.

Alternative assets

In Milan, Coima Sgr, Covivio and Prada adjudicated the former Porta Romana rail yard for 180 million €, following the tender launched FS Sistemi Urbani Srl and Rete Ferroviaria Italiana SpA. With a surface of about 190,000 Sq m, the area has excellent potential since it’s meant to accommodate the Olympic village for the 2026 winter games, to be converted later in student halls, apartments and offices. Its development will require an investment of approximately 105 million €.

Always in Milan, Ac Milan and Fc Internazionale Milano filed an integration to the business plan for the requalification of San Siro stadium with the financial support of Jp Morgan and Goldman Sachs. The total investment is assessed around 1.25 billion € and implies the construction of a new stadium and the requalification of the old Meazza, creating a modern and sustainable sports & entertainment district.

Antirion acquired a clinic in Arezzo for 20 million €. The facility, which is certified by the Italian National Health Service, develops over three levels and covers a total surface of 8,000 Sq m. Meanwhile, Kos Care bought two assisted living facilities in Liguria and Emilia-Romagna for an undisclosed amount.

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