italy cre q4 and full 2016

Italy Commercial Real Estate Report

Investment Transactions

Q4 & Full 2016

ResoluteAssetManagement

2

1 Executive Summary

2 Transaction Volume by Asset Class

3 Geographical Distribution

4 Other Statistics

5 Resolute Company Profile

6Appendixes

- Deal List- Contact Details

Table of Contents

01.02.03.04.05.06.07.08.09.0

10.011.0

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

€ b

n

Q1 Q2 Q3 Q4

Quarter 2016 2015%

Change Previous Quarter

%Change

Q1 1,981.4 2,131.8 -7.1% 2,717.4 -27.1%

Q2 2,330.0 1,830.5 27.3% 1,981.4 17.6%

Q3 1,646.9 1,368.1 20.4% 2,330.0 -29.3%

Q4 3,438.4 2,717.4 26.5% 1,646.9 108.8%

€m 9,396.7 8,047.8 16.8%

1. Executive Summary

3

Q4 and Full 2016 in pills:

The last quarter registered the highest transaction volume since2006

Since 2000, only 2007 performed better than 2016 on a full yearbasis

Q4 saw four single transactions over €200m, and 168 deals wererecorded in the full year – best result since 2010

Office remained the most popular sector of investment, as in2015

Italy - Total Transaction Volumes (1)

Q4 2016 registered a total transaction volume of ca.€3.4bn, doubling Q3 2016 and improving 26.5% on same quarter 2015. On a fullyear basis, 2016 can be considered as a record year, achieving a double-digit grow of ca.17% on 2015, exceeding the €9bn barrier

(1) Numbers referring to past quarters included in this report could differ from the ones published in previous reports as relevant data could have been updated, amended or rectified with new information became available

01.02.03.04.05.06.07.08.09.0

10.011.0

00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16

€ b

n

0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

4.0

Q106

Q206

Q306

Q406

Q107

Q207

Q307

Q407

Q108

Q208

Q308

Q408

Q109

Q209

Q309

Q409

Q110

Q210

Q310

Q410

Q111

Q211

Q311

Q411

Q112

Q212

Q312

Q412

Q113

Q213

Q313

Q413

Q114

Q214

Q314

Q414

Q115

Q215

Q315

Q415

Q116

Q216

Q316

Q416

€b

n


4

Other significant events of the quarter:

Morgan Stanley, with Pbb acting as agent, has provided P3 Logistic Parks - owned by TPG Real Estate and Ivanhoé Cambridge - with aseven-year loan close to ca.€600m secured on the western Europe and Polish portfolio. P3’s Italian platform comprises 5 sites in theNorth of the country

ING REF has supported CBRE Global Investors in the acquisition of the retail gallery of the shopping center Mongolfiera in Surbo,Lecce, sold by Schroders. ING extended the existing loan to new buyer at 50% LTV, equal to ca.€30m

Aareal Bank has financed Tristan Capital Partners in the acquisition, via Fondo Celio managed by BNP Paribas SGR, of a logistic centerin Montichiari, Brescia

German Bayerische Landesbank is the institution supporting Triuva in the €37m acquisition form BNL of the property hosting theApple Store in Florence

Total Transaction Volumes Per Quarter


5

Unicredit has financed with a €75.6m loan the development costs to be sustained by BVK Highstreet Retail Cordusio on the piazzaCordusio 2 building purchased via Hines and Universal-Investment from Fondo Megas, managed by Sorgente SGR, in July 2016

ER Income Fund 2, invested by Benson Elliot and managed by Europa Risorse SGR, received by ING REF a ca.€33m partially amortizingmortgage loan secured by the purchased Meridiana retail scheme in Bologna

Is Banca Popolare di Milano the bank assisting the investments of Fondo Porta Nuova Bonnet, owned by Coima RES (36%) and CoimaOpportunity Fund II (64%) and managed by Coima SGR, with a medium term loan totaling €53.4m

Mediobanca and Banca IMI are the banks lending to the new fund Yielding, managed by Idea Fimit SGR and subscribed by Poste Vitaand Generali, which purchased for €488m a portfolio disposed by Banca Intesa. The latter will hold an equity stake too, apparentlytogether with a German insurer

Qatar Investment Authority, advised by Mediobanca and acting via Coima SGR, has refinanced the debt on Porta Nuova district with a€900m, 5 years loan provided by Unicredit, Intesa SanPaolo, BNP Paribas, BPM and Mediobanca itself

ING REF have financed the first acquisition in Italy of Barings – the Borgo Nuovo shopping center in Asti, with a ca.€16m bullet loanbelow 30% LTV

Still ING REF is the bank assisting HIG via Fondo Gator (Savills IM SGR) in the purchase of Le Isole shopping center in Gravellona Tocewith a ca.€19m loan

Natixis has provided Orion European Real Estate Fund a €46m loan to support development and VAT cost of the Valle Aurelia Mall inRome

