Europa Risorse views its transparent, professional and constructive relationship with the public sector and banks as the key to its success.
The world-wide financial crisis has had a significant impact on many sectors, with real estate being one of the most affected. Governments and families have been forced to adapt their strategies and lifestyles. Many countries are even in the process of changing their cultural approach to market practices. Italy’s market should certainly become more transparent, efficient and attractive to foreigners. The reorganisation of the Government’s real estate portfolio is one of the key measures aimed at maximising value through the disposal to the private sector of billions of euros worth of publicly owned real estate assets. Within the private sector, banks have a significant amount of real estate assets on their books deriving from sub or non-performing mortgage loans which need to be efficiently managed to maximise debt-recovery.
In all cases, the private sector will be needed to create value and minimise inefficiencies. The Government will not just focus on selling assets to the private sector, as this would result in significant discounts, but will partner with private operators in order to maximise asset values. According to data from the Ministry of Finance, Real Estate funds regulated by the Bank of Italy will be the preferred entities to redevelop state-owned assets. Italian private SGRs will be called to establish and manage real estate funds, with public authorities and banks acting as lenders and /or quota-holders, alongside private investors.
Europa Risorse SGR is one of the few SGRs in Italy with in-house development capabilities and international fund management know-how. Having always operated on projects for prominent institutional investors, Europa Risorse SGR is an ideal partner to run a transparent and constructive dialogue with the public sector and banks.
Monteluce in Perugia, the re-development of a former 67,000 sqm hospital complex, represents a pioneer project in which the investors are public entities and management is undertaken by a private firm, a joint venture between Europa Risorse and BNP Paribas.
Europa Risorse will stay true to its core business of discovering and developing opportunities for institutional investors, extending these services further to the public sector and banks.