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Italy Commercial Real Estate Report
Investment Transactions
Q4 & Full 2016
ResoluteAssetManagement
2
1 Executive Summary
2 Transaction Volume by Asset Class
3 Geographical Distribution
4 Other Statistics
5 Resolute Company Profile
6Appendixes
- Deal List- Contact Details
Table of Contents
01.02.03.04.05.06.07.08.09.0
10.011.0
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
€ b
n
Q1 Q2 Q3 Q4
Quarter 2016 2015%
Change Previous Quarter
%Change
Q1 1,981.4 2,131.8 -7.1% 2,717.4 -27.1%
Q2 2,330.0 1,830.5 27.3% 1,981.4 17.6%
Q3 1,646.9 1,368.1 20.4% 2,330.0 -29.3%
Q4 3,438.4 2,717.4 26.5% 1,646.9 108.8%
€m 9,396.7 8,047.8 16.8%
1. Executive Summary
3
Q4 and Full 2016 in pills:
The last quarter registered the highest transaction volume since2006
Since 2000, only 2007 performed better than 2016 on a full yearbasis
Q4 saw four single transactions over €200m, and 168 deals wererecorded in the full year – best result since 2010
Office remained the most popular sector of investment, as in2015
Italy - Total Transaction Volumes (1)
Q4 2016 registered a total transaction volume of ca.€3.4bn, doubling Q3 2016 and improving 26.5% on same quarter 2015. On a fullyear basis, 2016 can be considered as a record year, achieving a double-digit grow of ca.17% on 2015, exceeding the €9bn barrier
(1) Numbers referring to past quarters included in this report could differ from the ones published in previous reports as relevant data could have been updated, amended or rectified with new information became available
01.02.03.04.05.06.07.08.09.0
10.011.0
00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16
€ b
n
0
0.5
1.0
1.5
2.0
2.5
3.0
3.5
4.0
Q106
Q206
Q306
Q406
Q107
Q207
Q307
Q407
Q108
Q208
Q308
Q408
Q109
Q209
Q309
Q409
Q110
Q210
Q310
Q410
Q111
Q211
Q311
Q411
Q112
Q212
Q312
Q412
Q113
Q213
Q313
Q413
Q114
Q214
Q314
Q414
Q115
Q215
Q315
Q415
Q116
Q216
Q316
Q416
€b
n
1. Executive Summary
4
Other significant events of the quarter:
Morgan Stanley, with Pbb acting as agent, has provided P3 Logistic Parks - owned by TPG Real Estate and Ivanhoé Cambridge - with aseven-year loan close to ca.€600m secured on the western Europe and Polish portfolio. P3’s Italian platform comprises 5 sites in theNorth of the country
ING REF has supported CBRE Global Investors in the acquisition of the retail gallery of the shopping center Mongolfiera in Surbo,Lecce, sold by Schroders. ING extended the existing loan to new buyer at 50% LTV, equal to ca.€30m
Aareal Bank has financed Tristan Capital Partners in the acquisition, via Fondo Celio managed by BNP Paribas SGR, of a logistic centerin Montichiari, Brescia
German Bayerische Landesbank is the institution supporting Triuva in the €37m acquisition form BNL of the property hosting theApple Store in Florence
Total Transaction Volumes Per Quarter
1. Executive Summary
5
Unicredit has financed with a €75.6m loan the development costs to be sustained by BVK Highstreet Retail Cordusio on the piazzaCordusio 2 building purchased via Hines and Universal-Investment from Fondo Megas, managed by Sorgente SGR, in July 2016
ER Income Fund 2, invested by Benson Elliot and managed by Europa Risorse SGR, received by ING REF a ca.€33m partially amortizingmortgage loan secured by the purchased Meridiana retail scheme in Bologna
Is Banca Popolare di Milano the bank assisting the investments of Fondo Porta Nuova Bonnet, owned by Coima RES (36%) and CoimaOpportunity Fund II (64%) and managed by Coima SGR, with a medium term loan totaling €53.4m