Office 41.6%

Retail 28.0%

Residential 0.8%

Industrial 6.3%

Hotel 8.9%

Mixed-Use/Other

14.3%

2. Transaction Volume by Asset Class

6

Quarterly Change in Transaction Volumes By Asset Class

Full 2016 Transactions by Asset ClassAnnual Change in Transaction Volumes By Asset Class

Sector Q4 2016 % Q4 2015 % Change Q3 2016 % Change

Office 1,574.6 45.8% 1,173.3 34.2% 549.8 186.4%

Retail 1,108.4 32.2% 439.0 152.5% 727.0 52.5%

Residential - 0.0% - 0.0% 29.7 -100.0%

Industrial 353.3 10.3% 123.8 185.4% 6.0 5788.3%

Hotel 233.0 6.8% 310.6 -25.0% 90.2 158.3%

Mixed-Use/Other

169.1 4.9% 670.7 -74.8% 244.2 -30.8%

Total €m 3,438.4 100.0% 2,717.4 26.5% 1,646.9 108.8%

Sector2016

Amount % Sector

2015 Amount

%Delta YoY

Office 3,907.2 41.6% Office 2,873.8 35.7% 36.0%

Retail 2,633.4 28.0% Retail 1,225.5 15.2% 114.9%

Residential 79.4 0.8% Residential - 0.0% n/a

Industrial 590.9 6.3% Industrial 448.7 5.6% 31.7%

Hotel 840.8 8.9% Hotel 1,119.2 13.9% -24.9%

Mixed-Use/Other

1,345.1 14.3%Mixed-

Use/Other 2,380.5 29.6% -43.5%

Total €m 9,396.7 100.0% Total €m 8,047.7 100.0% 16.8%

Q4 2016 Transactions by Asset Class

Office 45.8%

Retail 32.2%

Residential0.0%

Industrial10.3%

Hotel 6.8%

Mixed-Use/Other

4.9%

Annual Change in Asset Allocation

2. Transaction Volume by Asset Class

7

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

2010 2011 2012 2013 2014 2015 YTD 2016

Office Retail Residential Industrial Hotel Mixed-Use/Other

3. Geographical Distribution

8

Transaction Volumes by Region Transaction Volumes by Geography – Q4 2016

RegionQ4 2016Amount

%Q3 2016Amount

%Full 2016Amount

%

Lombardia 1,318.8 38.4% 295.7 18.0% 3,195.7 34.0%

Various 1,551.1 45.1% 605.9 36.8% 3,232.0 34.4%

Lazio 151.7 4.4% 362.0 22.0% 1,262.6 13.4%

Toscana 129.0 3.8% 156.5 9.5% 649.0 6.9%

Emilia Romagna - 0.0% - 0.0% 286.1 3.0%

Veneto 1.8 0.1% 7.5 0.5% 100.3 1.1%

Umbria - 0.0% 10.7 0.6% 92.7 1.0%

Sicilia 11.3 0.3% 22.0 1.3% 85.8 0.9%

Campania 81.0 2.4% 109.8 6.7% 200.8 2.1%

Piemonte 128.2 3.7% 39.0 2.4% 180.5 1.9%

Liguria 3.6 0.1% 20.0 1.2% 31.6 0.3%

Friuli Venezia Giulia

- 0.0% 17.8 1.1% 17.8 0.2%

Valle d'Aosta - 0.0% - 0.0% - 0.0%

Sardegna - 0.0% - 0.0% - 0.0%

Puglia 61.9 1.8% - 0.0% 61.9 0.7%

Basilicata - 0.0% - 0.0% - 0.0%

Abruzzo - 0.0% - 0.0% - 0.0%

Trentino Alto Adige - 0.0% - 0.0% - 0.0%

Total 3,438.4 100.0% 1,646.9 100.0% 9,396.7 100.0%

56.4%

8.2%

4.5%

30.9%

0.0%

10.0%

20.0%

30.0%

40.0%

50.0%

60.0%

North Center South Nationwide

Quarter 2016 2015Previous Quarter

Q1 38 24 50

Q2 38 25 38

Q3 36 25 38

Q4 57 50 36

Total 169 124

4. Other Statistics

9

Number of Transactions 2015 - 2016 Average Transaction Value (€/Sqm)

