Serenissima SGR

Information

N°1

Serenissima Vitruvio

The investment strategies involve acquiring properties in strategic positions.

current Equity
€ 85 milions

Unit nom. val.
€ 50.000

general information

The regulations, available in the Official Documents section, were approved by the Bank of Italy on 14 June 2005, while the Prospectus was approved by Consob on 21 September of the same year.

The solicitation of public funds took place during the period from 3 October to 28 November 2005 and the subscriptions were closed on 9 March 2007.

The fund started operations as from 1 December 2005.

the goals

  • Six-monthly return of 6% per annum
  • Return on maturity of 8% per annum (total return)

The investment strategies involve acquiring properties in strategic positions, well-built and leased to sound and qualified lessees who are able to ensure constant cash flows, accompanied by a solid possibility of an increase in the property value over time.

The investments were mainly made in the geographic area that covers the Lombardy, Veneto and Trentino Alto Adige regions, in this manner being able to exploit an in-depth knowledge of the reference area.

technical data sheet

Form Closed-end, partially contribution based
Maximum amount € 85 milions
Unit nominal value € 50.000
ISIN Code IT0003937429, Short Description: VITRUVIO NM
IT0003937403, Short Description: VITRUVIO PT
Management policies Mainly in the tertiary, management, business and service sectors.
Distribution of income Six-monthly distribution of fund management income
Target returns 6% per annum, 8% per annum of IRR on maturity
Investors Institutional and qualified
Placement Private placement / public offering
Resorting to borrowing Within the limits of current legislation
Risks Long-term time horizon plus the cyclic effects of the real estate market
Global coordinator Barclays Capital
Independent appraiser Prelios Valuations & e-Services S.p.A.
Financial intermediary Avalon Real Estate S.p.A.

Governance

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When carrying out the management activity of the Serenissima Vitruvio Fund, the Management Company avails itself of an Advisory Committee made up of 6 (six) members of which 5 (five) appointed by partner credit institutions of Serenissima SGR and the sixth, the Chairman of the Advisory Committee, by the general meeting of the members of the Fund on the basis of a list prepared by the BoD.
The members of the Advisory Committee are chosen: (i) from among individuals with recognised experience, expertise and specialisation in the financial, real estate, economic and legal sphere; (ii) as a general rule, on the basis of independence requirements envisaged for independent directors by the Code of Best Practices for Asset Management Companies prepared by Assogestioni. In more detail, the 5 (five) members indicated by the credit institutions meet the independence requirements as per point (ii) vis-à-vis the Asset Management Company and the group it belongs to, while the Chairman of the Advisory Committee meets the independence requirements as per point (ii), not only vis-à-vis the Asset Management Company and the group it belongs to but also vis-à-vis the partner credit institutions.

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The members of the Advisory Committee remain in office until the loss of the independence requirement. In the event of loss of the independence requirement, resignation or other event that makes it impossible to continue the assignment, replacement will be carried out by the subject who appointed the outgoing member.

Information

N°2

Serenissima Logistica

The Fund's assets mainly comprise building plots dedicated to integrated logistics.

current Equity
€ 51 milions

Unit nom. val.
€ 1 milion

general information

The regulations were approved by the Bank of Italy on 26 January 2007.
The Fund started operations on 12 November of the same year, while subscriptions were finally closed on 26 July 2008.

the goals

  • Annual return of 10%
  • Return on maturity of 15% per annum (total return)

The Fund’s assets mainly comprise building plots dedicated to integrated logistics. The installations will be built according to the most modern distribution requirements and located, as far as possible, in locations in keeping with the indications contained in the national logistics plan. The Fund may also carry out the renovation and restoration of specific properties. The Fund invests primarily in Italy and, if abroad, mainly in Countries belonging to the European Union and in neighbouring countries, as well as those overlooking the Mediterranean Sea.

technical data sheet

Form Closed-end
Maximum amount € 51 milions
Unit nominal value € 1.000.000
ISIN Code IT0004197973, Short Description: LOGISTICA NM
IT0004197973, Short Description: LOGISTICA PT
Management policies The Fund’s assets may comprise building plots dedicated to integrated logistics, located mainly in Italy and, if abroad, mostly in Countries belonging to the European Union.
Distribution of income Established by the Board of Directors
Target returns 10% per annum, 15% per annum of IRR on maturity
Investors Institutional and qualified
Placement Private placement
Resorting to borrowing Within the limits of current legislation
Risks Long-term time horizon plus the cyclic effects of the real estate market
Independent appraiser REAG S.p.A.

