Antoitalia Press Review www.antoitalia.it From: Lombard, October 2010

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scaled down their business, like BNP Paribas and Calyon. "We are analyzing the financing of 4 retail transactions for a value of € 400 mn. These are existing centers," observes Gael Mattone, Head of Real Estate Structured Finance Italy for Société Géné­rale, which has focused its entire pipeline on retail, so far without dosing a deaL Only the German Aareal bank has been active this year (see interview on previ­ous page), while Unicredit and Monte dei Paschi (MPS) don't seem to have taken advantage of the retreat of their foreign competitors by occupying the abandoned market shares. "On the one hand we conduct trans­actions with a focus on prof­itability and, on the other, we focus on development but in tandem with a certain profitabil­ity campanent in partnership with aur customers", says Piero Mazzi, real estate manager of Banca IMI (Intesa Sanpaalo) the largest operator on the market. The group is financing forty real estate transactions thraugh a credit facility totalling € 4 bn. "Even during boom times, we have never disbursed loans with a lever exceeding 75% ofthe cap­itaI, and that has allowed us to have an absolutely problem-free portfalio", observes Mazzi. The hateIJtourism sector will al­sa be another opportunity to be exploited for the leading Italian banking group, as it is amongst the financiers af the tourisml hotel complex of Capo MaIfa­tano, dose to Cagliari (in an area of 140,000 m2), which Sitas is constructing and in which Sansedoni, the Toti group, Ricerca Finanziaria

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Luxury Hotels & Villas for Sale ......... HW •• WM •••• __ •• ,. __ ..... ___ .......... __ ••.•• _ ...... _ "'''''''''H''_' ___ ' __ ''H''H'_'''' '' ___ ''_''''' _____ ''H' ___ •• ___ .. __ ........ _

At least € 10 bn in funds are already earmarked for investment in the tourist­hotel sector over the next three years. 60% of this amount wi Il be divided between four cities: Milan, Rome, Florence and Venice according to Antoitalia Hospitality, which specializes in advisory services and has performed analysis of ali current and planned real estate operations in the sector. "New initiatives are being weighed up by the banks with extreme care and prudence, and leverage does not exceed 60% of the overal l investment. But there are banking partners wil l ing to bet on a strong recovery in this area and the projects are going ahead," says Piergiorgio Mangialardi, partner and COO of the company, which belongs to the group, headed by Fabio Tonello. According to Scenari Immobiliari, revenues from rea l estate linked to tourism wil l increase by about 18% this year. Marzia M orena, president of the Royallnstitute of Chartered Surveyors, Italy, thinks that tourism could turn out to be an exceptional resource. " In the long term, this is a sector that is going to attract more and more large international groups", adds Harry Farthing, CEO of Cushman & Wakefield, Italy. "I think the time has come to step up size." Expectation for growth is high because the value of assets changing hands has been reduced by a third since 2009: tourist numbers from abroad have dropped by 3%, and European arrivals (down 8%), fared even worse, with hotel occupancy down 7% and levels of investment cut

by half. Earnings have also dropped: by 15% across the board for the

business category, while the leisure area has managed to contain the fall -off to 2-5%. So what kinds of projects

are in the pipeline? Antoitalia surveyed about a thousand

new initiatives in the project start-up stage

Roberto Colannino took on the archistar Massimiliano Fuksas (right) for the luxury villa project with hotel and golf facilities in Sardinia. Paolo Fresco (above), the past President of Fiat, is also betting on the same Island, with a €

650 mn project. Fabio Tonello (below), head of Antoitalia Real Estate, is bullish about tourism

which had not yet launched building permit procedures. These included greenfield sites with abandoned bui ldings such as casti es ruins or large rural residences, and brownfield sites

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with abandoned industriai or commerciai areas to be rezoned. Projects for go lf resorts in particular are on the rise, since this is a market segment that stili has a lot

of scope for development in Italy. Fabio Tonello stresses that 25 mi ll ion tou rists travel

every year to play golf according to IAGTO (the International Association of GolfTour

