Real Estate in Italy

Guido Abate is Assistant Professor of Financial Markets and Institutions in the Department of Economics and Management at the University of Brescia, Italy. He holds an M.Sc. in finance from Bocconi University, Italy, and a Ph.D. in financial markets and institutions from the University of Bologna, Italy. He is the author of several international publications and his main fields of research are alternative asset classes, indexed investments and behavioural finance.Giuditta Losa, MRICS, holds a B.Sc. in business administration, an M.Sc. in architecture and another Master’s degree in real estate management. She has gained 20 years of experience in real estate as an asset manager in a public company, a fund advisor in the global firm CBRE and as Head of Real Estate Italy in a bank controlled by Commerzbank AG. She is currently Manager of Operations & Corporate Affairs in COIMA SGR.

• 1. Real estate market in Italy1.1 The role of Italian real estate market1.2 Property real estate1.3 Financial real estate2. Italian financial real estate in European perspective2.1 European Real estate AIFs2.2 European REITs 2.3 Italian real estate investment companies and the AIFMD 3. Real estate investment funds3.1 Regulatory framework 3.2 Asset allocation and leverage 3.3 Main revenues, costs and fees 3.4 Taxation 4. Real estate fixed capital investment companies (SICAFs)4.1 Regulatory framework 4.2 Asset allocation and leverage4.3 Main revenues, costs and fees 4.4 Taxation 5. Real estate investment trusts (SIIQs)5.1 Regulatory framework 5.2 Asset allocation and leverage5.3 Main revenues and costs 5.4 Taxation 6. Italian AIFs and SIIQs: comparative analysis6.1 Real estate funds vs. SICAFs 6.2 Listed real estate AIFs vs. SIIQs7. Performance of Italian closed-end AIFs7.1 Issues in performance measurement 7.2 Discount to NAV 7.3 Empirical evidences