Governance

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When carrying out the management activity of the Serenissima Logistica Fund, the Management Company avails itself of an Advisory Committee made up of 5 (five) members, all appointed by the general meeting of the members of the Fund.
The members of the Advisory Committee are chosen from among individuals with recognised experience, expertise and specialisation in the financial, real estate, economic and legal sphere who have the independence requirements envisaged for independent directors by the Code of Best Practices for asset management companies prepared by Assogestioni vis-à-vis the Asset Management Company and the group it belongs to.

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The members of the Advisory Committee remain in office for 3 (three) years and fall from office as of the date of approval of the Fund management report relating to the last period of their office. The members of the Advisory Committee are eligible for re-election. The Advisory Committee elects a Chairman from among its members and may elect one or more Deputy Chairmen who will carry out the functions and exercise the other powers assigned by the Advisory Committee.

Information

N°3

Sansovino

The Fund's assets may comprise properties intended for business use.

current Equity
€ 165,5 milions

Unit nom. val.
€ 500.000

general information

The fund regulations were approved by the Bank of Italy on 25 February 2009. It has been operative since 3 May 2010.

the goals

  • Return on maturity of 13% per annum (total return).

The Fund’s assets may comprise properties, also those to be developed, completed, renovated, requalified and/or to be enhanced in trading activities, intended for business, residential, management, hotelier, industrial/services, infrastructural use, etc. Once completed, the assets will preferably be sold off. The Fund’s real estate portfolio, therefore, may also be made up of “development” investments for which resale is envisaged during the life of the Fund and of real estate assets intended for trading. The Fund may also undertake the enhancement, redevelopment, conversion and restoration of real estate. The Fund may also invest in controlling or minority interests in real estate companies and may also invest in financial instruments with a low risk profile, which can be rapidly and securely made liquid.

technical data sheet

Form Closed-end
Maximum amount € 110 milions
Unit nominal value € 500.000
ISIN Code IT0004474513, Short Description: SANSOVINO NM
IT0004474505, Short Description: SANSOVINO PT
Management policies The Fund’s assets may comprise properties, also those to be developed, completed, renovated, requalified and/or to be enhanced in trading activities, intended for business, residential, management, hotelier, industrial/services, infrastructural use, etc. Once completed, the assets will preferably be sold off. The Fund’s real estate portfolio, therefore, may also be made up of “development” investments for which resale is envisaged during the life of the Fund and of real estate assets intended for Trading. The Fund may also undertake the enhancement, redevelopment, conversion and restoration of real estate. The Fund may also invest in controlling or minority interests in real estate companies and may also invest in financial instruments with a low risk profile, which can be rapidly and securely made liquid.
Distribution of income Established by the Board of Directors
Target returns 13% per annum of IRR on maturity
Investors Institutional and qualified
Placement Private placement
Resorting to borrowing Within the limits of current legislation
Risks long-term time horizon, property development or renovation/conversion and trading entrepreneurial risk, cyclic effects of the real estate market and risks inherent to property development, regulatory innovations regarding town planning and the environment, activities of local authorities or central or peripheral authorities of the Italian State, specific events associated with the management of properties.
Independent appraiser Axia RE S.p.A.

Governance

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When carrying out the management activity of the Sansovino Fund, the Management Company avails itself of an Advisory Committee made up of 5 (five) members, all appointed by the general meeting of the members of the Fund. The members of the Advisory Committee are chosen from among individuals with recognised experience, expertise and specialisation in the financial, real estate, economic and/or legal sphere.

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The members of the Advisory Committee remain in office for 3 (three) years and fall from office as of the date of approval of the Fund management report relating to the last period of their office. The members of the Advisory Committee are eligible for re-election. The Advisory Committee elects a Chairman from among its members and may elect one or more Deputy Chairmen who will carry out the functions and exercise the other powers assigned by the Advisory Committee.

