Club MeetingLondon, October 12th, 2017

Global Investments in Italy (first edition)

Will 2018 Finally Pay Out?

GRI Club Members gathered at the Shard last week to find out how Italy’s real estate is perceived by international investors and where lie the best opportunities for this cycle and the next.

Discussion was lively as participants exchanged views on the country’s economic outlook, product availability, local partnerships and policy, and exit strategies. After the discussion, guests enjoyed a sparkling aperitivo offered by the host of the meeting, Duff & Phelps/ REAG.

Participants consisted of a solid mix of both Italian and international GRI Club members, representing ; private and institutional equity from UK, Spain, France, Australia, US, Qatar and South Korea.

Discussion points included:

  • Paola Ricciardi (Duff&Phelps/ REAG) set the scene for discussion, mapping out the Italian real estate market and its fundamentals.
  • Discussion moderator Emanuele Dubini (FREO) began by asking selected investors where they see opportunities in Italy’s real estate.
  • Investors confirmed that a key concern is liquidity; whether it will be easy to exit investments at the end of the cycle. One investor advised he looks at a 5 years cycle. Milan is 7 years, and other regions are shorter. Problem is that in Milan there is a lack of product.
  • Lack of product in Milan means many investors are targeting value add and secondary locations; one investor recently made 60-70% return in 3 years on secondary.
  • A participant commented that even if Italy’s national debt is at a historic high, its total indebtedness (including private sector) is low. Important as it will be private sector that pushes growth.
  • Some good opportunities in the retail sector in southern Italy. 
  • A fundamental shift in demographic of Italy; will be high proportion of international families immigrating in future and this is likely to change the rent vs ownership balance.
  • Enforcement of contract and lack of transparency remains an issue in attracting sustainable foreign capital.
  • Conflicting opinions around whether banks are successfully addressing bringing NPL products to market.
Timetable

12th October

4.30pm to 5.00pm – Welcoming Refreshments


5.00pm to 6.00pm – Discussion


6.00pm to 7.30pm – GRI Club Aperitivo

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Venue

Duff & Phelps, The Shard, Level 14 32 London Bridge St, London SE1 9SG
Fulvia D'Ippolito

Fulvia D'Ippolito

Senior Director

+44 20 7121 5072

[email protected]
Fulvia D'Ippolito
+44 20 7121 5072
Senior Director
GRI Club
Biography:
Fulvia is a Senior Director at GRI, with direct responsibility to lead GRI’s activities in Italy, and the GRI Hospitality Club on a Pan-European level. She joined GRI in 2014 to launch the GRI business in Italy while helping to strengthen GRI’s portfolio in Sub Saharan African markets. She has over 18 years of experience in b2b event production and brand marketing. Prior to joining GRI, she was Director at Fiera Milano Media for many years, and brand consultant for Italian start-ups in London. Fulvia is Executive MBA from MIP Politecnico di Milano (2012) and M.Sc. in Business & Corporate Communications, University of Siena, Italy.
Related events

Club Partners

REAG Real Estate Advisory GroupLudovici & PartnersMF Real Estate Advisory
REAG Real Estate Advisory Group

REAG Real Estate Advisory Group, a division of Duff and Phelps, provides real estate advisory services tailored to meet the requirements of specific jurisdictions and aims to develop and increase the value of individual assets or properties. Headquartered in Italy, REAG has a network of over 750 professionals across Europe. 

Duff & Phelps is the premier global valuation and corporate finance advisor with expertise in complex valuation, dispute and legal management consulting, M&A, restructuring, governance and regulatory consulting.

Ludovici & Partners

Ludovici Piccone & Partners is an independent tax law firm based in Italy providing integrated tax advisory both in domestic and international transactions. Founded by Paolo Ludovici in November 2014, the firm currently includes 28 professionals, and has offices in Milan, London and Rome. The firm has a comprehensive tax practice, encompassing all domestic and cross-border transactional tax work. Professionals structure complex M&A transactions as well as cover all other significant areas such as transfer pricing, tax litigation and VAT. Moreover, the firm is renowned for its expertise in finance and real estate transactions, as well as wealth advisory for high net worth individuals. Professionals of the firm give complete, ongoing coverage of all aspects of real estate tax planning. In particular, the firm has developed specific expertise in advising on the tax ramifications of residential and commercial real estate transactions and renewable energy businesses and in giving assistance to real estate funds and other institutional investors, as well as private and corporate clients in structuring and reorganizing real estate investments both in Italy and abroad.

