Pirelli RE, together with Fingen and Maire Group has won a tendering procedure held by Fintecna Immobiliare, to take over four major property assets in Rome with high commercial development potential as part of the Pentagramma Project. The tender expected to create a newco, with a paritetic partnership between Fintecna and new partners.
With the closing of the tender, the 50% of the newco will be held by a company in which Pirelli RE has a 35% interest, Fingen 35%, and a company controlled by Maire Group 30%.
The jv's objectives are: 1) the transfer to the newco of Istituto Poligrafico e Zecca dello Stato (Piazza Verdi 10); the former Istituto Geologico Nazionale (Via di S. Susanna 13); Scalo di San Lorenzo (Via San Lorenzo 8/10); and the Valcannuta area (inside the ring road - the Grande Raccordo Anulare - along Via Aurelia) for a value of approx. €368 million, the starter investment of the partners will be equal to approx. 30% of the assets value; 2) significant development projects and upgrading, through the right planning and execution of the works, with expected investments of more than €200 million in the medium period; and 3) valorization on the market of the realized product.
The most important of the properties is the Istituto Poligrafico e Zecca dello Stato, now used for management and operational functions, covering a gross surface area of about 54,000 m² and located in the Parioli zone, Pinciano. Under the terms of the project the building would be converted to incorporate into its main part, which looks out onto Piazza Verdi, a 5-star 170-bedroom luxury hotel. The other parts will be given over to 250-300 luxury residences, parking facilities, and green open spaces.
Another building complex of notable historical and architectural value is the former Istituto Geologico, in the very middle of Rome, built around the end of the nineteenth century and structurally altered in 1995 to accommodate offices, laboratories, and service areas of the Istituto Geologico Nazionale. The complex has a gross surface area of about 7,000 m² and the conversion project would make it available for commercial use.
The building complex in via Scalo di San Lorenzo, currently used by the Customs Authorities, occupies over 23,000 m². Not only is the neighbourhood earmarked for urban redevelopment, but major infrastructure work (road and rail) is also planned. The project provides for the demolition of the customs facilities and the creation of some 16,000 m² for residential, commercial, management, and production operation use.
The last asset is the area in the Valcannuta locality, taking up just under 70,000 m². This will be upgraded through a housing development scheme that will account for about 15,000 m².
The real estate specialistic services will be managed by Pirelli RE with the other partners.
This deal confirms the status of Pirelli RE as a partner of reference for enhancing the value of property portfolios, thanks to the know-how it has acquired in large-scale land upgrading and conversion projects. Fingen likewise underlines its leading role in high-quality projects focusing on luxury hotels and prestige residential accommodation, and Maire Group continues its growth in its traditional business, of management of large-scale projects.
Source: Pirelli RE