MILAN: With its intimate link to the worlds of fashion and design, few would connect Milan to the Bohemian life. But Elinor Schiele's living space does bring to mind the home of a struggling writer or artist.
Space is tight, the kitchen is minuscule and sloped ceilings make it hard to walk in some areas. While those problems might have scared away some, Schiele and her husband, Franco Mazzucchelli, have been renting the space in the heart of downtown Milan for 15 years.
The 93-square-meter, or 1,000-square-foot, apartment has a combination living and dining room, the mini-kitchen, a bedroom, two small bathrooms, two small studies and a large terrace where Schiele has grown fruit trees, flowers, plants and a wide array of herbs. In good weather she has barbecues on the terrace where, in the distance, a visitor can see the gold statue atop the city's cathedral.
Thursday, December 25, 2008
Sunday, December 21, 2008
Banco Popolare closes real estate fund
Banco Popolare, Italy's sixth-biggest bank by market value, has contributed 456 buildings with a market value of 751 million euros ($990 million) to the fund, the bank has said.
It has also said it expects to generate a capital gain of around 500 million euros and boost Core Tier 1 -- a standard of capital held against risky assets -- by 45 basis points.
Sales of stakes in the fund have attracted "a good interest from institutional investors. There was a deadline around the middle of the day and then there needs to be further time to conclude the placing," a source close to the operation said.
The fund will have a 25-year life and be managed by Generali Immobiliari, the sources said, adding Banco Popolare will have a first refusal right on the sale of the buildings.
It has also said it expects to generate a capital gain of around 500 million euros and boost Core Tier 1 -- a standard of capital held against risky assets -- by 45 basis points.
Sales of stakes in the fund have attracted "a good interest from institutional investors. There was a deadline around the middle of the day and then there needs to be further time to conclude the placing," a source close to the operation said.
The fund will have a 25-year life and be managed by Generali Immobiliari, the sources said, adding Banco Popolare will have a first refusal right on the sale of the buildings.
Wednesday, December 17, 2008
Banco Popolare closes real estate fund
Banco Popolare, Italy's sixth-biggest bank by market value, has contributed 456 buildings with a market value of 751 million euros ($990 million) to the fund, the bank has said.
It has also said it expects to generate a capital gain of around 500 million euros and boost Core Tier 1 -- a standard of capital held against risky assets -- by 45 basis points.
Sales of stakes in the fund have attracted "a good interest from institutional investors. There was a deadline around the middle of the day and then there needs to be further time to conclude the placing," a source close to the operation said.
The fund will have a 25-year life and be managed by Generali Immobiliari, the sources said, adding Banco Popolare will have a first refusal right on the sale of the buildings.
It has also said it expects to generate a capital gain of around 500 million euros and boost Core Tier 1 -- a standard of capital held against risky assets -- by 45 basis points.
Sales of stakes in the fund have attracted "a good interest from institutional investors. There was a deadline around the middle of the day and then there needs to be further time to conclude the placing," a source close to the operation said.
The fund will have a 25-year life and be managed by Generali Immobiliari, the sources said, adding Banco Popolare will have a first refusal right on the sale of the buildings.
Friday, December 12, 2008
Drink in the flavor and beauty of the vineyard
Castello di Casole (castellodicasole.com), set on more than 4,200 acres in Italy's fabled Tuscany region, includes a dozen vineyards and fewer than 30 opulent abodes all renovated from centuries-old farmhouses. Fractional shares (one-twelfth) range from about $367,000 to $747,000; whole ownership is about $4.7 million to $9.8 million. A more affordable alternative is the Algodon Wine Estates (algodonwineestates.com) in Argentina. The property also includes a golf course. Home sites, averaging 2½ acres, begin at $102,000.
Wednesday, December 10, 2008
Good response from first Sicilian and Tuscan property exhibition
Homes of Quality and Frank Salt Real Estate recently showcased a selection of properties in the Italian regions of Tuscany, Emilia-Romagna and Sicily at Le Meridien St Julian's.
Italy is becoming increasingly popular as a destination for a holiday home with Europeans and Americans showing a keen interest in buying property. Maltese residents are purchasing real estate properties in Italy with renewed vigour and an increase in demand for residential properties overseas is noticeable.
The rental market is also strong. "We felt that the move to sell property in Tuscany and in Sicily was a natural one, given its proximity to Malta and the amazing opportunities to buy houses with land for relatively low prices" said Grahame Salt, director, Homes of Quality.
The company's portfolio of properties in Sicily resulted from a serious evaluation of the property market. Joe Lupi, managing director for Frank Salt, said: "Once the right Italian associates were found, a thorough exercise was undertaken to locate which parts of Sicily offer the best investment potential as well as peace of mind."
Italy is becoming increasingly popular as a destination for a holiday home with Europeans and Americans showing a keen interest in buying property. Maltese residents are purchasing real estate properties in Italy with renewed vigour and an increase in demand for residential properties overseas is noticeable.
The rental market is also strong. "We felt that the move to sell property in Tuscany and in Sicily was a natural one, given its proximity to Malta and the amazing opportunities to buy houses with land for relatively low prices" said Grahame Salt, director, Homes of Quality.
The company's portfolio of properties in Sicily resulted from a serious evaluation of the property market. Joe Lupi, managing director for Frank Salt, said: "Once the right Italian associates were found, a thorough exercise was undertaken to locate which parts of Sicily offer the best investment potential as well as peace of mind."
Sunday, December 7, 2008
Italy's Aedes approves 150 mln euro capital rise
Isoldi Immobiliare will put up 50 million euros towards the capital increase and Amenduni 45 million euros. Other investors are ready to put up 20 million, it said.
Amenduni owns 14.8 percent of Aedes.
After the capital increase Aedes will set up a new unit in which it, Isoldi and Amenduni will contribute 200 million euros worth of real estate. Isoldi will contribute 100 million euros to the unit, it said.
The commitments are conditional on the valuation of the real estate, approval by Dec. 31 of a new Aedes business plan, and agreement by Jan. 31 with bankers on a restructuring of Aedes's debt, it said.
Amenduni owns 14.8 percent of Aedes.
After the capital increase Aedes will set up a new unit in which it, Isoldi and Amenduni will contribute 200 million euros worth of real estate. Isoldi will contribute 100 million euros to the unit, it said.
The commitments are conditional on the valuation of the real estate, approval by Dec. 31 of a new Aedes business plan, and agreement by Jan. 31 with bankers on a restructuring of Aedes's debt, it said.
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