MF Real Estate Advisory

MF Real Estate Advisory, together with its sister company MF Law & Tax Firm, is a “boutique” real estate company that provides its Clients with highly specialized advisory services for the sourcing, management and disposal of real estate portfolios in Italy.

MF’s aim is to achieve the objectives set forth by the Client by designing investment strategies, improving and maximizing value and, overall, making the investment successful until the disposal of the underlying assets.

Together with the asset management and legal team, MF responds to all the requirements relating to the origination of opportunities and the subsequent management of the portfolio, thus meeting all the needs of the current market.

MFRE is the result of synergies of multiple professionals combining different areas of expertise in investment, financing, property, facility and asset management in addition to the legal advisory field.

Over the years, MF has been entrusted with the management and/or advisory of portfolios (consisting of shopping centres, retail parks, factory outlets, logistics, offices, residential buildings) estimated in a value of over 800 million Euros.

Participants include
Cameron LynchCameron LynchDirectorRF Capital
Clemente Di PaolaClemente Di PaolaFounder & CEOAtlantica Real Estate
Davide Albertini PetroniDavide Albertini PetroniManaging DirectorRisanamento
Diego SanfilippoDiego SanfilippoHead of Real Estate Finance ItalyNatixis
Eleonora GalloniEleonora GalloniHead of Investment & Asset ManagementMF Real Estate Advisory
Emanuele DubiniEmanuele DubiniManaging Director France, Spain & ItalyFREO Group
Federico MonteroFederico MonteroManaging DirectorEvercore
George MinnsGeorge MinnsAssociate DirectorEuropa Capital LLP
Giovanni BenucciGiovanni BenucciCEOFabrica Immobiliare SGR
Giuseppe OrianiGiuseppe OrianiManaging DirectorSavills Investment Management
Joseph De LeoJoseph De LeoSenior PartnerBenson Elliot
Korosh FarazadKorosh FarazadChairmanFarazad Investments