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Antoitalia Press Review www.antoitalia.it From: Lombard, October 2010

www.antoitalia.it

Operators). The experiences of Spain and Portugal - but also other drives in Greece, Turkey and Morocco - indicate a great potentia l not just for real estate operators and managers but also for the tourist sector as a whole. Then there are development projects that have been approved but not yet launched, as well as severa I dozen that have received approvai but are stalled due to lack of funds . It is estimated that, in 2009, 50% of ali construction work suffered serious de lays or was closed down altogether. Here again, the credit crunch was to blame. In March, Nomisma issued a report on the most important development projects of an innovative nature, aboutfifteen in all, of which six in Sicily and Sardinia. These are just some of them. Near

Crotone, the Israeli Madpit Group wants to build a mega­complex called Europaradiso, w ith an averai I investment of € 5 bn. This is a veritable town of its own, with hotels, go lf links, stables, a stadium, shopping areas and even an airport. Near Cagliari in Sardinia, Irish developer Thomas Kane and Paolo Fresco, former President of Fiat, are planning to bu ild a golf link, a beauty farm and 700 villas far a total of about € 650 mn. In the sa me part of the

island, in Pula, Roberto Colaninno's Immsi Group has launched another project worth € 115 mn, designed by Massimiliano Fuksas, for 240 prestige villas, two hotels, a luxury spa, shops and golf links. Condotte Immobiliari is planning a tourist accommodation complex worth € 135 mn near Oristano. In Licata in the Agrigento area of Sicily, Iniziative Immobiliari Caltan issetta is working on a marina for 1,600 vessels with residential and shopping complexes and a fitness center far a total of € 115 mn. The list goes on, with two Rome-based projects (one by Immobilfin of the Scarpellini Croup worth € 150 mn and the other by Interservice worth € 165 mn) for five hotels in all, a tourist resort near Siracusa by Bulgarella Holding worth € 50 mn, three projects in the Pisa area with two already under construction by Condotte Immobiliari and Marano (worth € 26 mn and € 60 mn respectively) for hotels and tourist residence faci lities, and two establishments for the Starwood Hotels chain in Milan's Srera area for a total investment of € 67 mn. There will also be a significant repositioning of existing hotels, according to Antoita l ia, with the aim of bringing the establishments and their facilities to create or expand the space dedicated to wellness/spa facilities, including conversion into veritable 'well ness hotels' or spa hotels. An important factor of this trend is the redevelopment of hotel properly in particularly sought-after locations. It is estimated that at least fifty projects are under construction .

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(Benetton) and the Padua

group Toffano are participating. Last

January, Banca Imi assist­ed the Franza Group in the sale of two luxury hotels in Taonru­na, the Grand Hotel Timeo and VilJa Sant'Andrea, to the Olient­Express Hoteis chain for € 80 mn. Leo Civelli, CEO of Reag Europe, who heads the Ameri­can Appraisai Group, a leader in appraisais and real estate consultancy services, confirms: "Hoteis will certainly be one of the sectors favored by the large international investors, because ltaly has a vast and unique cul­tural and natural legacy, but a hotel sector that is behind the times and fragmented". Fabio Bandirali instead indicates two areas in which the competition is less involved: shopping centers in southem ltaly and sites dedicated to family entertainrnent: the new generation stadiums, for exam­pIe, where football will not be the only entertainment. A concrete example is the multi-functional sports project that Giugiaro Ar­chitecture has designed for the Bergamo stadium. ..