Mediobanca and Banca IMI are the banks lending to the new fund Yielding, managed by Idea Fimit SGR and subscribed by Poste Vitaand Generali, which purchased for €488m a portfolio disposed by Banca Intesa. The latter will hold an equity stake too, apparentlytogether with a German insurer
Qatar Investment Authority, advised by Mediobanca and acting via Coima SGR, has refinanced the debt on Porta Nuova district with a€900m, 5 years loan provided by Unicredit, Intesa SanPaolo, BNP Paribas, BPM and Mediobanca itself
ING REF have financed the first acquisition in Italy of Barings – the Borgo Nuovo shopping center in Asti, with a ca.€16m bullet loanbelow 30% LTV
Still ING REF is the bank assisting HIG via Fondo Gator (Savills IM SGR) in the purchase of Le Isole shopping center in Gravellona Tocewith a ca.€19m loan
Natixis has provided Orion European Real Estate Fund a €46m loan to support development and VAT cost of the Valle Aurelia Mall inRome
Office 41.6%
Retail 28.0%
Residential 0.8%
Industrial 6.3%
Hotel 8.9%
Mixed-Use/Other
14.3%
2. Transaction Volume by Asset Class
6
Quarterly Change in Transaction Volumes By Asset Class
Full 2016 Transactions by Asset ClassAnnual Change in Transaction Volumes By Asset Class
Sector Q4 2016 % Q4 2015 % Change Q3 2016 % Change
Office 1,574.6 45.8% 1,173.3 34.2% 549.8 186.4%
Retail 1,108.4 32.2% 439.0 152.5% 727.0 52.5%
Residential - 0.0% - 0.0% 29.7 -100.0%
Industrial 353.3 10.3% 123.8 185.4% 6.0 5788.3%
Hotel 233.0 6.8% 310.6 -25.0% 90.2 158.3%
Mixed-Use/Other
169.1 4.9% 670.7 -74.8% 244.2 -30.8%
Total €m 3,438.4 100.0% 2,717.4 26.5% 1,646.9 108.8%
Sector2016
Amount % Sector
2015 Amount
%Delta YoY
Office 3,907.2 41.6% Office 2,873.8 35.7% 36.0%
Retail 2,633.4 28.0% Retail 1,225.5 15.2% 114.9%
Residential 79.4 0.8% Residential - 0.0% n/a
Industrial 590.9 6.3% Industrial 448.7 5.6% 31.7%
Hotel 840.8 8.9% Hotel 1,119.2 13.9% -24.9%
Mixed-Use/Other
1,345.1 14.3%Mixed-
Use/Other 2,380.5 29.6% -43.5%
Total €m 9,396.7 100.0% Total €m 8,047.7 100.0% 16.8%
Q4 2016 Transactions by Asset Class
Office 45.8%
Retail 32.2%
Residential0.0%
Industrial10.3%
Hotel 6.8%
Mixed-Use/Other
4.9%
Annual Change in Asset Allocation
2. Transaction Volume by Asset Class
7
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
2010 2011 2012 2013 2014 2015 YTD 2016
Office Retail Residential Industrial Hotel Mixed-Use/Other
3. Geographical Distribution
8
Transaction Volumes by Region Transaction Volumes by Geography – Q4 2016
RegionQ4 2016Amount
%Q3 2016Amount
%Full 2016Amount
%
Lombardia 1,318.8 38.4% 295.7 18.0% 3,195.7 34.0%
Various 1,551.1 45.1% 605.9 36.8% 3,232.0 34.4%
Lazio 151.7 4.4% 362.0 22.0% 1,262.6 13.4%
Toscana 129.0 3.8% 156.5 9.5% 649.0 6.9%
Emilia Romagna - 0.0% - 0.0% 286.1 3.0%
Veneto 1.8 0.1% 7.5 0.5% 100.3 1.1%
Umbria - 0.0% 10.7 0.6% 92.7 1.0%
Sicilia 11.3 0.3% 22.0 1.3% 85.8 0.9%
Campania 81.0 2.4% 109.8 6.7% 200.8 2.1%
Piemonte 128.2 3.7% 39.0 2.4% 180.5 1.9%
Liguria 3.6 0.1% 20.0 1.2% 31.6 0.3%
Friuli Venezia Giulia
- 0.0% 17.8 1.1% 17.8 0.2%
Valle d'Aosta - 0.0% - 0.0% - 0.0%
Sardegna - 0.0% - 0.0% - 0.0%
Puglia 61.9 1.8% - 0.0% 61.9 0.7%
Basilicata - 0.0% - 0.0% - 0.0%
Abruzzo - 0.0% - 0.0% - 0.0%
Trentino Alto Adige - 0.0% - 0.0% - 0.0%
Total 3,438.4 100.0% 1,646.9 100.0% 9,396.7 100.0%
56.4%
8.2%
4.5%
30.9%
0.0%
10.0%
20.0%
30.0%
40.0%
50.0%
60.0%
North Center South Nationwide
Quarter 2016 2015Previous Quarter
Q1 38 24 50
Q2 38 25 38
Q3 36 25 38
Q4 57 50 36
Total 169 124
4. Other Statistics
9
Number of Transactions 2015 - 2016 Average Transaction Value (€/Sqm)
Number of Deals per year and Average Sizes
Quarter 2016 2015Previous Quarter