Information

N°4

Goethe

The Fund invests in real estate assets of any type and nature.

current Equity
€ 167 milions

Unit nom. val.
€ 500.000

general information

The Fund Regulations have been approved by The Bank of Italy on 1st of April 2010 and are in force as of the 1st of july 2010. The Board of Directors, in 15thincorporation in the “Agathos Fund– Closed-end Real Estate Investment Fund with contribution in kind saved for qualified investors”, also managed by SGR, that has contextually changed the Regulations in according to the Merger. Those regulations changes and the Merger have been approved by the Goethe Fund Shareholders meeting and by the Agathos Fund Shareholders on the 18th of April 2010 and are in force as of of november 2013, has approved the merger through of december 2013.

the goals

  • The Fund Yield to maturity Target is 15% (total return).

technical data sheet

Form Closed-end
Maximum amount € 167 milions
Unit nominal value € 500.000
ISIN Code IT0004620297, Short Description: GOETHE NM
IT0004620289, Short Description: GOETHE PT
Management policies The Fund invests in real estate assets of any type or nature whose intended use is tertiary, business, management, services, infrastructure, accommodation, care and health, hotel, tourist, residential in nature, whether this is rental property or property to be developed or completed/renovated/requalified or to be enhanced in trading activities. It is also possible to:
  • Invest the Fund’s resources in land and related areas, as per applicable legislation, also for the purpose of building on them;
  • Carry out renovation, restoration and ordinary and extraordinary maintenance operations on specific land and buildings or property of the Fund for the purpose of improving the profitability from use of the same as well as carry out specific operations for the enhancement and/or conversion of the assets, this also being understood to include the change in intended use and the parcelling out.
Distribution of income Established by the Board of Directors
Target returns 15%
Investors Institutional and qualified
Placement Private placement
Resorting to borrowing Within the limits of current legislation
Risks Property development or renovation/conversion and trading entrepreneurial risk, cyclic effects of the real estate market and risks inherent to property development, regulatory innovations regarding town planning and the environment, activities of local authorities or central or peripheral authorities of the Italian State, specific events associated with the management of properties.
Independent appraiser Scenari Immobiliari S.r.l.

Governance

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When carrying out the management activity of the Goethe Fund, the Management Company avails itself of an Advisory Committee made up of 3 (three) members, all appointed by the general meeting of the members of the Fund. The members of the Advisory Committee are chosen from among individuals with recognised experience, expertise and specialisation in the financial, real estate, economic and/or legal sphere.

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The members of the Advisory Committee remain in office for 3 (three) years and fall from office as of the date of approval of the Fund management report relating to the last period of their office. The members of the Advisory Committee are eligible for re-election. The Advisory Committee elects a Chairman from among its members and may elect one or more Deputy Chairmen who will carry out the functions and exercise the other powers assigned by the Advisory Committee.

Information

N°5

Wiligelmo D. M.

The Fund invests in real estate assets of any type and nature, whose main intended use is business and tertiary-related.

current Equity
€ 81,9 milions

Unit nom. val.
€ 100.000

general information

The regulations were approved by the Board of Directors on 29 November 2012. The fund started operations on 13 December 2012.

the goals

  • Target return on maturity of 6.75% per annum (total return).

The Fund invests in real estate assets of any type or nature, whose main intended use is business and tertiary-related, to be marketed or maintained as income investment and residually to be developed and/or completed/renovated/requalified, or to be enhanced in trading activities.

technical data sheet

Form Closed-end
Maximum amount € 150 milions
Unit nominal value € 100.000
ISIN Code IT0004884711, Short Description: WILIGELMO DM FC/DIS NM
ISIN bearer share not present
Management policies The Fund invests in real estate assets of any type or nature, whose main intended use is business and tertiary-related, to be marketed or maintained as income investment and to be developed and/or completed/renovated/requalified, or to be enhanced in trading activities.
Distribution of income Determinata dal Consiglio di Amministrazione, con cadenza semestrale
Target returns 6,75%
Investors Institutional and qualified
Placement Private placement
Resorting to borrowing Within the limits of current legislation
Risks Property development or renovation/conversion and trading entrepreneurial risk, cyclic effects of the real estate market and risks inherent to property development, regulatory innovations regarding town planning and the environment, activities of local authorities or central or peripheral authorities of the Italian State, specific events associated with the management of properties.
Independent appraiser Colliers Real Estate Italia S.r.l.

Governance

Advisory Committee

When carrying out the management activity of the Wiligelmo Fund, the Management Company avails itself of a Supervisory Committee made up of 3 (three) members, all appointed by the general meeting of the subscribers of the Fund.

Duration of the Advisory Committee

The members of the Supervisory Committee remain in office for 3 (three) years and fall from office as of the date of approval of the Fund management report relating to the last period of their office. The members of the Supervisory Committee are eligible for re-election. The Supervisory Committee elects a Chairman from among its members.