Number of Deals per year and Average Sizes

Quarter 2016 2015Previous Quarter

Q1 52.1 88.8 54.3

Q2 61.3 73.2 52.1

Q3 45.7 54.7 61.3

Q4 60.3 54.3 45.7

Total 55.6 64.9

Year Number of dealsDeltaYoY

Average Size€m

2010 110 43.4

2011 97 -11.8% 36.4

2012 73 -27.8% 41.0

2013 82 8.6% 60.5

2014 98 19.5% 54.5

2015 124 26.5% 64.9

2016 169 36.3% 55.6

4. Other Statistics

10

Full 2016 Buyer / Seller Profiles

Buyer Profile No. €m % Seller Profile No. €m %

Domestic 28 1,572 45.7% Domestic 37 2,091 60.8%

EU 11 1,117 32.5% EU 9 1,015 29.5%

USA 9 470 13.7% USA 4 157 4.6%

Extra EU 3 175 5.1% Extra EU 2 42 1.2%

Unknown / Mixed 6 104 3.0% Unknown / Mixed 5 133 3.9%

Total 57 3,438.4 100.0% Total 57 3,438.4 100.0%

Q4 2016 Buyer / Seller Profiles

Buyer Profile No. €m % Seller Profile No. €m %

Domestic 88 4,241 45.1% Domestic 124 6,032 64.2%

EU 37 2,755 29.3% EU 21 1,654 17.6%

USA 22 1,415 15.1% USA 10 635 6.8%

Extra EU 10 685 7.3% Extra EU 4 427 4.5%

Unknown / Mixed 12 301 3.2% Unknown / Mixed 10 650 6.9%

Total 169 9,396.7 100.0% Total 169 9,396.7 100.0%

11

London

MilanBucharest

Saint Petersburg

Istanbul

NicosiaAthens

Sofia

8

European Offices

5

Partners

85

Professionals

12

Different Nationalities

Resolute Asset Management is a market leader in the management ofdistressed real estate, REO and real estate non-performing loans (“NPL”)portfolios across Central and Eastern Europe. Resolute employs more than 80professionals across eight offices in Romania, Bulgaria, Greece, Cyprus, Turkey,Italy, Russia and the UK

REO and NPL Underwriting and ServicingResolute provides special servicing to both REO and loan portfolio assets forspecial situations investors and banks. We assist clients from the initial phaseof underwriting and bid structuring through to the execution of asset andloan recovery strategies exploiting both the deep experience of our teamand sophisticated proprietary technology platforms

Asset ManagementResolute provides ongoing real estate asset management for a range ofclients across the banking and investment sectors. We specialise in thedesign and implementation of intensive value creation plans for real estateand NPL assets. Our deep experience means we can provide clients with arange of options, including equity warehousing or helping with the creationof internal asset management platforms

Resolute Asset Management Offices

5. Resolute Company Profile

Resolute has managed and advised on projects spanning across 15 countries inrelation to ca.11,000 assets valued in excess of €8.7bn. We offer a wide rangeof services related to real estate asset management and special situations formajor financial institutions and institutional investors

Town Address Asset ClassSize

(sqm)Price(€ m)

Portfolio Note Purchaser Vendor

Q4 2016

Montichiari via Levate, 58 Industrial 32,000 16.0 Fondo Celio (Tristan) - BNP Parobas SGRIsola Verde SpA e Festa Trasporti & Logistica S.r.l.

Milano n.d. Office - 20.0 n.d. n.d.

Roma piazza Augusto Imperatore 22 Office 18,000 95.0 Atlantica PropertiesFondo Immobili Pubblici -Investire SGR

Firenze Palazzo Portinari Office - 40.0 Luxury, Dreams & Culture (Ldc) Beatrice Srl - Sansedoni Spa

Firenzevia Strozzi 1 - p.zza Repubblica 17/22

Retail 2,200 37.0 Triuva BNP Paribas Cardif

Roma via del Corso 118 Retail 316 20.0 AEW Europe City Retail private

Trezzo sull'Adda viale Lombardia 80 Industrial 34,249 20.3 n.d.Fondo Immobiliare Dinamico -BNP Paribas SGR

Desenzano del Garda

Centro Commerciale Le Vele Retail 25,000 57.2Fondo Coima Core V (KKR) via Coima SGR

Garda SGR

Milano Ceresio 7 - Porta Nuova Office 4,000 16.0Fondo Core II (Fondazione della Cassa di Risparmio di Lucca) - Coima SGR

n.d.

Torino Palazzo Novecento Office - 22.0 IPI Spa KLG Torino Srl (bankrupcity)

Venezia -Mestre

via Tevere 34Mixed-Use/Other

1,655 1.8telephone exchange

n.d.Fondo C2 (Cerberus) - Savills IM SGR

Carisio Loc Lotti Vecchi - SP Torino Industrial 57,200 22.7 GreenOak via Idear Fimit SGR Fondo Club Deal - BNP Paribas SGR

Napoli corso Meridionale 53 Office 13,600 11.0 n.d. Fondo Securfondo - Investire SGR

Milano Cortile della Seta - via Moscova Office 15,000 80.0 JPMorgan via Savills IM UBI Banca

Isola d'Elba Relais delle Picchiaie Hotel - 7.0 Petroholding Italia Francesco Paladini

Grosseto Galleria Commerciale Retail 17,050 45.0 IGD SIIQ Unicoop Tirreno

Various 3 logistic assets Industrial 130,700 74.0 Xfondo Mona Lisa (Blackstone) - Kryalos SGR

IDI Gazeley

Surbo Retail Gallery Mongolfiera Retail 11,635 61.9 CBRE Global InvestorsSchroder Property Investment Management Italy

Villanova d'Albenga

Via Martiri n. 54 Industrial 20,238 3.6 n.d.Fondo BNL Portfolio Immobiliare - BNP Paribas SGR

6. Q4 Deal List (1/3)

12


(sqm)Price(€ m)


Q4 2016

Various Royal Demeure Portfolio Hotel - 171.0 X Starhotels Tda Capital Group

Sciacca Torre Macauda Hotel Hotel - 8.0 auction Libertà Immobiliare n.d.