Q1 52.1 88.8 54.3
Q2 61.3 73.2 52.1
Q3 45.7 54.7 61.3
Q4 60.3 54.3 45.7
Total 55.6 64.9
Year Number of dealsDeltaYoY
Average Size€m
2010 110 43.4
2011 97 -11.8% 36.4
2012 73 -27.8% 41.0
2013 82 8.6% 60.5
2014 98 19.5% 54.5
2015 124 26.5% 64.9
2016 169 36.3% 55.6
4. Other Statistics
10
Full 2016 Buyer / Seller Profiles
Buyer Profile No. €m % Seller Profile No. €m %
Domestic 28 1,572 45.7% Domestic 37 2,091 60.8%
EU 11 1,117 32.5% EU 9 1,015 29.5%
USA 9 470 13.7% USA 4 157 4.6%
Extra EU 3 175 5.1% Extra EU 2 42 1.2%
Unknown / Mixed 6 104 3.0% Unknown / Mixed 5 133 3.9%
Total 57 3,438.4 100.0% Total 57 3,438.4 100.0%
Q4 2016 Buyer / Seller Profiles
Buyer Profile No. €m % Seller Profile No. €m %
Domestic 88 4,241 45.1% Domestic 124 6,032 64.2%
EU 37 2,755 29.3% EU 21 1,654 17.6%
USA 22 1,415 15.1% USA 10 635 6.8%
Extra EU 10 685 7.3% Extra EU 4 427 4.5%
Unknown / Mixed 12 301 3.2% Unknown / Mixed 10 650 6.9%
Total 169 9,396.7 100.0% Total 169 9,396.7 100.0%
11
London
MilanBucharest
Saint Petersburg
Istanbul
NicosiaAthens
Sofia
8
European Offices
5
Partners
85
Professionals
12
Different Nationalities
Resolute Asset Management is a market leader in the management ofdistressed real estate, REO and real estate non-performing loans (“NPL”)portfolios across Central and Eastern Europe. Resolute employs more than 80professionals across eight offices in Romania, Bulgaria, Greece, Cyprus, Turkey,Italy, Russia and the UK
REO and NPL Underwriting and ServicingResolute provides special servicing to both REO and loan portfolio assets forspecial situations investors and banks. We assist clients from the initial phaseof underwriting and bid structuring through to the execution of asset andloan recovery strategies exploiting both the deep experience of our teamand sophisticated proprietary technology platforms
Asset ManagementResolute provides ongoing real estate asset management for a range ofclients across the banking and investment sectors. We specialise in thedesign and implementation of intensive value creation plans for real estateand NPL assets. Our deep experience means we can provide clients with arange of options, including equity warehousing or helping with the creationof internal asset management platforms
Resolute Asset Management Offices
5. Resolute Company Profile
Resolute has managed and advised on projects spanning across 15 countries inrelation to ca.11,000 assets valued in excess of €8.7bn. We offer a wide rangeof services related to real estate asset management and special situations formajor financial institutions and institutional investors
Town Address Asset ClassSize
(sqm)Price(€ m)
Portfolio Note Purchaser Vendor
Q4 2016
Montichiari via Levate, 58 Industrial 32,000 16.0 Fondo Celio (Tristan) - BNP Parobas SGRIsola Verde SpA e Festa Trasporti & Logistica S.r.l.
Milano n.d. Office - 20.0 n.d. n.d.
Roma piazza Augusto Imperatore 22 Office 18,000 95.0 Atlantica PropertiesFondo Immobili Pubblici -Investire SGR
Firenze Palazzo Portinari Office - 40.0 Luxury, Dreams & Culture (Ldc) Beatrice Srl - Sansedoni Spa
Firenzevia Strozzi 1 - p.zza Repubblica 17/22
Retail 2,200 37.0 Triuva BNP Paribas Cardif
Roma via del Corso 118 Retail 316 20.0 AEW Europe City Retail private
Trezzo sull'Adda viale Lombardia 80 Industrial 34,249 20.3 n.d.Fondo Immobiliare Dinamico -BNP Paribas SGR
Desenzano del Garda
Centro Commerciale Le Vele Retail 25,000 57.2Fondo Coima Core V (KKR) via Coima SGR
Garda SGR
Milano Ceresio 7 - Porta Nuova Office 4,000 16.0Fondo Core II (Fondazione della Cassa di Risparmio di Lucca) - Coima SGR
n.d.
