ITALY Law and Practice Contributed by: Guido Alberto Inzaghi, Ivana Magistrelli, Silvia Gnocco and Gabriele Paladini, SI – Studio Inzaghi
their home and are looking for properties with low energy consumption, while the supply of homes with high energy classes is still too scarce to cover demand. Despite the slowdown in price inflation bolster - ing the prospect of monetary policy normalisa - tion, the repricing process observed since the second half of 2022 has not yet fully ended and will likely continue to be an obstacle to closing new investments during the first half of 2024. Logistics maintained its significance, represent - ing around 26% of total investments, driven by strong leasing demand, low vacancy rates and rising rents. The demand for technological facilities and healthcare assets continued and the “alterna - tives” sector registered a volume of around EUR900 million. Notably, investments in health - care assets surged, reaching approximately EUR600 million – more than double the amount seen in 2022. The hospitality sector retained strong investment volumes, experiencing the least contraction compared to 2022 in terms of capital invested, with a total of EUR1.1 billion. Investments were mainly concentrated in Milan, but Rome and secondary cities such as Florence and Bologna also confirmed their attractiveness, particularly in the student housing segment, which recorded numerous transactions in such cities, also thanks to funds made available by the National Recovery and Resilience Plan. The most significant deals in 2023 included: • The Fedrigoni Group monetised most of its European industrial production portfolio (over
400,000 square metres of built surfaces and mostly composed of industrial spaces, with associated logistics and office areas), with the majority of the assets located in Italy (85%), specifically Lombardy, Veneto, Trentino Alto- Adige, Friuli-Venezia Giulia and Marche, with the remaining 15% divided between Spain and Germany. • The 5-star luxury hotel Six Senses in Rome, the brand’s first urban hotel, was sold by Orion Capital Managers to the Statuto Group, which already owns some of Italy’s most prestigious hotels, for a record EUR245 mil - lion. • Palazzo San Fedele in Milan was sold by COI - MA SGR to an investment vehicle underwrit - ten by Union Investment Real Estate GmbH for the establishment of Bottega Veneta’s (Kering Group’s) headquarters following a sustainable redevelopment of the building co- ordinated with the Superintendency of Milan. Start-ups and venture capitalists are focusing on improving the “tokenisation” of real estate assets, driven by the need to increase the liquidity of the market, and the fragmentation of investments. These technologies are still to be fully implemented but they have all the neces - sary attributes to emerge as a viable alternative market for small/medium projects accessible to retail and institutional investors. Italy continues to be a major player in European real estate crowdfunding, ranking fourth in the continent. This data comes from the sixth Real Estate Crowdfunding Report, drawn up by the research group of the Crowdinvesting Obser - vatory created by the Polytechnic of Milan and financed by Walliance. Between July 2022 and June 2023, Polytech - nic of Milan recorded 500 successfully closed
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