More records

Cameron Lynch
Director
RF Capital
Clemente Di Paola
Founder & CEO
Atlantica Real Estate
Segment: Investor
Biography:
Clemente has over 25 years of real estate and finance expertise. Since 2010, as Head of the Real Estate Division of Cassa Depositi e Prestiti, he has worked with CDP Immobiliare/CDP Investimenti SGR to develop a fund concerning local and PA real estate for an overall worth of €1bn. In 2000, he founded Investire Immobiliare SGR, which quickly became one of the largest real estate companies in Italy, with a €5bn portfolio. He has promoted some of the most successful real estate funds in the sector and handled the sale of the Government’s real estate portfolio. He has also managed the sale of FIAT Group &IPI SpA’s real estate portfolio, managed Cushman & Wakefield Italia's Investment Department, and spent 6 years at Knight Frank in London.
Davide Albertini Petroni
Managing Director
Risanamento
Milan | Italy
Segment: Developer
Biography:
Born in 1962, he graduated in Civil Engineering in 1988. Since 2009, he is Managing Director of Risanamento S.p.A. He was CEO of Immobiliare Cascina Rubina owning Sesto Project designed by Renzo Piano for 963.500 sqm and is still CEO of all the subsidiaries of the Group. He sold assets for € 4.0 billion: Paris properties’ portfolio for €1,5 billion, a prestigious building in New York for €0,4 billion and other Italian assets. He is managing the mixed-use Development Project in Milan - 440,000 sqm to be built. Previously, he headed the Real Estate Development by IPI (Fiat Group), being Director of the subsidiaries. Until 2000, he worked for a Construction Company, dealing with the construction of infrastructures in Europe.
Diego Sanfilippo
Head of Real Estate Finance Italy
Italy
Biography:
Diego has been Head of Natixis Real Estate Finance Italy since 2006. A graduate in Economics at the University of Bergamo, he has been working in the banking sector for more than 30 years in various positions (Credit Dept., Marketing, Corporate Front Office) and institutions (BAI, former Deutsche Bank, and Creberg, Credit Lyonnais Italian branch). In 1998, he joined the HQs of Credit Lyonnais in Paris as Senior Credit Officer. In 2001, he moved to Chicago as Large Corporate Senior Relationship Manager of Credit Lyonnais Americas. In 2003, he was appointed Deputy Group Head of the RE team of Calyon in Milan until 2006 when he joined Natixis to lead the Italian Real Estate Desk of the Group.
Eleonora Galloni
Head of Investment & Asset Management
Milan | Italy
Segment: Real Estate Advisory
Biography:
Eleonora is responsible for deal origination and preliminary feasibility analysis of potential investments. She works alongside Clients for the underwriting of the business plans as well as advising on short term and long term exit strategies. Eleonora also coordinates the other teams of the MF group in providing the full line of services pre and post-acquisition.
Emanuele Dubini
Managing Director France, Spain & Italy
France
Segment: Investment Management Company
Biography:
Emanuele Dubini joined FREO Group in 2015 and is responsible for FREO’s activities in France, Spain and Italy. He brings 25 years of experience in the industry and was previously Managing Director for GE Capital Real Estate in France, Italy and Spain for equity and lending activity. Prior to that he was at BNP Paribas Real Estate and BNL Fondi Immobiliari heading the Capital markets team, Advisory and Consultancy in Italy. Earlier in his career he was Managing Director of Asset Management and board member of selected JVs between Pirelli Re and Morgan Stanley at Pirelli Italy.
Federico Montero
Managing Director
United Kingdom
Segment: Investment Bank Advisory Firm
Biography:
Federico has more than 20 years’ experience leading loan portfolio and commercial real estate transactions across Europe, the Americas, Asia Pacific and the Middle East and has been involved in over 85 transactions with a combined face value in excess of €98 billion. His clients have included numerous banks, leading financial institutions and specialist real estate funds as well as several of the national asset management agencies across Europe. Prior to joining Evercore to lead the European RE team, Federico set up the C&W European Loan Sales team in 2012, before he was at KPMG Corporate Finance in London & Hong Kong
George Minns
Associate Director
Europa Capital LLP
Giovanni Benucci
CEO
Fabrica Immobiliare SGR
Italy
Segment: Asset Manager
Biography:
Lawyer, with a solid experience and an outstanding track record in the real estate sector. He has been, for the last 7 years, general director and, subsequently, Vice President of Sorgente SpA, coordinating an SGR which had an AUM of approx. 2.5 bln €. and experiencing transaction for almost 1,5 bln € Lately he has been appointed CEO of Domus Italia SpA. During his professional career he has also been Director of Futura SpA, head, in the liquidation phase on a mandate by Bank of Italy, of Sicilcassa SpA (management of NPLs for 4 bln €) and Law professor at the University of Palermo.
Giuseppe Oriani
Managing Director
Savills Investment Management
Joseph De Leo
Senior Partner
Benson Elliot
United Kingdom
Segment: Pan-European Investor
Biography:
Joseph has over 20 years’ experience in the real estate industry across Europe and North America. Joseph joined Benson Elliot in 2008 and co-heads all investment and asset management activity. Before joining Benson Elliot, he was a Managing Director at Fortress Investment Group in Frankfurt, Germany where he built and managed a team of 40 real estate professionals with investments of €5.5bn, and led c. €700m of exits and re-financings. Prior to joining Fortress, Joseph was a Vice President at Oxford Properties Group in Toronto, Canada and worked at Borealis Capital Corp, where he managed a C$3.8bn retail investment business.
Korosh Farazad
Chairman
Farazad Investments
United Kingdom
Biography:
Mr. Korosh Farazad is renowned within the industry as a pioneer on several fronts. Over the years, he has established a strong platform within the banking industry. He was awarded ‘CEO of the Year for Structured Finance EMEA’ 2015 by IAIR Awards and ‘Best Structured Finance Company 2015’, by European CEO. Mr. Farazad’s unrivalled knowledge of International Banking, Finance and the understanding of Investments catapulted the core of the business in the late nineties, in facilitating medium-to-large scale structured financing for major projects worldwide. Mr. Farazad has significant growth plans focused predominantly in Real Estate investments funds with a focus on hospitality and residential opportunities across the globe.
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