Franchising, retail, business
18/05/2015
In recent years, the CDP has become one of Italy’s major real estate operators, since beginning, a while back, with social housing projects to bridge the signifcant gap between housing demand and supply.
The decision was taken to set up an indirect investment instrument for investing in local property funds, with a view to fostering the development of a large number of projects.
To date, investments totalling 1,515 million have been made in 27 local funds, managed by 11 diferent asset management companies, looking to develop 222 projects.
This will lead to the construction of about 14,000 social houses and 6,700 beds in temporary residential homes.
The CDP then started setting its sights on the development and improvement of publicly-owned properties. In 2013, in fact, it acquired a frst portfolio of such properties for a total value of approx. 500 million euros, along with the company Fintecna Immobiliare. At the end of 2014, it acquired a second portfolio of publiclyowned properties worth approx. 250 million euros.
At 31 December 2014, the CDP property portfolio amounted to approx. 2.5 billion euros, for 2.8 million square metres, in 14 Regions and 80 Local Authorities.
The portfolio comprises publicly-owned properties with development opportunities, as a result of which the CDP has become the number one Italian operator engaged in property improvement and urban renewal, through two 170-strong staf asset management companies: Cdpi SGR and Cdp Immobiliare.
The CDP’s real estate improvement and development policy is based on a two-pronged approach: frstly, improving the properties so that they can be sold on the market, thus acting as a bridge between the public property sector and the market, and, secondly, directly managing the property development phase, until the properties are ready to be sold on the market.
We should not forget that the improvement and development of real estate can signifcantly boost local development and, therefore, contribute to the growth of the country as a whole.
Each euro invested in the property development sector, in fact, translates into a 2.84 euro increase of the GDP (Source INREV).
This is one of the many ways in which the CDP can contribute to the development of the country, with a focus on innovation and narrowing the market gap between demand and supply.
This is also the aim of the new tourism investment fund, bearing in mind that tourism is a key economic sector in Italy and that real estate is a characteristic component of the industry.
Despite this, to date, no investment vehicle (real estate company or fund) specialising in this sector had yet been set up.
We therefore decided to create a real estate fund, initially contributing 8/10 of our portfolio properties, with a view to eventually opening up to private-sector operators and investors.
Another important new development is the launching, last January, of the www.patrimoniopubblico.it portal, as a means for showcasing publicly-owned properties and promoting their sale.
Potential buyers visiting the portal are walked through the properties and can fnd all the information they need to make a frst assessment.
At present the portal is in only two languages, but we are thinking of increasing the number of available languages.
This too has been designed as an open platform for the property assets of both the central government and the local authorities, which have already started to showcase their properties in the portal.
Last but not least, regarding the CDP’s role as a bridge between publicly-owned property assets and the market, in 2014 properties totalling 60 million euros were sold.
This is unquestionably an outstanding result, if we consider that the investment market, to date, had shown an exclusive interest in income-yielding properties and that there is still hardly no investment demand for properties to be improved and/or in the process of being developed, which generally appears at a later stage.
In 2015, with the assistance of an advisor, we will be investigating the market potential of large-scale properties - through a structured sales operation - to test the investors’ appetite for this type of property as well.
The properties are located in the country’s main cities and feature no urban planning risks.
Fonte:http://italy.monitorimmobiliare.it/cdp-an-example-of-how-real-estate-can-contribute-to-itlaly-s-growth_201503121302#.VWR9Pj0cECI.linkedin
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