The Guardia di Finanza in Milan, the financial police of Italy, took over real estate properties, bank accounts and stock holdings on Monday to assure it could collect from the banks if their officials were found guilty and the banks were held responsible.
The seizures stem from the banks’ handling of a $2.2 billion municipal bond issue and related financial contracts known as swaps that Milan undertook to retire other debt in June 2005. The lead prosecutor accused the bankers of misleading the city and falsely claiming that the deal would generate savings. If all the costs had been properly included, the prosecutor said, the entire deal would have been illegal under a national law that allows restructuring of debt only if it produces a savings.
Thursday, April 30, 2009
Thursday, April 23, 2009
Sicily tipped as one of the first to emerge when the property market recovers
Sicily is the new Tuscany and could be the next hot spot in Europe when property investors start to look for bargains again.
The Italian island is known more for its Mafia connections than its property market but real estate is starting to open up as people become less concerned with holding onto the ancient family pile........
The Italian island is known more for its Mafia connections than its property market but real estate is starting to open up as people become less concerned with holding onto the ancient family pile........
Friday, April 17, 2009
Pirelli RE says no plans to demerge real estate funds
MILAN, April 14 (Reuters) - Italy's Pirelli & C REal Estate SpA said on Tuesday that it had no plans to demerge its real estate funds and sell them.
Pirelli RE, which is controlled by Pirelli & C SpA tyre group, was responding to a La Repubblica newspaper report that cited banking sources as saying a fund demerger was being studied as part of Pirelli RE's capital increase plan.
'Pirelli RE, for its part, denies categorically that operations or even plans of this type are under study,' the company said.
La Repubblica said on Tuesday that a possible option was for Assicurazioni Generali SpA, which is active in real estate, to acquire part of Pirelli RE's real estate funds, citing the banking sources.
Pirelli RE, which is controlled by Pirelli & C SpA tyre group, was responding to a La Repubblica newspaper report that cited banking sources as saying a fund demerger was being studied as part of Pirelli RE's capital increase plan.
'Pirelli RE, for its part, denies categorically that operations or even plans of this type are under study,' the company said.
La Repubblica said on Tuesday that a possible option was for Assicurazioni Generali SpA, which is active in real estate, to acquire part of Pirelli RE's real estate funds, citing the banking sources.
Wednesday, April 15, 2009
Monday, April 13, 2009
Italian property prices expected to fall further in 2009
Following the worsening of the international economic crisis, housing demand significantly dropped in Italy, but Italians continue to see property as a good medium-term investment, according to a new report.
The Italian property market is now suffering the consequences of the global economic crisis, but Italians still perceive housing as a reasonably safe investment and the sector is expected to recover in 2010, the report from economic intelligence company Nomisma indicates.
Analysts found that residential property sale volumes decreased by 15.1% in 2008. However, the drop was particularly marked in the last quarter of the year, after the deepening of the financial crisis eroded consumers' confidence, it says.
In the other property sectors office sales fell by 11.7% and the commercial real estate market saw decline of 8.7%.
The Italian property market is now suffering the consequences of the global economic crisis, but Italians still perceive housing as a reasonably safe investment and the sector is expected to recover in 2010, the report from economic intelligence company Nomisma indicates.
Analysts found that residential property sale volumes decreased by 15.1% in 2008. However, the drop was particularly marked in the last quarter of the year, after the deepening of the financial crisis eroded consumers' confidence, it says.
In the other property sectors office sales fell by 11.7% and the commercial real estate market saw decline of 8.7%.
Saturday, April 11, 2009
Spazio Investment swings to FY loss
March 26 (Reuters) - Spazio Investment NV (SPNV.L), an Italian property fund managed by Pirelli & C Real Estate (PECI.MI), swung to a full-year pretax loss mainly due to a fall in both the asset values and the fair value of financial instruments.
Spazio also scrapped final dividend for the second half.
The company expects a further fall in asset values in 2009 but a reasonable level of interest from local investors in its portfolio is expected to continue to provide some degree of protection, it said in a statement on Thursday.
Though the fall in commercial property values experienced to date in Italy is not as marked as in other European markets, the outlook for the Italian real estate sector and asset values remains uncertain, the company said.
Spazio also scrapped final dividend for the second half.
The company expects a further fall in asset values in 2009 but a reasonable level of interest from local investors in its portfolio is expected to continue to provide some degree of protection, it said in a statement on Thursday.
Though the fall in commercial property values experienced to date in Italy is not as marked as in other European markets, the outlook for the Italian real estate sector and asset values remains uncertain, the company said.
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