Torino Palazzo Novecento Office - 22.0 IPI Spa KLG Torino Srl (bankrupcity)
Venezia -Mestre
via Tevere 34Mixed-Use/Other
1,655 1.8telephone exchange
n.d.Fondo C2 (Cerberus) - Savills IM SGR
Carisio Loc Lotti Vecchi - SP Torino Industrial 57,200 22.7 GreenOak via Idear Fimit SGR Fondo Club Deal - BNP Paribas SGR
Napoli corso Meridionale 53 Office 13,600 11.0 n.d. Fondo Securfondo - Investire SGR
Milano Cortile della Seta - via Moscova Office 15,000 80.0 JPMorgan via Savills IM UBI Banca
Isola d'Elba Relais delle Picchiaie Hotel - 7.0 Petroholding Italia Francesco Paladini
Grosseto Galleria Commerciale Retail 17,050 45.0 IGD SIIQ Unicoop Tirreno
Various 3 logistic assets Industrial 130,700 74.0 Xfondo Mona Lisa (Blackstone) - Kryalos SGR
IDI Gazeley
Surbo Retail Gallery Mongolfiera Retail 11,635 61.9 CBRE Global InvestorsSchroder Property Investment Management Italy
Villanova d'Albenga
Via Martiri n. 54 Industrial 20,238 3.6 n.d.Fondo BNL Portfolio Immobiliare - BNP Paribas SGR
6. Q4 Deal List (1/3)
12
Town Address Asset ClassSize
(sqm)Price(€ m)
Portfolio Note Purchaser Vendor
Q4 2016
Various Royal Demeure Portfolio Hotel - 171.0 X Starhotels Tda Capital Group
Sciacca Torre Macauda Hotel Hotel - 8.0 auction Libertà Immobiliare n.d.
Catania Centro Commerciale Le Balatelle Retail 3,000 3.3 auction private investors Aligroup
Milano via Bisceglie 71-73-75 Office 13,370 37.3 Keppel DC REIT BI71 S.r.l. - via Natixis Lease
Various P3 Park logistic portfolio Industrial 230,280 128.0 Xnot confirmed
GICTPG Real Estate - IvanhoéCambridge
Milano via Speronari 8 - Geox Tower Office 3,300 51.8 Hines Pan European Core Fund private - Ricci Family
Various FOC Vicolungo e Castelguelfo Retail 58,200 330.0 XNeptune Property Venture (JV Neinver -TIAA)
IRUS European Retail Property Fund
VariousFondo BNL Portfolio Immobiliare
Mixed-Use/Other
- 50.8 X Castello SGR (Invel)Fondo BNL Portfolio Immobiliare - BNP Paribas SGR
VariousBNL Estense Grande Distribuzione
Retail - 33.0 X Castello SGR (Invel)Fondo Estense Grande Distribuzione - BNP Paribas SGR
Lazise Hotel Parchi del Garda Hotel - 47.0 auction n.d. n.d.
Milano via Mose' Bianchi 6 office 4,000 12.0 LFPI Arca Holding
Milano via Bagutta 2 - Garage Traversi Retail 5,000 70.0Fondo HITA 1 (Hayrish Private Equity) -BNP Paribas SGR
Banco Popolare
Milano via Bensi 11 office 5,000 12.5 LFPI North Star
Milano via Restelli 3/1 office 3,600 15.0 Fondo Flaminia - Sator Immobiliare SGR Invesco
Milano piazza Edison office 29,128 220.0Fondo Italia Trophy Assets (CNP Assurance) - Hines SGR
Fondo Core Nord Ovest - Ream SGR
Various Hortensia portfolio - 46 assetsMixed-Use/Other
44,054 45.0 X Fondo Hortensia - Kryalos SGR Intesa San Paolo Group
Padova corso Stati Uniti 17 Industrial 6,500 - Gruppo Favero Hamelin Paperbrands
Milano via Bonnet 10 office 19,600 51.0 Fondo Porta Nuova Bonnet - Coima SGREdilizia Commerciale - Edoardo Caltagirone Group
Milano corso Europa 2 office 15,000 91.0Fondo Fundamenta (BNP Paribas Cardif Italia) - BNP Paribas SGR
Famiglia Borromeo
6. Q4 Deal List (2/3)
13
Town Address Asset ClassSize
(sqm)Price(€ m)
Portfolio Note Purchaser Vendor
Q4 2016
Gravellona Toce centro commerciale Le Isole Retail 21,800 30.0 Fondo Gator (HIG Capital) - Savills IM SGR
ADIA
Vimodrone Via XI Febbraio - Ed. A-B-C Office - 10.0 Fondo Marlin (HIG Capital) - Savills IM SGR
ADIA
Asticentro commerciale Il Nuovo Borgo
Retail 17,500 51.5 Barings TH Real Estate
AssagoVia del Bosco Rinnovato 6 (edificio U7)
office - 45.0 AXA IM - RealAsset Fondo Polis - Polis SGR
LiscateStrada Provinciale della Cerca n.39
Industrial - 22.7 LaSalleFondo Europa Immobiliare 1 -Vegagest SGR
Milano Viale Piero e Alberto Pirelli, 27 Industrial 21,781 66.0 Fondo All Star (Blackstone) - Kryalos SGR
Pirelli Group
Milano viale Forlanini 23 Office 33,000 58.0 Fondo Fundamenta (BNP Paribas Cardif Italia) - BNP Paribas SGR
Orion European Real Estate Fund II
Various Intesa San Paolo portfolio Office - 488.0 X Fondo Yielding - Idea Fimit SGR Intesa San Paolo
Milano Mc Donald's - via Durini Retail 555 27.0 Generali Beni Stabili
Roma via San Basilio - piazza Barberini Retail 6,500 36.7 Atlantica Properties Fondo Fedora - Prelios SGR
Milano corso di Porta Vittoria Office - 30.0 Fondo Diamond Italian Properties - Idea Fimit SGR
n.d.