Information

N°6

Xenia

The Fund invests in real estate assets of any type whose main intended use is tourist and hotel-related, to be marketed or maintained as income investment, to be developed and/or completed/renovated/requalified, to be enhanced in trading activities.

current Equity
€ 28 milions

Unit nom. val.
€ 200.000

general information

The regulations were approved by the Board of Directors on 12 March 2013. The fund started operations on 30 April 2013.

the goals

  • Target return on maturity of 5.75% per annum (total return).

The Fund invests in real estate assets of any type or nature, whose main intended use is tourist and hotel-related, to be marketed or maintained as income investment to be developed and/or completed/renovated/requalified, to be enhanced in trading activities.

technical data sheet

Form Closed-end
Maximum amount € 100 milions
Unit nominal value € 200.000
ISIN Code IT0004920028, Short Description: XENIA/CL A DIS NM RIS
IT0004920036, Short Description: XENIA/CL B DIS NM RIS
Management policies The Fund invests in real estate assets of any type or nature, whose main intended use is tourist and hotel-related, to be marketed or maintained as income investment to be developed and/or completed/renovated/requalified, to be enhanced in trading activities
Distribution of income Established by the Board of Directors on an annual basis
Target returns 5,75%
Investors Institutional and qualified
Placement Private placement
Resorting to borrowing Within the limits of current legislation
Risks Property development or renovation/conversion and trading entrepreneurial risk, cyclic effects of the real estate market and risks inherent to property development, regulatory innovations regarding town planning and the environment, activities of local authorities or central or peripheral authorities of the Italian State, specific events associated with the management of properties. Cyclic effects of the market, specific events associated with the management of properties, trend of the tourist market in the area, the seasonal presences and the occupation rates of the accommodation structures.
Independent appraiser Scenari Immobiliari S.r.l.

Governance

Advisory Committee

When carrying out the management activity of the Xenia Fund, the Management Company avails itself of a Supervisory Committee made up of 3 (three) members, all appointed by the general meeting of the members of the Fund.

Duration of the Advisory Committee

The members of the Supervisory Committee remain in office for 3 (three) years and fall from office as of the date of approval of the Fund management report relating to the last period of their office. The members of the Supervisory Committee are eligible for re-election. The Supervisory Committee elects a Chairman from among its members.

Information

N°7

Florence

The Fund invests in real estate assets of any type and nature.

current Equity
€ 216,9 milions

Unit nom. val.
€ 100.000

general information

The Florence Fund has been established through Merger of “Athena Fund – Closed-end Real Estate Investment Fund” and “Moro Real Estate- Closed-end Real Estate Investment Fund”, both managed by the SGR, with approval of the Board of Directors on 15th Fund Relutions. The Regulations and the Merger have been approved by the Athena Fund Shareholders meeting and by MORO R.E. Fund Shareholders on the 26th of november 2013, that has contextually adopted the of November 2013.

the goals

  • The Yield to maturity Target is 6,5% (total return).

The Fund invests in properties of a residential, management, business, accommodation, logistics, industrial, care and health nature, whether this is rental property or property to be developed or completed/renovated/requalified/or to be enhanced in trading activities.

technical data sheet

Form Closed-end
Maximum amount € 200 milions - The Fund will be able to collect more subscriptions up to € 300.000.000.
Unit nominal value € 100.000
ISIN Code IT0004983851, Descrizione Breve: FLORENCE DIS NM RISERVATO
Management policies The Fund invests in properties of a residential, management, business, accommodation, logistics, industrial, care and heath nature, whether this is rental property or property to be developed or completed/renovated/requalified/or to be enhanced in trading activities. The Fund will be invest in acquisition, renovation, and realization of assets in compliance to the Social Housing Regulations.
Distribution of income Distribution of income Established by the Board of Directors on an annual basis.
Target returns 6,5%
Investors Institutional and qualified
Placement Private placement. It is possible the subscription of new Fund quota within 24 mounths from the date of Regulations approval.
Resorting to borrowing Within the limits of current legislation
Risks Property development or renovation/conversion and trading entrepreneurial risk, cyclic effects of the real estate market and risks inherent to property development, regulatory innovations regarding town planning and the environment, activities of local authorities or central or peripheral authorities of the Italian State, specific events associated with the management of properties. Cyclic effects of the market, specific events associated with the management of properties.
Independent appraiser Avalon Real Estate S.p.A.

