Institutional portal - Municipality of Milan

The experience of valorising its real estate assets started by the Municipality of Milan, now in an advanced stage of implementation, represented the first stage of a broader process of valorising the municipal real estate assets which, with a new provision, develops a second stage.

In October 2009 the City Council, in fact, established the new mutual real estate investment fund, called "Municipality of Milan II", thus continuing the path begun with the "Municipality Fund of Milan I".

The new real estate portfolio has been identified within the following real estate categories:

• properties located outside the city limits (areas, non-residential buildings);
• non-residential real estate units in sky/earth buildings;
• real estate units present in condominiums.

The identified portfolio was obtained from the "Property Disposal and Valuation Plan (ex art. 58 DL 112/2008 converted into Law 133/2008)" approved by the City Council in the 2009 budget forecast and subsequent updates and will have a value of approximately 100 million euros, as estimated by the Land Agency. As regards the management company (SGR), the Council made use of the right to extend the mandate to the company identified for the Milano I Fund: BNP Paribas Real Estate Investment Management Italy S.G.R. p.A. The company has undertaken the commitment to establish and manage real estate funds dedicated to the Municipality of Milan under the same conditions as the economic offer presented during the selection and, therefore, it will proceed with the establishment and management of the new mutual fund.

In the Attachments section it is possible to consult the budget adjustment resolution no. 54 of 1.12.09 with which the City Council approved the establishment of the Real Estate Fund called "Comune di Milano II" and the list of properties merged into the new Fund.

With resolution of the City Council n. 41 of 03/12/2018, the duration of Fund II has been extended until 31/12/2021.