Various Finleonardo PortfolioMixed-Use/Other
- 21.5 X Castello SGR Finleonardo
Milano via Grazioli 31 - Affori Center Office 12,000 35.0 BNP Paribas Greenoak
Various 3 assetsMixed-Use/Other
- 30.0 X Investire SGR (Kildare Partners) Fondo Securfondo - Investire SGR
Various 5 assetsMixed-Use/Other
- 20.0 X Investire SGR (Kildare Partners)Fondo Invest Real Security -Investire SGR
Various Fondo Boccaccio - 12 assets Retail - 233.8 Xprice not confirmed
CBRE GIPFutura Funds Sicav (Cassa Ragionieri)
Milano Nestlè HQ Office 22,000 89.0 X UBS Atlantica Properties
Napoli Quarto Nuovo Shopping Mall Retail - 70.0 X Tristan JV Pradera Unicoop Tirreno
Milano via San Pietro all'Orto 24 Office 5,100 45.0 X Generali Banca Monte dei Paschi di Siena
6. Q4 Deal List (3/3)
14
Town Address Asset ClassSize
(sqm)Price(€ m)
Portfolio Note Purchaser Vendor
Q3 2016
Firenze Centro Commerciale I Gigli Retail 24,800 82.0 Eurocommercial Properties Gruppo PAM
Tradate shopping center La Fornace Retail 11.5 auction Nisiro Srl (Pierangelo Lumina) ATT S.r.l. in liquidation
Brescia ex Standa Retail 9,000 9.0 auction Vittoria Building Generali Properties
Milano Via Messina 38 - Torre A/CMixed-
Use/Other11,445 26.8 office & hotel Beni Stabili SIIQ
Fondo Valore Immobiliare Globale - Castello SGR
Milano via Scarsellini 14 Office 21,600 58.0 Beni Stabili SIIQCoima Opportunity Fund I -Coima SGR
Torino NH Turin Ambasciatori Hotel 20.0sale & leasback
INTERNOS Hotel Real Estate Fund I NH Hotel Group
VariousFondo Investietico - RSA Portfolio
Mixed-Use/Other
98.1 XFondo Acheso Lagune (Eurosic Lagune Italy S.A) - Aedes SGR
Fondo Investietico - Aedes SGR
VariousFondo Investietico - Office Portfolio
Office 23.0 XFondo Eurosic Uffici (Paris Investissements OPCI) -Europa Risorse SGR
Fondo Investietico - Aedes SGR
Milano via della Chiusa 2 Office 25,000 120.0 AXA IM Northstar
Siracusa Arenella Resort Hotel 22.0 York Capital Exor
Milano Affori, Assago e Verrocchio Office 37.5 X Greenoak CBREI Fund
Benevento Buonvento Shopping Center Retail 20,000 30.0 estimated HIG Capital via Savills IM SGREuropean Added Value Fund -AXA IM
Various Conad supermarket portfolio Retail 300.0 Xnot confirmed
Fondo Mercury (Catollica Ass.ni -Conad) - Savills IM SGR
Conad Group
Milano via Clerici 14 Office 10.5 AM Trust HSBC
Udine residence I Bruchi Residential 7.3 auction Friuli Immobili Srl Euroinvestimenti Srl
Milano Villaggio Liberty Residential 11.0 Quartiele del Sarto Srl ALER Milano
VariousGioiaotto (Milano) - Palazzo Sturzo (Roma EUR)
Office 27,332 145.5 X87.7% share purchase
Coima Res SIIQFondo MH Real Estate Crescita -Coima SGR
Romavia del Policlinico 149/b - via Donizzetti 10
Office 24.0 X Caprim (Grimadi Group) Famiglia Gianni
Roma via delle Quattro Fontane 161 Office 50.0 Grimaldi Group Famiglia Gianni
6. Q3 Deal List (1/2)
15
Town Address Asset ClassSize
(sqm)Price(€ m)
Portfolio Note Purchaser Vendor
Q3 2016
Various Telecom Exchanges - 5 assetsMixed-
Use/Other35,800 39.3 Idea Fimiti SGR Tecla Fondo Uffici - Prelios SGR
Perugia Antongnolla Castle Hotel 10.7partial share purchase
VIY Greater Europe Hospitality Fund Private Investor
TriestePiazzale Atleti Azzurri d’Italia –Via Palatucci
Retail 10,000 3.0 auction Metro Group Cotif Immobiliare - Coop Operaie
Venezia Palazzina G Hotel 0.0 3onde - Relegance Private ownership
Padova Hotel Palace - via Milano 40 Hotel 7.5 auction A&O Hotels and Hostels Private ownership
RomaDa Vinci Market Central Retail Park
Retail 25,100 208.0 M&G Real Estate GWM - Elliott
Napoli Hotel Britannique Hotel 30.0 estimated private investor Private Investor
Roma via del CorsoMixed-
Use/Other80.0 Coima SGR n.d.
