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Why coronavirus-stricken Italian real estate is not fearing the worst
Industry professionals in the quarantined country insist no one is panicking yet – both because of strong fundamentals and the hope the lockdown is short-lived.
Investment in Italian commercial real estate is down and there are signs of concern among lenders. This seven-slide presentation explores the impact of Italy’s new politics on the property sector.
CBRE has hired Martina Muehlhofer to lead the Italian arm of its Capital Advisors business, as it aims to expand the finance-focussed division across Europe.
Natixis and BNP Paribas have written a €250 million loan to finance Data4, a pan-European owner of data centre properties.
A closed-end Italian real estate fund managed by Savills Investment Management has sourced a €72 million term loan from ING Real Estate Finance, secured by a portfolio of prime shop units in Milan and Florence.
Deutsche Bank and alternative advisory firm Tyndaris have provided an €80 million refinancing of a five-star Italian resort through a private securitisation.
Opportunistic investors have so far chipped away at Italy’s huge mountain of defaulted real estate debt, but significant portfolios should emerge this year.
US investor CarVal has teamed up with an Italian asset manager with the aim of raising €400 million to invest in loan portfolios in Italy.
Italy’s real estate market had a boost investment the first two quarters of this year with over €3.4bn ($3.82bn) in transactions, nearly 35 percent higher than the same period last year, while more than half of those transactions were cross-border investment, shows a new report from Savills.
Heavyweight investment managers in the private equity real estate sector are running the rule over the Italian distressed credit market, delegates at the Urban Land Institute conference in London heard yesterday.

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