Catania Centro Commerciale Le Balatelle Retail 3,000 3.3 auction private investors Aligroup

Milano via Bisceglie 71-73-75 Office 13,370 37.3 Keppel DC REIT BI71 S.r.l. - via Natixis Lease

Various P3 Park logistic portfolio Industrial 230,280 128.0 Xnot confirmed

GICTPG Real Estate - IvanhoéCambridge

Milano via Speronari 8 - Geox Tower Office 3,300 51.8 Hines Pan European Core Fund private - Ricci Family

Various FOC Vicolungo e Castelguelfo Retail 58,200 330.0 XNeptune Property Venture (JV Neinver -TIAA)

IRUS European Retail Property Fund

VariousFondo BNL Portfolio Immobiliare

Mixed-Use/Other

- 50.8 X Castello SGR (Invel)Fondo BNL Portfolio Immobiliare - BNP Paribas SGR

VariousBNL Estense Grande Distribuzione

Retail - 33.0 X Castello SGR (Invel)Fondo Estense Grande Distribuzione - BNP Paribas SGR

Lazise Hotel Parchi del Garda Hotel - 47.0 auction n.d. n.d.

Milano via Mose' Bianchi 6 office 4,000 12.0 LFPI Arca Holding

Milano via Bagutta 2 - Garage Traversi Retail 5,000 70.0Fondo HITA 1 (Hayrish Private Equity) -BNP Paribas SGR

Banco Popolare

Milano via Bensi 11 office 5,000 12.5 LFPI North Star

Milano via Restelli 3/1 office 3,600 15.0 Fondo Flaminia - Sator Immobiliare SGR Invesco

Milano piazza Edison office 29,128 220.0Fondo Italia Trophy Assets (CNP Assurance) - Hines SGR

Fondo Core Nord Ovest - Ream SGR

Various Hortensia portfolio - 46 assetsMixed-Use/Other

44,054 45.0 X Fondo Hortensia - Kryalos SGR Intesa San Paolo Group

Padova corso Stati Uniti 17 Industrial 6,500 - Gruppo Favero Hamelin Paperbrands

Milano via Bonnet 10 office 19,600 51.0 Fondo Porta Nuova Bonnet - Coima SGREdilizia Commerciale - Edoardo Caltagirone Group

Milano corso Europa 2 office 15,000 91.0Fondo Fundamenta (BNP Paribas Cardif Italia) - BNP Paribas SGR

Famiglia Borromeo


13


(sqm)Price(€ m)


Q4 2016

Gravellona Toce centro commerciale Le Isole Retail 21,800 30.0 Fondo Gator (HIG Capital) - Savills IM SGR

ADIA

Vimodrone Via XI Febbraio - Ed. A-B-C Office - 10.0 Fondo Marlin (HIG Capital) - Savills IM SGR

ADIA

Asticentro commerciale Il Nuovo Borgo

Retail 17,500 51.5 Barings TH Real Estate

AssagoVia del Bosco Rinnovato 6 (edificio U7)

office - 45.0 AXA IM - RealAsset Fondo Polis - Polis SGR

LiscateStrada Provinciale della Cerca n.39

Industrial - 22.7 LaSalleFondo Europa Immobiliare 1 -Vegagest SGR

Milano Viale Piero e Alberto Pirelli, 27 Industrial 21,781 66.0 Fondo All Star (Blackstone) - Kryalos SGR

Pirelli Group

Milano viale Forlanini 23 Office 33,000 58.0 Fondo Fundamenta (BNP Paribas Cardif Italia) - BNP Paribas SGR

Orion European Real Estate Fund II

Various Intesa San Paolo portfolio Office - 488.0 X Fondo Yielding - Idea Fimit SGR Intesa San Paolo

Milano Mc Donald's - via Durini Retail 555 27.0 Generali Beni Stabili

Roma via San Basilio - piazza Barberini Retail 6,500 36.7 Atlantica Properties Fondo Fedora - Prelios SGR

Milano corso di Porta Vittoria Office - 30.0 Fondo Diamond Italian Properties - Idea Fimit SGR

n.d.