Milano corso di Porta Romana 91 Residential 11.4 n.d. Pio Albergo Triulzio
Torino via Garibaldi Office 8,000 13.0 private investor Private Investor
Provinciadi Torino
n.d. Industrial 21,000 6.0 auction n.d. n.d.
Reggello outlet “The Mall” e “The Castle Retail 56.0 x Fondo Opportunita' Italia - Torre SGR n.d.
Napoli viale Calamandrei Office 49.8 Rosotel Srl Fondo Atlantic 1 - Idea Fimit SGR
Genova Coin via XX Settembre 16/a Retail 20.0 Investire SGR n.d.
FirenzePalazzo degli Angeli - via Calimala 2
Office 10.0 estimated SLH Srl - Leggiero Group n.d.
Udine piazza Matteotti 10 retail 7.5 LFPI - FLE Italia Fund 1 n.d.
Firenze Caserma Cavalli Office 8.5 Ente Cassa di Risparmio di Firenze Cassa Depositi e Prestiti
6. Q3 Deal List (2/2)
16
Town Address Asset ClassSize
(sqm)Price(€ m)
Portfolio Note Purchaser Vendor
Q2 2016
Milano Via Felice Casati 16 Office 2,718 4.9 Raffles Asset Italy S.r.l. Fondo Investietico - Aedes SGR
Torino ex Scalo VallinoMixed-Use/Other
- 10.0 NovaCoop FS Sistemi Urbani
Baranzate International School of MilanMixed-Use/Other
17,000 - Primovie SCPI Fund - Primonial SCPI Montipò Trading
RomaPalazzo Marini & Ex Hotel Bologna
Office - 150.0 X estimated Fondo Trophy Value Added (York Capital – Star Hotel – Feidos) –IDeA Fimit SGR
Milano 90 – Scarpellini Group
Roma Valle Aurelia Shopping Center Retail - - development Orion European Real Estate Fund IV CDS Holding
Bologna Meridiana Shopping Center Retail 29,000 53.6 Benson Elliot TMW Immobilien Weltfonds
Romashopping center Casal del Marmo
Retail 30,663 14.2Fondo Donatello - comparto Marghetia - Sorgente SGR
Fondo Europa Immobiliare 1 –Vegagest SGR
Pontida RSA Villa San MauroMixed-Use/Other
- 5.5auction
Edos srl (Eukedos Group)
Milano NH Hotel via Tortona 35 Hotel - 51.0 Fondo Euripide - Finint SGR Fondo Delphine - Kryalos SGR
Milano via della Spiga Retail - 37.0 Pria Spa Pio Albergo Triulzio
Venezia Dorsoduro 3488/U Office 7,985 25.0 Doges Srl - AXA REIMFondo Risparmio Imm.re Uno Energia - Pens-Plan Invest SGR
Truccazzano Industrial - 24.0 CBRE European Industrial Fund Anko Business Park
Firenze stazione LeopoldaMixed-Use/Other
- 7.2 Comune di Firenze Ferrovie dello Stato
Various 57 telecom exchangeMixed-Use/Other
- 70.0 XFondo Madison Imperiale (MonarchAlternative Capital LP) - Prelios SGR
Meucci (Savills AM)
Various170 telecom exchange (FondoRaissa - Prelios SGR)
Mixed-Use/Other
- 170.0 X TPG - Texas Pacific Group MSREF V - Prelios
Bologna Meraville Retail Park Retail 35,975 100.0 TH European Cities Fund Orion European Real Estate Fund IV
Rolo Industrial 77,000 40.0 estimatedFondo Primitiv (Blackstone) –Kryalos SGR
Panattoni Europe - Standard Life
Stezzano HQ Brembo Office 33,823 52.8 SCPI Corum Convictions FundFondo Unicredit Immobiliare Uno –Torre SGR
Gorgonzola SS 11 Industrial 47,444 24.1Columbus Real Estate Euro Fund –Axa REIM SGR
Fondo Polis - Polis SGR
6. Q2 Deal List (1/2)
17
Town Address Asset ClassSize
(sqm)Price
(per sqm)Portfolio Note Purchaser Vendor
Q2 2016
Milanovia Primaticcio 155- 159 - L'Oreal HQ
Office 19,600 63.5 Fondo Nexus 1 - Amundi SGR Deka Westinvest ImmoValue
Gardone Riviera
Villa Ruhland Residential 1,040 2.7auction
Private Investor Immobiliare Fiorini
Milano corso di Porta Romana 8/10 Hotel 11,000 37.4 Europe Hotels Private CollectionFondo Comune di Milano I –BNP Paribas REIM SGR
Roma zona Tiburtina Industrial 25,100 15.0 Prologis Targeted Europe Logistics Fund SiDi S.r.l.
