Institutional portal - Municipality of Milan

• private fund,
• maximum duration 30 years;
• maintenance of control of the governance of the Fund by the Municipality;
• transparency of the operation;
• obtaining expected financial resources in a short time, maintaining a participation in the economic surplus value that will be generated in the medium-long term by the valorization activity conducted by the Fund;
• possibility of carrying out further transfers of properties at subsequent times in order to enhance further portions of the real estate assets.

The prerogative of the "Fund" is to proceed in the shortest possible time, after an activity to enhance the value of some assets, with the disposal of the entire contributed/transferred portfolio. To carry out this operation, a time horizon of 5 years was assumed. The "governance" of the Fund, as provided for by the Regulation, provides for the validation of the activities by a representative body, the Advisory Committee, which was formally established and which met several times.

To confirm the validity of the portfolio, the independent appraiser REAG - Real Estate Advisory Group spa - belonging to the international American Appraisal group, confirmed, as of 31 December 2008, the stability of the value.

With resolution of the City Council n. 33 of 12/9/2016, the duration of Fund I has been extended until 31/12/2019.

The property portfolio consists of 76 lots and is made up of approximately 30% of occupied residential properties; approximately 20% from vacant residential properties; approximately 35% from properties for different uses (commercial, warehouses, offices) and the remaining portion from garages and garages.

In relation to the real estate portfolio, a minimum preliminary sale value of €255.000,000 has been estimated.

The sales operations of the properties included in the development plan are handled directly by BNL Fondi Immobiliari of the BNP Paribas Real Estate Group.

On 30 April 2008, the transfer of ownership of the municipal properties to the Fund called "Real Estate Fund - Municipality of Milan I" was completed, which began the valorisation work by first carrying out a census and document control activity of the portfolio which served as preparatory tool for the start of sales. The census covered the entire real estate portfolio of the Fund which has a total number of approximately 1540 real estate units (76 stable), both free and occupied, also involving inspections and checks of the current state of many units occupied.

The sale of free units takes place exclusively through competitive auctions which will be adequately advertised in national newspapers. A similar procedure will be adopted for occupied units whose tenant does not intend to exercise the purchase option.