Various Finleonardo PortfolioMixed-Use/Other

- 21.5 X Castello SGR Finleonardo

Milano via Grazioli 31 - Affori Center Office 12,000 35.0 BNP Paribas Greenoak

Various 3 assetsMixed-Use/Other

- 30.0 X Investire SGR (Kildare Partners) Fondo Securfondo - Investire SGR

Various 5 assetsMixed-Use/Other

- 20.0 X Investire SGR (Kildare Partners)Fondo Invest Real Security -Investire SGR

Various Fondo Boccaccio - 12 assets Retail - 233.8 Xprice not confirmed

CBRE GIPFutura Funds Sicav (Cassa Ragionieri)

Milano Nestlè HQ Office 22,000 89.0 X UBS Atlantica Properties

Napoli Quarto Nuovo Shopping Mall Retail - 70.0 X Tristan JV Pradera Unicoop Tirreno

Milano via San Pietro all'Orto 24 Office 5,100 45.0 X Generali Banca Monte dei Paschi di Siena


14


(sqm)Price(€ m)


Q3 2016

Firenze Centro Commerciale I Gigli Retail 24,800 82.0 Eurocommercial Properties Gruppo PAM

Tradate shopping center La Fornace Retail 11.5 auction Nisiro Srl (Pierangelo Lumina) ATT S.r.l. in liquidation

Brescia ex Standa Retail 9,000 9.0 auction Vittoria Building Generali Properties

Milano Via Messina 38 - Torre A/CMixed-

Use/Other11,445 26.8 office & hotel Beni Stabili SIIQ

Fondo Valore Immobiliare Globale - Castello SGR

Milano via Scarsellini 14 Office 21,600 58.0 Beni Stabili SIIQCoima Opportunity Fund I -Coima SGR

Torino NH Turin Ambasciatori Hotel 20.0sale & leasback

INTERNOS Hotel Real Estate Fund I NH Hotel Group

VariousFondo Investietico - RSA Portfolio

Mixed-Use/Other

98.1 XFondo Acheso Lagune (Eurosic Lagune Italy S.A) - Aedes SGR

Fondo Investietico - Aedes SGR

VariousFondo Investietico - Office Portfolio

Office 23.0 XFondo Eurosic Uffici (Paris Investissements OPCI) -Europa Risorse SGR

Fondo Investietico - Aedes SGR

Milano via della Chiusa 2 Office 25,000 120.0 AXA IM Northstar

Siracusa Arenella Resort Hotel 22.0 York Capital Exor

Milano Affori, Assago e Verrocchio Office 37.5 X Greenoak CBREI Fund

Benevento Buonvento Shopping Center Retail 20,000 30.0 estimated HIG Capital via Savills IM SGREuropean Added Value Fund -AXA IM

Various Conad supermarket portfolio Retail 300.0 Xnot confirmed

Fondo Mercury (Catollica Ass.ni -Conad) - Savills IM SGR

Conad Group

Milano via Clerici 14 Office 10.5 AM Trust HSBC

Udine residence I Bruchi Residential 7.3 auction Friuli Immobili Srl Euroinvestimenti Srl

Milano Villaggio Liberty Residential 11.0 Quartiele del Sarto Srl ALER Milano

VariousGioiaotto (Milano) - Palazzo Sturzo (Roma EUR)

Office 27,332 145.5 X87.7% share purchase

Coima Res SIIQFondo MH Real Estate Crescita -Coima SGR

Romavia del Policlinico 149/b - via Donizzetti 10

Office 24.0 X Caprim (Grimadi Group) Famiglia Gianni

Roma via delle Quattro Fontane 161 Office 50.0 Grimaldi Group Famiglia Gianni


15


(sqm)Price(€ m)


Q3 2016

Various Telecom Exchanges - 5 assetsMixed-

Use/Other35,800 39.3 Idea Fimiti SGR Tecla Fondo Uffici - Prelios SGR

Perugia Antongnolla Castle Hotel 10.7partial share purchase

VIY Greater Europe Hospitality Fund Private Investor

TriestePiazzale Atleti Azzurri d’Italia –Via Palatucci

Retail 10,000 3.0 auction Metro Group Cotif Immobiliare - Coop Operaie

Venezia Palazzina G Hotel 0.0 3onde - Relegance Private ownership

Padova Hotel Palace - via Milano 40 Hotel 7.5 auction A&O Hotels and Hostels Private ownership

RomaDa Vinci Market Central Retail Park

Retail 25,100 208.0 M&G Real Estate GWM - Elliott

Napoli Hotel Britannique Hotel 30.0 estimated private investor Private Investor

Roma via del CorsoMixed-

Use/Other80.0 Coima SGR n.d.

Milano corso di Porta Romana 91 Residential 11.4 n.d. Pio Albergo Triulzio

Torino via Garibaldi Office 8,000 13.0 private investor Private Investor

Provinciadi Torino

n.d. Industrial 21,000 6.0 auction n.d. n.d.