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Profile of ANTOITALIA – The Italian real estate full service providers ANTOITALIA (www.antoitalia.it) is the leading Italian operator providing real-estate services for corporate clients. Agency and advisory services for the sale of whole buildings and property portfolios - with a specific focus on trophy assets - represent the core business of the company. ANTOITALIA brings together the outstanding know-how of a skilled management team that boasts over thirty years’ experience in the sector. Thanks to its team and to strategic alliances with specialised operators, ANTOITALIA provides an integrated mix of services in the real-estate sector, able to respond to its clients’ every requirement. A network of over 1,200 real estate agents and professionals in Italy and abroad ensures the widest market coverage. Based around a series of specialised business units and companies, ANTOITALIA acts as a single point of reference for the client. Activities carried out include agency, advisory, valuation, property management, engineering and general contracting, for entire buildings, sub-divisions and building-site operations, whether for residential, commercial or office use. Antoitalia Hospitality - headed by Piergiorgio Mangialardi – is the group’s company specializing in developments and transactions relating to tourism and hospitality facilities (hotels, resorts, golf complexes, spas, marinas). Antoitalia Property Management is the business unit providing property management and valuation services aimed at enhancing value and return of the assets managed. ANTOITALIA has recently created two new business units: Antoitalia Engineering & Construction and Antoitalia High-Street Retail. The former – headed by Gianni Buccheri – specializes in planning and design, civil engineering, construction, renovation and green building. The latter - a joint-venture with Andrea Lorenzato’s company Sviluppo Negozi – is the business unit specializing in the high-street retail property segment, focusing on fashion and luxury. ANTOITALIA’s chairman is Fabio Tonello. ANTOITALIA is a member of FIMAA (Federazione Italiana Mediatori Agenti d’Affari – the Italian federation of agents and brokers), FIABCI (the international real-estate federation), Assoimmobiliare (the Italian real-estate industry’s association) and Assolombarda (the Lombardy business association). For further information: www.antoitalia.it For information on San Pietro all’Orto 6, the exclusive development of Luxury Serviced Apartments for sale in the heart of Milan: www.sanpietroallorto6.it Contacts: ANTOITALIA – Via Fatenenefratelli, 19 – 20121 Milano T +39 02 2901 3497 livio.lanteri@antoitalia.it Antoitalia Press Office: Robert Hassan Cell. +39 338 88 37 628 - robert.hassan@tiscali.it

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Profilo di ANTOITALIA ANTOITALIA (www.antoitalia.it) è leader italiano nel settore dei servizi immobiliari per una clientela corporate. Il core business è rappresentato dai servizi di agency e di advisory per la vendita di immobili cielo-terra, con focus particolare sui trophy asset. Grazie alla consolidata esperienza e competenza del management – che opera nel settore da oltre trent'anni – e grazie ad alleanze strategiche con società attive in specifici segmenti del real estate - ANTOITALIA è in grado di offrire un mix integrato e coordinato di servizi, che rispondono a tutte le esigenze espresse dalla clientela. Un network di oltre 1.200 agenti e professionisti in Italia e all’estero garantisce ampia copertura a livello territoriale. Il gruppo - organizzato in società e business unit specializzate – si pone come unico interlocutore nei confronti del cliente. Le attività svolte includono agency, advisory, valutazione, property management, engineering e general contracting, per immobili interi, frazionamenti e cantieri, a destinazione residenziale, commerciale e terziaria. Antoitalia Hospitality - diretta da Piergiorgio Mangialardi - è la società del gruppo dedicata al segmento hospitality real estate: operazioni di sviluppo e transazioni relative a strutture turistico-ricettive (hotel, resort, complessi golfistici, spa, marine). Antoitalia Property Management è la business unit dedicata all’offerta di servizi di gestione e valutazione per patrimoni immobiliari privati e societari, con l’obiettivo di ottimizzare i rendimenti degli asset gestiti. ANTOITALIA ha recentemente dato vita a due nuove business unit: Antoitalia Engineering & Construction e Antoitalia High-Street Retail. La prima è la divisione – diretta da Gianni Buccheri - specializzata in progettazione, ingegneria, costruzione, ristrutturazione e green building. Antoitalia High-Street Retail – joint-venture con la società Sviluppo Negozi di Andrea Lorenzato - è la divisione dedicata al segmento degli immobili commerciali nelle strade più importanti dello shopping, con focus su moda e lusso. Presidente di ANTOITALIA è Fabio Tonello. ANTOITALIA è associato FIMAA (Federazione Italiana Mediatori Agenti d’Affari), FIABCI (Federazione internazionale agenti e operatori immobiliari), Assoimmobiliare e Assolombarda. Per maggiori informazioni: www.antoitalia.it Per informazioni sull’esclusiva iniziativa di San Pietro all’Orto 6 – Luxury Serviced Apartments in vendita nel cuore di Milano: www.sanpietroallorto6.it Contatti: ANTOITALIA - Via Fatenenefratelli, 19 - 20121 Milano T +39 02 2901 3497 livio.lanteri@antoitalia.it Ufficio stampa Antoitalia: Robert Hassan Cell. +39 338 88 37 628 - robert.hassan@tiscali.it