Activated in December 2012, the CORE compartment focuses on real estate investments in office and retail sectors in Italy, Germany, the United Kingdom and Belgium.
It is based on an investment strategy oriented to the purchase of prestigious buildings, leased mainly to primary lessees with long-term contracts. These buildings are generally well situated and of high quality, also following redevelopment.
The CORE compartment objectives include the conservation of the value of the buildings over time to generate constant cash flows for the shareholders, and the optimisation of the profitability and value of the real estate portfolio, also through building maintenance and redevelopment activities.
Brief Fund Timeline
Between December 2012 and August 2013 two buildings were purchased in Rome, the branches of a primary company working in the telecommunications sector and a multinational operating in the industrial/technological sector, and in Milan, the headquarters of a primary insurance undertaking. These buildings are for executive use, in excellent locations with easy access using both public and private means of transport. Moreover, the buildings are of high quality, following recent restructuring works and because of the high standing of the tenants.
In December 2013 a contribution transaction was concluded, involving four buildings in Milan and two in Rome, all recently renovated or currently under redevelopment, all characterised by the high quality of the buildings, their strategic position and easy access. The main use of these assets is as offices, and are leased to primary Italian and/or foreign companies.
In August 2016 a modern executive building in the EUR district was purchased; this building if fully leased to a primary energy company.
In the last quarter of 2017 a detached property in Corso Vittorio Emanuele, one of Milan and Italy’s major shopping streets, was acquired.