Governance

Advisory Committee

When carrying out the management activity of the Xenia Fund, the Management Company avails itself of a Supervisory Committee made up of 3 (three) members, all appointed by the general meeting of the members of the Fund.

Duration of the Advisory Committee

The members of the Supervisory Committee remain in office for 3 (three) years and fall from office as of the date of approval of the Fund management report relating to the last period of their office. The members of the Supervisory Committee are eligible for re-election. The Supervisory Committee elects a Chairman from among its members.

Information

N°8

Nicher R.E.

This is a closed-end real estate mutual investment fund for institutional and qualified investors.

current Equity
€ 150 milions

Unit nom. val.
€ 25.000

general information

The Nicher RE fund is a closed-end fund with contribution in kind reserved for qualified investors and can invest in: real estate of a residential, management, commercial, hospitality, logistics, industrial, care and health nature; in land for construction and not; in leased real estate; in UCITS units which mainly invest in real estate; in units or shares of real estate companies both listed on regulated markets and not, subject to a limit of 10% of its assets in real estate companies which include the possibility of carrying out construction activity in their company purpose.

the goals

The Fund’s business may be composed of properties, including to develop,, complete, renovate, requalify and/or enhance in trading activity, with a commercial, residential, management, hotel, industrial/services, infrastructure, etc. use. Once the assets are completed they will preferably be sold. Thus the Fund’s real estate portfolio may also be composed of investments “to develop” for which the resale is expected during the life of the Fund and real estate assets held for “trading”. The Fund may also set up interventions to promote, redevelop, reconvert and renovate real estate.

technical data sheet

Form Closed-end, reserved
Maximum amount €150 million (entirely subscribed
Unit nominal value € 25.000
ISIN Code IT0003867790, Short Description: NICHER REAL ESTATE BEARER; IT0003867808 Short Description: NICHER REAL ESTATE PERSONAL.
Management policies The Fund invests in real estate assets of any type or nature, whose intended use is residential, management, commercial, hospitality, logistical, industrial, care and health, as well as land for construction and not. In addition, the Fund may invest in interests in leaseholds, UCITS units which mainly invest in real estate; in units or shares of real estate companies both listed on regulated markets and not, subject to a limit of 10% of its assets in real estate companies which include the possibility of carrying out construction activity in their company purpose.
Distribution of income Distribution of income is not foreseen
Target returns not foreseen
Investors Qualified
Placement Closed
Resorting to borrowing Within the limits of current legislation.
Risks Property development or renovation/conversion and entrepreneurial risk, cyclic effects if the real estate market and risks inherent to property development, regulatory innovations regarding town planning and the environment, activities of local authorities or central or peripheral authorities of the Italian State, specific events associated with the management of properties..
Independent appraiser CB Richard Ellis

Governance

Information

N°9

Oplon

This is a closed end real estate fund reserved for institutional and qualified investors.

current Equity
€ 5,7 milions

Unit nom. val.
€ 100.000

general information

The regulation was approved by the Board of Directors meeting of 30 June 2015. The fund became operative on 1 July 2015

the goals

The Fund invests in real estate assets of any type or nature, whose intended use is residential, management or tourism/hotel-related, to sell, develop and/or complete/renovate/requalify, to enhance in trading activities.

technical data sheet

Form Closed end.
Maximum amount €150 million (entirely subscribed)
Unit nominal value € 100.000
ISIN Code IT0005092058, Short Description: OPLON/CL A DIS NM; IT0005092074 Short description: OPLON/CL B DIS NM.
Management policies The Fund invests in real estate assets of any type or nature, whose intended use is residential, management or tourism/hotel-related, to sell, develop and/or complete/renovate/requalify, to enhance in trading activities.
Distribution of income Determined by the Board of Directors on a half-yearly basis:
Target returns n.a.
Investors Institutional and qualified
Placement Private placement.
Resorting to borrowing Within the limits of current legislation.
Risks Property development or renovation/conversion and entrepreneurial risk for trading, cyclic effects of the real estate market and risks inherent to property development, regulatory innovations regarding town planning and the environment, activities of local authorities or central or peripheral authorities of the Italian State, specific events associated with the management of properties. Market cyclic effects, specific events associated with the management of income properties, trend of local tourism markets, seasonal figures and occupancy rates of incoming facilities.
Independent appraiser EC Harris Italia S.r.l.