Reggello outlet “The Mall” e “The Castle Retail 56.0 x Fondo Opportunita' Italia - Torre SGR n.d.

Napoli viale Calamandrei Office 49.8 Rosotel Srl Fondo Atlantic 1 - Idea Fimit SGR

Genova Coin via XX Settembre 16/a Retail 20.0 Investire SGR n.d.

FirenzePalazzo degli Angeli - via Calimala 2

Office 10.0 estimated SLH Srl - Leggiero Group n.d.

Udine piazza Matteotti 10 retail 7.5 LFPI - FLE Italia Fund 1 n.d.

Firenze Caserma Cavalli Office 8.5 Ente Cassa di Risparmio di Firenze Cassa Depositi e Prestiti


16


(sqm)Price(€ m)


Q2 2016

Milano Via Felice Casati 16 Office 2,718 4.9 Raffles Asset Italy S.r.l. Fondo Investietico - Aedes SGR

Torino ex Scalo VallinoMixed-Use/Other

- 10.0 NovaCoop FS Sistemi Urbani

Baranzate International School of MilanMixed-Use/Other

17,000 - Primovie SCPI Fund - Primonial SCPI Montipò Trading

RomaPalazzo Marini & Ex Hotel Bologna

Office - 150.0 X estimated Fondo Trophy Value Added (York Capital – Star Hotel – Feidos) –IDeA Fimit SGR

Milano 90 – Scarpellini Group

Roma Valle Aurelia Shopping Center Retail - - development Orion European Real Estate Fund IV CDS Holding

Bologna Meridiana Shopping Center Retail 29,000 53.6 Benson Elliot TMW Immobilien Weltfonds

Romashopping center Casal del Marmo

Retail 30,663 14.2Fondo Donatello - comparto Marghetia - Sorgente SGR

Fondo Europa Immobiliare 1 –Vegagest SGR

Pontida RSA Villa San MauroMixed-Use/Other

- 5.5auction

Edos srl (Eukedos Group)

Milano NH Hotel via Tortona 35 Hotel - 51.0 Fondo Euripide - Finint SGR Fondo Delphine - Kryalos SGR

Milano via della Spiga Retail - 37.0 Pria Spa Pio Albergo Triulzio

Venezia Dorsoduro 3488/U Office 7,985 25.0 Doges Srl - AXA REIMFondo Risparmio Imm.re Uno Energia - Pens-Plan Invest SGR

Truccazzano Industrial - 24.0 CBRE European Industrial Fund Anko Business Park

Firenze stazione LeopoldaMixed-Use/Other

- 7.2 Comune di Firenze Ferrovie dello Stato

Various 57 telecom exchangeMixed-Use/Other

- 70.0 XFondo Madison Imperiale (MonarchAlternative Capital LP) - Prelios SGR

Meucci (Savills AM)

Various170 telecom exchange (FondoRaissa - Prelios SGR)

Mixed-Use/Other

- 170.0 X TPG - Texas Pacific Group MSREF V - Prelios

Bologna Meraville Retail Park Retail 35,975 100.0 TH European Cities Fund Orion European Real Estate Fund IV

Rolo Industrial 77,000 40.0 estimatedFondo Primitiv (Blackstone) –Kryalos SGR

Panattoni Europe - Standard Life

Stezzano HQ Brembo Office 33,823 52.8 SCPI Corum Convictions FundFondo Unicredit Immobiliare Uno –Torre SGR

Gorgonzola SS 11 Industrial 47,444 24.1Columbus Real Estate Euro Fund –Axa REIM SGR

Fondo Polis - Polis SGR


17


(sqm)Price

(per sqm)Portfolio Note Purchaser Vendor

Q2 2016

Milanovia Primaticcio 155- 159 - L'Oreal HQ

Office 19,600 63.5 Fondo Nexus 1 - Amundi SGR Deka Westinvest ImmoValue

Gardone Riviera

Villa Ruhland Residential 1,040 2.7auction

Private Investor Immobiliare Fiorini

Milano corso di Porta Romana 8/10 Hotel 11,000 37.4 Europe Hotels Private CollectionFondo Comune di Milano I –BNP Paribas REIM SGR

Roma zona Tiburtina Industrial 25,100 15.0 Prologis Targeted Europe Logistics Fund SiDi S.r.l.

Monselice Industrial 47,000 23.5 SCPI Corum Convictions Fund Gimi S.p.A.