Monselice Industrial 47,000 23.5 SCPI Corum Convictions Fund Gimi S.p.A.
Soresina -Rodigo
Mixed-Use/Other
- 41.6 X Fidesimm Srl Fondo Salute - Numeria SGR
VariousBologna (2) and Castel San Giovanni
Industrial - 75.0 XFondo Logita (SEGRO & Canadian PSP Investments) - Prelios SGR
not disclosed
FirenzeSt. Regis Hotel and Westin Excelsior Hotel
Hotel - 190.0 X Nozul Hotels & Resorts Starwood Hotels & Resorts
Roma via Veneziani 56 Office 25,000 12.5 Aedes SIIQ Spa Ge Capital Corporation
Roma palazzo Chigi-Odescalchi Office - 12.0 Fondo Sympleo - Ream SGR
Milano via Broletto 20/22 Office 11,000 50.0 Savills SGR (Hines Italy) Fondo Virgilio - Finint SGR
Bologna via Fioravanti - ex Telecom Office 11,200 5.5 The Student Hotel Euro Asset Italia
Milano via Cordusio 2 Office 14,272 130.0 Bayerische Versorgungskammer (BVK)Fondo Donatello - Comparto David - Sorgente SGR
MilanoVodafone Village - via Lorenteggio 240
Office 61,000 200.0 Coima Res SIIQReal Estate Center (Carminati Group)
Spinea Villa Fiorita and Villa AltheaMixed-Use/Other
- 22.0 XFondo Euripide (Cattolica Assicurazioni) - Finint SGR
Welfare Italia S.p.A.
Various Serravalle, Bologna and Cosenza Retail 65,860 180.0 X TPG Capital - Texas Pacific Group Herald Fund - TH Real Estate
Milano via Monterosa 91 Office 86,086 220.0AXA Selectiv’ Immo and AXA CoRE Europe
Partners Group
Various ex Enel - Excelsia NoveMixed-Use/Other
- 165.0 Xprice not
confirmedTPG (plus Banca Intesa and Citi) Abdulrahaman Saleh Al Rajhi
Various Ostuni, Pila, Marilleva Hotel 45.0 X InvestindustrialFondo Hospitality & Leisure -Prelios SGR
18
6. Q2 Deal List (2/2)
6. Q1 Deal List (1/2)
19
Town Address Asset ClassSize
(sqm)Price
(per sqm)Portfolio Note Purchaser Vendor
Q1 2016
Various8 assets - Fondo Rho Portfolio buy-back
Mixed-Use/Other
- 265.0 X Unipol Sai Fondo Rho - IDeA Fimit SGR
Milano via Cornalia Residential 3,800 22.0 China Investment Fondo Calatrava - Vegagest SGR
Roma Aldrovandi Palace Hotel Hotel - 86.0D-Marine Investments Holding Bv -Dogus Group
Private - Famiglia Ossani
Milano Palazzo Turati - via Meravigli 7 Office 14,000 97.0Coima SGR - State Oil Fund of the Republic of Azerbaijan (Sofaz)
Technoholding
Padova via Delu'Mixed-Use/Other
- 2.7total investment
Fondo Erasmo - Fabrica SGR Intesa San Paolo
Padova Castello del CatajoMixed-Use/Other
- 2.8 Euro Immobiliare S.r.l. Private Investor
Perugia Centro Commerciale Collestrada Retail 26,500 82.0 Eurocommercial Properties NV Fondo Etrusco - Fabrica SGR
Milano via Bisceglie 71-73-75 Office 13,370 24.2 Natixis LeaseFondo Europa Immobiliare 1 -Vegagest SGR
Roma via San Basilio 45 Hotel 9,250 41.0 San Basilio Property - Gruppo Statuto BNP Paribas RE
Lucca piazza del Giglio Hotel - 4.7Universo RE - Shaner (Mariott) & Marcucci
Profilo Toscana
Sanremo via Anselmi - ex-Tribunale Office 3,560 8.0 auction Piemmedue Srl Comune di Sanremo
Pozzolo Formigaro
centro commerciale I Giovi Retail 5,700 3.3 auction Esse Emme S.r.l.