Governance

Advisory Committee

The administration and management activity of the Fund are the sole responsibility of the Board of Directors which can grant special powers in compliance with the by-laws and main and secondary legislation in force on a time to time basis.

Duration of the Advisory Committee

The Supervisory Committee is composed of a minimum of 3 and maximum of 5 members nominated by the General Meeting of Investors. The members of the Supervisory Committee remain in office for 3 years. The Supervisory Committee expresses its opinion on the transactions with a conflict of interest including only potential; these transactions may also include those in Articles 9.8, 9.10 and 10.1 of the Regulations. A loan to the Fund paid by one or more participants in the Fund is not considered a transaction with conflict of interest, as long as there are no participants other than the lender/s. Moreover, in any case, the Committee does not express an opinion related to any loans from participants in terms of the Fund, established within the context or consequent to the conferral of assets to the Fund and connected with the indebtedness already present in relation to such assets, at the time of their conferral/acquisition.

Information

N°10

Realest I

The fund invests in real estate for office and commercial use, hotels, industrial buildings and land, technology-oriented property, such as buildings housing activities in the health sector, telecommunications, computing and advanced tertiary services, as well as in urban real estate located in historical centres, including residential units.

current Equity
€ 72,5 milions

Unit nom. val.
€ 250.000

general information

The RealEst I Fund was established pursuant to Legislative Decree no. 58 of 24 February 1998 by resolution of the Board of Directors' meeting on 6 May 2004, which simultaneously approved the regulations.

the goals

Target return of 7% at maturity of the Fund (IRR entire life of the Fund).
The fund, which invests in Italy with preference for the North, has a Value Added/Opportunistic strategy and is aimed at enhancing major real estate projects and their commercialization through the sale of individual units, mainly for residential use and to support commercial activities.

technical data sheet

Form Closed-end real estate investment fund
Maximum amount € 72,5 million
Unit nominal value € 250.000
ISIN Code IT0003888150-IT0003888143
Management policies The Fund's assets may be invested in real estate and/or real property rights that have the following characteristics:
- buildings for office and commercial use;
- hotel buildings;
- industrial land and buildings;
- technological buildings, such as buildings housing activities in the health sector, telecommunications, information technology and advanced tertiary services;
- urban buildings, situated preferably in historical city centres, including those for residential use.
Distribution of income The proceeds are typically distributed to eligible recipients annually, and in any case, in a total amount not less than 50% of their annual amount, unless otherwise resolved and justified by the Board of Directors
Target returns The Fund has set for itself a target return of 7%
Investors The Fund is restricted to professional and non-professional investors
Placement Private placement
Resorting to borrowing The Fund may make use of financial debt for its business purposes up to a maximum level of 3, as defined by EU Regulation 231/2013.
Risks Property development or renovation/conversion and entrepreneurial risk for trading, cyclic effects of the real estate market and risks inherent to property development, regulatory innovations regarding town planning and the environment, activities of local authorities or central or peripheral authorities of the Italian State, specific events associated with the management of properties.
Independent appraiser CBRE Valuation S.p.A.

Governance

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Information

N°11

Real Green Fund

This is a closed end real estate fund reserved to institutional and qualified investors; it has a portfolio in Italy consisting prevalently of residential properties.

current Equity
€ 79,1 milions

Unit nom. val.
€ 250.000

general information

This is a closed end real estate fund reserved to institutional and qualified investors; it has a portfolio in Italy consisting prevalently of residential properties.

the goals

The Fund's vocation is to invest in Italy, mainly in residential developments and the sale of fractional units thereof. The assets of the Fund consist of an industrial building, currently rented for income, and two residential real estate complexes for a total of 280 units, currently being developed and sold fractionally. As regards the industrial building, in 2016 the goal of having it produce income was reached, and the convenience of its disposal will be evaluated and perhaps pursued.

technical data sheet

Form Closed-end real estate investment fund
Maximum amount € 57,9 million
Unit nominal value € 250.000
ISIN Code IT0004239130
Management policies The Fund's assets may be invested in real estate and/or real property rights, with various intended uses, both residential and for tertiary use, already completed and in good condition, yet to be completed or remodelled/restored/maintained or to be newly built through land acquisition, with building permits or equivalent documents, or in real estate that can be converted for these uses and/or real property rights on real estate having these characteristics.
Distribution of income The proceeds will be distributed annually in the amount approved by the Investors' Meeting, and in any case, in a total amount not less than 10% of their annual amount.
Target returns n.a.
Investors The Fund is restricted to professional and non-professional investors
Placement Private placement
Resorting to borrowing The Fund may make use of financial debt for its business purposes up to a maximum level of 3, as defined by EU Regulation 231/2013.
Risks Property development or renovation/conversion and entrepreneurial risk for trading, cyclic effects of the real estate market and risks inherent to property development, regulatory innovations regarding town planning and the environment, activities of local authorities or central or peripheral authorities of the Italian State, specific events associated with the management of properties.
Independent appraiser CBRE Valuation S.p.A.