Soresina -Rodigo

Mixed-Use/Other

- 41.6 X Fidesimm Srl Fondo Salute - Numeria SGR

VariousBologna (2) and Castel San Giovanni

Industrial - 75.0 XFondo Logita (SEGRO & Canadian PSP Investments) - Prelios SGR

not disclosed

FirenzeSt. Regis Hotel and Westin Excelsior Hotel

Hotel - 190.0 X Nozul Hotels & Resorts Starwood Hotels & Resorts

Roma via Veneziani 56 Office 25,000 12.5 Aedes SIIQ Spa Ge Capital Corporation

Roma palazzo Chigi-Odescalchi Office - 12.0 Fondo Sympleo - Ream SGR

Milano via Broletto 20/22 Office 11,000 50.0 Savills SGR (Hines Italy) Fondo Virgilio - Finint SGR

Bologna via Fioravanti - ex Telecom Office 11,200 5.5 The Student Hotel Euro Asset Italia

Milano via Cordusio 2 Office 14,272 130.0 Bayerische Versorgungskammer (BVK)Fondo Donatello - Comparto David - Sorgente SGR

MilanoVodafone Village - via Lorenteggio 240

Office 61,000 200.0 Coima Res SIIQReal Estate Center (Carminati Group)

Spinea Villa Fiorita and Villa AltheaMixed-Use/Other

- 22.0 XFondo Euripide (Cattolica Assicurazioni) - Finint SGR

Welfare Italia S.p.A.

Various Serravalle, Bologna and Cosenza Retail 65,860 180.0 X TPG Capital - Texas Pacific Group Herald Fund - TH Real Estate

Milano via Monterosa 91 Office 86,086 220.0AXA Selectiv’ Immo and AXA CoRE Europe

Partners Group

Various ex Enel - Excelsia NoveMixed-Use/Other

- 165.0 Xprice not

confirmedTPG (plus Banca Intesa and Citi) Abdulrahaman Saleh Al Rajhi

Various Ostuni, Pila, Marilleva Hotel 45.0 X InvestindustrialFondo Hospitality & Leisure -Prelios SGR

18



19


(sqm)Price


Q1 2016

Various8 assets - Fondo Rho Portfolio buy-back

Mixed-Use/Other

- 265.0 X Unipol Sai Fondo Rho - IDeA Fimit SGR

Milano via Cornalia Residential 3,800 22.0 China Investment Fondo Calatrava - Vegagest SGR

Roma Aldrovandi Palace Hotel Hotel - 86.0D-Marine Investments Holding Bv -Dogus Group

Private - Famiglia Ossani

Milano Palazzo Turati - via Meravigli 7 Office 14,000 97.0Coima SGR - State Oil Fund of the Republic of Azerbaijan (Sofaz)

Technoholding

Padova via Delu'Mixed-Use/Other

- 2.7total investment

Fondo Erasmo - Fabrica SGR Intesa San Paolo

Padova Castello del CatajoMixed-Use/Other

- 2.8 Euro Immobiliare S.r.l. Private Investor

Perugia Centro Commerciale Collestrada Retail 26,500 82.0 Eurocommercial Properties NV Fondo Etrusco - Fabrica SGR

Milano via Bisceglie 71-73-75 Office 13,370 24.2 Natixis LeaseFondo Europa Immobiliare 1 -Vegagest SGR

Roma via San Basilio 45 Hotel 9,250 41.0 San Basilio Property - Gruppo Statuto BNP Paribas RE

Lucca piazza del Giglio Hotel - 4.7Universo RE - Shaner (Mariott) & Marcucci

Profilo Toscana

Sanremo via Anselmi - ex-Tribunale Office 3,560 8.0 auction Piemmedue Srl Comune di Sanremo

Pozzolo Formigaro

centro commerciale I Giovi Retail 5,700 3.3 auction Esse Emme S.r.l.

Milano via Montenapoleone 15 Retail 2,000 120.0 Max Mara - Maramotti Family Montenapo 15 S.r.l. (IPI S.p.A.)

Treviso ex Questura via Carlo Alberto Office 7,000 15.0not confirmed

private investor Fondazione Cassamarca

Roma Tor Pagnotta Office - 50.2 Telecom Italia Beni Stabili SIIQ

Pisaex-ospedale Misericordia e Dolce

Mixed-Use/Other

- 12.0 Comune di Pisa A.S.L. Pisa

S. Donato M.se via XXV Aprile 25 Office 6,600 17.3 Rosotel S.r.l. Fondo Investietico - Aedes SGR

Milano via Santa Maria Segreta 5 Office 3,500 22.5 Itas Assicurazioni Fondo Pensioni Cariplo

20



(sqm)Price


Q1 2016

FirenzePalazzo della Borsa Merci, via Volta dei Mercanti 1

Office 5,600 71.6 auction Edizione Property (Benetton Group) Camera di Commercio Firenze

Orio al Serio Orio Retail Park Retail 8,504 11.0 UBS Euro Core Fund

Roma La Grande Bellezza Office - 225.0 XPoste Vita and Zurich –Morgan Stanley SGR

Unicredit

Reggio Emilia centro commerciale I Petali Retail 28,500 87.0 Tikehau Investment ManagementCBRE Retail Property Partnership Southern Europe

Milano piazza Affari 1 Office 4,200 19.0Partners Group via Fondo Torre RE Fund II – comparto A Milan Prime Office - Torre SGR

private

Milano via Tortona 37 Office 6,800 30.0Fonfo Next Estate Income Fund II –BNP Paribas REIM SGR

Toffano Pagnan Family Office

Milano via Piero Alberto Pirelli Office - 15.0 Foncière des Régions Pramerica

Milano via Lamarmora Residential - 25.0 BNP Paribas REIM Universita' Cattolica

Milano Via F. Filzi 29 - Time Building - Office 10,796 63.7 Invesco RE Fabio Filzi S.r.l. (Borromeo)

Milano via Dante 16 Office 6,000 55.0 Bayerische Versorgungskammer (BVK)Finanziaria Immobiliare d’EsteS.r.l.

