If during 2002 the rental market was characterized by moderate activity (see the other article on this page), the investment market, on the contrary, was particularly dynamic. The data at the end of the first half of 2002, in fact, shows a total investment in non-residential real estate assets in Italy of approximately 1.68 billion euros, a figure equivalent to approximately 88% of the total investment recorded in 2001. This is highlighted by research by Jones Lang LaSalle, who also adds that the strong interest of both national and foreign investors in the Italian market leads us to assume that the total invested volume at the end of 2002 will be substantially higher than that of 2001.
Among other things, the overtaking of Rome by Milan should also be noted: the total capital invested in the capital at the end of the first half of 2002 was estimated at approximately 530 million euros, thus exceeding in just six months the total volume invested during 2001 and representing, alone, 33% of the total investment on the national territory. Milan, with its 32%, therefore gives up its historic first place as the preferred destination for investors: 'Although Rome was favored - we read in the Jones Lang LaSalle report - both by the auctions of government bodies, which during the first six months of the year sold a considerable number of properties, and by the renewed interest of Italian real estate funds and foreign investors, largely represented by German funds'.
The most active investors in the first half of 2002 were listed real estate companies, representing approximately 29% of the total volume. Among these, the French Klépierre, which bought a portfolio of eleven shopping centers for a value of approximately 226 million euros. The Italian Enotria, on the other hand, bought four properties at auctions from government bodies. Next, with 24% of the total volume, are German open-end real estate funds and, with 19%, closed-end real estate funds, mostly Italian.
Private investors account for 13%, the public sector for 4%, private equity funds for just 1% and banks for 2%.
The analysis of investments by type of property confirms that the tertiary-office sector is still the most sought-after product and alone represents 51% of the total volume. Shopping centers follow in second place with 36% of the total volume, while the remaining undivided share includes the other sectors: logistics, hotels, mixed-use properties.
The investment market in the second half of 2002 will presumably be active, according to Jones Lang LaSalle, a leading global company present in more than 100 markets on five continents. In fact, it will be driven by the activity of real estate funds, both closed and open, which will continue to invest, given the substantial capital still at their disposal (especially for Italian funds). A forecast analysis for Milan estimates a record figure for 2002: one thousand million euros.
source: Il Sole 24 Ore
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