Governance

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Duration of the Advisory Committee

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Information

N°12

Real Sequoia

A closed end real estate fund reserved for institutional and qualified investors.

current Equity
€ 27,5 milions

Unit nom. val.
€ 500.000

general information

The fund invests in income-generating properties for tertiary use, especially hotels and similar, also taking advantage of opportunities to enhance development projects to generate income consistent with the asset class.

the goals

The Fund may be invested, even indirectly, in real estate with various intended uses – including residential, tertiary, industrial, commercial and management use, as well as tourist hotels, already completed and in good condition or yet to be completed or remodelled/restored/maintained or to be newly built through land acquisition, with current or future building potential, or in real estate that can be converted for these uses and/or real property rights on real estate having these characteristics.

technical data sheet

Form Speculative closed-end real estate investment fund
Maximum amount € 27,5 million
Unit nominal value € 500.000
ISIN Code Class A IT0004603103-IT0004603111
Management policies The Fund's assets may be invested, even indirectly, in real estate and/or real property rights, with various intended uses – including residential, tertiary, industrial, commercial and management use, as well as tourist hotels, already completed and in good condition or yet to be completed or remodelled/restored/maintained or to be newly built through land acquisition, with current or future building potential, or in real estate that can be converted for these uses and/or real property rights on real estate having these characteristics.
Distribution of income The proceeds are typically distributed to eligible recipients annually, and in any case, in a total amount not less than 60% of their annual amount.
Target returns The Fund has set for itself a target return of 7%
Investors The Fund is restricted to professional and non-professional investors
Placement Private placement
Resorting to borrowing The Fund may make use of financial debt for its business purposes up to a maximum level of 3, as defined by EU Regulation 231/2013.
Risks Property development or renovation/conversion and entrepreneurial risk for trading, cyclic effects of the real estate market and risks inherent to property development, regulatory innovations regarding town planning and the environment, activities of local authorities or central or peripheral authorities of the Italian State, specific events associated with the management of properties.
Independent appraiser Re Valuta S.p.A.

Governance

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Information

N°13

Real Stone

The Fund invests primarily in managerial, residential, tourist hotel and multi-component centres and the tertiary sector in general, consisting of one or more housing units and/or land for commercial use. The buildings can be already constructed, finished or yet to be finished, converted or renovated with criteria of homogeneity.

current Equity
€ 52,1 milions

Unit nom. val.
€ 250.000

general information

The Real Stone Fund was established pursuant to Legislative Decree no. 58 of 24 February 1998 by resolution of the Board of Directors' meeting on 27 June 2008, which simultaneously approved the regulations. These regulations were subsequently approved by the Bank of Italy with an authorization of 23 December 2008.

the goals

Target return of 8% at maturity of the Fund (IRR entire life of the Fund).
The fund, which invests in Italy with preference for the North East, has a Value Added/Opportunistic strategy and is aimed at creating a portfolio of properties for development, whether land and/or renovation and the relative commercialization through the sale of fractional units, mainly for residential use and to support commercial activities.

technical data sheet

Form Closed-end real estate investment fund
Maximum amount € 40,4 million
Unit nominal value € 250.000
ISIN Code Class A IT0004448004- IT0004447998
Class B IT0004448012
Management policies The Fund invests primarily in managerial, commercial, residential, tourist hotel and multi-component centres and the tertiary sector in general, consisting of one or more housing units and/or land for commercial use. The buildings can be already constructed, finished or yet to be finished, converted or renovated with criteria of homogeneity.
Distribution of income Since the fund aims at «accumulation», any proceeds are set aside and shall be distributed on dissolution of the Fund.
Target returns The Fund has set for itself a target return of 8%
Investors The Fund is restricted to professional and non-professional investors
Placement Private placement
Resorting to borrowing The Fund may make use of financial debt for its business purposes up to a maximum level of 3, as defined by EU Regulation 231/2013.
Risks Property development or renovation/conversion and entrepreneurial risk for trading, cyclic effects of the real estate market and risks inherent to property development, regulatory innovations regarding town planning and the environment, activities of local authorities or central or peripheral authorities of the Italian State, specific events associated with the management of properties.
Independent appraiser Il Punto Real Estate