Milano via Montenapoleone 15 Retail 2,000 120.0 Max Mara - Maramotti Family Montenapo 15 S.r.l. (IPI S.p.A.)
Treviso ex Questura via Carlo Alberto Office 7,000 15.0not confirmed
private investor Fondazione Cassamarca
Roma Tor Pagnotta Office - 50.2 Telecom Italia Beni Stabili SIIQ
Pisaex-ospedale Misericordia e Dolce
Mixed-Use/Other
- 12.0 Comune di Pisa A.S.L. Pisa
S. Donato M.se via XXV Aprile 25 Office 6,600 17.3 Rosotel S.r.l. Fondo Investietico - Aedes SGR
Milano via Santa Maria Segreta 5 Office 3,500 22.5 Itas Assicurazioni Fondo Pensioni Cariplo
20
6. Q1 Deal List (2/2)
Town Address Asset ClassSize
(sqm)Price
(per sqm)Portfolio Note Purchaser Vendor
Q1 2016
FirenzePalazzo della Borsa Merci, via Volta dei Mercanti 1
Office 5,600 71.6 auction Edizione Property (Benetton Group) Camera di Commercio Firenze
Orio al Serio Orio Retail Park Retail 8,504 11.0 UBS Euro Core Fund
Roma La Grande Bellezza Office - 225.0 XPoste Vita and Zurich –Morgan Stanley SGR
Unicredit
Reggio Emilia centro commerciale I Petali Retail 28,500 87.0 Tikehau Investment ManagementCBRE Retail Property Partnership Southern Europe
Milano piazza Affari 1 Office 4,200 19.0Partners Group via Fondo Torre RE Fund II – comparto A Milan Prime Office - Torre SGR
private
Milano via Tortona 37 Office 6,800 30.0Fonfo Next Estate Income Fund II –BNP Paribas REIM SGR
Toffano Pagnan Family Office
Milano via Piero Alberto Pirelli Office - 15.0 Foncière des Régions Pramerica
Milano via Lamarmora Residential - 25.0 BNP Paribas REIM Universita' Cattolica
Milano Via F. Filzi 29 - Time Building - Office 10,796 63.7 Invesco RE Fabio Filzi S.r.l. (Borromeo)
Milano via Dante 16 Office 6,000 55.0 Bayerische Versorgungskammer (BVK)Finanziaria Immobiliare d’EsteS.r.l.
Various18 properties - 100% quotas Fondo Redwood
Retail - 25.0 Aedes SIIQ Spa Ge Capital Corporation
Taormina San Domenico Palace Hotel - 52.5 Gruppo Statuto Acqua Marcia S.p.A.
Roma via Raffaele Costi 58/60 Office 15,773 13.0 Fondo Metropolis - Polis SGR Fondo Polis - Polis Fondi SGR
Milano via Maciacchini - MAC 567 Office 33,000 115.0 Deka Immobilien EuropaDoughty Hanson European Real Estate II LP
Fiano Romano Industrial 52,700 30.0 not confirmed Prologis European Properties Fund II Fondo Gioiello - Borgosesia SGR
Various Generali Portfolio - 5 propertiesMixed-Use/Other
25,000 80.0 X Morgan Stanley REIGenerali Italia e Generali
Properties
Roma Coin Excelsior via Cola di Rienzo Retail 7,300 85.0 BMO - Best Value Europe Holding Edoardo Safdie
Romavia Casalinuovo 8/10 - Wind office
Office - 15.0 not confirmed HIG Capital AXA
Capri Hotel La Certosella Hotel - 10.0 auction not disclosed not disclosed
Firenze via Tornabuoni 3Mixed-Use/Other
5,500 78.0 Hines Pan European Core Fund Private Investor
21
Contact
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Cyprus
Luca ZaffaroniDirector
T +39 340 0603031E [email protected]
6. Contact Details
Disclaimer
22
The information included in this report is part of a monitoring and data collection process, and following elaboration. All information about real estate transactions conducted in the reference period is public and not confidential. The decision to include or exclude a specific transaction from the report is purely discretional. It is possible that transactions conducted in the specific period are not included due to being made part of the public domain only after the publishing period, and they could be included in the report referring to the next period
Numbers referring to past quarters included in this report could differ from the ones published in previous reports as relevant data could have been updated, amended or rectified with new information become available
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