Various18 properties - 100% quotas Fondo Redwood

Retail - 25.0 Aedes SIIQ Spa Ge Capital Corporation

Taormina San Domenico Palace Hotel - 52.5 Gruppo Statuto Acqua Marcia S.p.A.

Roma via Raffaele Costi 58/60 Office 15,773 13.0 Fondo Metropolis - Polis SGR Fondo Polis - Polis Fondi SGR

Milano via Maciacchini - MAC 567 Office 33,000 115.0 Deka Immobilien EuropaDoughty Hanson European Real Estate II LP

Fiano Romano Industrial 52,700 30.0 not confirmed Prologis European Properties Fund II Fondo Gioiello - Borgosesia SGR

Various Generali Portfolio - 5 propertiesMixed-Use/Other

25,000 80.0 X Morgan Stanley REIGenerali Italia e Generali

Properties

Roma Coin Excelsior via Cola di Rienzo Retail 7,300 85.0 BMO - Best Value Europe Holding Edoardo Safdie

Romavia Casalinuovo 8/10 - Wind office

Office - 15.0 not confirmed HIG Capital AXA

Capri Hotel La Certosella Hotel - 10.0 auction not disclosed not disclosed

Firenze via Tornabuoni 3Mixed-Use/Other

5,500 78.0 Hines Pan European Core Fund Private Investor

21

Contact

UK - Headquarters

4th Floor, 123 Cannon StreetLondon EC4N 5AX

T +44 (0)20 7220 9440E [email protected]

For more information visit: www.resoluteassetmanagement.com

Greece

3rd Floor, Mitropoleos 310557 Athens

T +30 210 325 4147E [email protected]

Romania

39-41 Nicolae Filipescu Street7th Floor Bucuresti, Sector 2

T +40 317 101 507 / 08 / 09E [email protected]

Bulgaria

3rd Floor, 11A Aksakov Street1000 Sofia


Turkey

İstinye Mah., Sulh Sok.İstinyeYokuşu No:10, İstinye/İstanbul


Russia

295 AS, Obukhovskoy oboronypr., St. Petersburg, 192012

E [email protected]

ItalyVia Camperio, 11Milan, 20123


Unit A41, Chytron 301075 Nicosia


Cyprus

Luca ZaffaroniDirector

T +39 340 0603031E [email protected]

6. Contact Details

Disclaimer

22

The information included in this report is part of a monitoring and data collection process, and following elaboration. All information about real estate transactions conducted in the reference period is public and not confidential. The decision to include or exclude a specific transaction from the report is purely discretional. It is possible that transactions conducted in the specific period are not included due to being made part of the public domain only after the publishing period, and they could be included in the report referring to the next period

Numbers referring to past quarters included in this report could differ from the ones published in previous reports as relevant data could have been updated, amended or rectified with new information become available

This bulletin is for general informative purposes only and the information herein has been obtained from sources believed to be reliable. Whilst every effort has been made to ensure its accuracy, no direct or indirect liability will be accepted for any direct or consequential loss arising from its use

Resolute Asset Management Italy Srl (“Resolute”) makes no representations or warranties of any kind with respect to the presentation or the content contained on the presentation and disclaims all such representations and warranties as to the condition, quality, accuracy, suitability, fitness for purpose or completeness. Nothing in this presentation shall be regarded as providing financial advice and you acknowledge that the content on this presentation is not suitable for this purpose. Neither Resolute nor any of its directors, employees or other representatives will be liable for damages arising out of or in connection with the use of this presentation. This is a comprehensive limitation of liability that applies to all damages of any kind, including (without limitation) compensatory, direct, indirect or consequential damages, loss of data, income or profit, loss of or damage to property and claims of third parties. All material in this presentation is information of a general nature and does not address the circumstances of any particular individual or entity. Nothing in this presentation constitutes professional and/or financial advice nor does any information in this presentation constitute a comprehensive or complete statement of the matters discussed or the law relating thereto. Information in this presentation may not be accurate or current. In particular (but without limitation) information may be rendered inaccurate by changes in applicable laws and other regulations. No action should be taken or omitted to be taken in reliance upon information in this presentation

italy cre q4 and full 2016

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