Governance

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In the management of the Real Stone Fund, the Management Company makes use of an Advisory Committee which is composed of 3 (three) to 5 (five) members, appointed by the Board of Directors of SGR, which shall determine the number of members.
The members of the Advisory Committee are chosen from among persons of specific and proven competence in matters which are decided by the same Committee, such as, but not limited to, aspects of real estate, finance, taxes, economy and law that relate to the activity of the Fund.

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The members of the Advisory Committee shall serve for 3 (three) years and shall expire on the date of approval of the management report of the Fund related to the last year of their office. Members of the Advisory Committee may be re-elected.
The Advisory Committee shall elect from among its members a Chairman and may elect one or more vice presidents, who will exercise the functions and the other powers granted to them by the Advisory Committee.

Information

N°14

Real Emerging

This is a closed end real estate fund reserved for institutional and qualified investors.

current Equity
€ 62,8 milions

Unit nom. val.
€ 250.000

general information

The Fund is restricted to professional investors Non-professional investors may also participate if they subscribe or acquire fund shares for a total amount not less than €500,000; this minimum initial investment is not divisible.

the goals

The Fund has a core strategy aimed at the management of income-generating properties with office/commercial use located in major cities of Western Europe.

technical data sheet

Form Speculative closed-end real estate investment fund
Maximum amount € 62,8 million
Unit nominal value € 250.000 (quote di Classe A) ed € 50.000 (quote di Classe B)
ISIN Code Class A IT0004211253- IT0004211246
Class B IT0004211261
Management policies The Fund, in compliance with current legislation, will invest prevalently in listed or unlisted companies registered abroad. The Fund will invest in:
- financial instruments listed or not listed on regulated markets, consisting of shares, preference shares, or convertible bonds, or other securities representing minority or majority shareholdings;
- other financial instruments listed or not listed on regulated markets (other than OICR: “Organismi di investimento collettivo del risparmio” (Undertakings for Collective Investment of Savings)), including those denominated in foreign currency, whose percentage amount in the assets of the fund will be determined by taking into account trends in the financial markets;
- foreign closed-end OICR funds; real estate, real property rights and shareholdings in real estate companies; bank deposits;
- securities issued by EU states and supranational bodies or securities guaranteed by the same, and other financial instruments offering quick and safe liquidity.
Distribution of income The proceeds of the Fund Management are constituted by net income, generated annually, net of taxes in force, excluding capital gains/losses, even if recognized in financial statements though not yet realized. When market conditions permit, and pursuant to the resolution of the Investors' Meeting, the proceeds are distributed to eligible recipients annually, and in any case, in a total amount not less than 60% of their annual amount.
Target returns The Fund has set for itself a target return of 10%
Investors The Fund is restricted to professional and non-professional investors
Placement Private placement
Resorting to borrowing The Fund may make use of financial debt for its business purposes up to a maximum level of 3, as defined by EU Regulation 231/2013.
Risks Property development or renovation/conversion and entrepreneurial risk for trading, cyclic effects of the real estate market and risks inherent to property development, regulatory innovations regarding town planning and the environment, activities of local authorities or central or peripheral authorities of the Italian State, specific events associated with the management of properties.
Independent appraiser Scenari Immobiliari S.r.l.

Governance

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Information

N°15

Real Energy

Speculative closed-end real estate investment fund

current Equity
€ 41,5 milions

Unit nom. val.
€ 500.000

general information

The fund invests in real estate for the establishment of plants for generating electricity from renewable sources.

the goals

The strategy, aimed at selecting investments with the best risk-return ratio, prefers fixed ground photovoltaic installations on land that is owned or for which surface rights are held.

technical data sheet

Form Speculative closed-end real estate investment fund
Maximum amount € 41,5 million
Unit nominal value € 500.000
ISIN Code Class A IT0004447741 – IT0004447725
Class B IT0004447782
Management policies Investments in real estate and real property rights will regard assets and/or rights connected with the direct or indirect production and marketing of energy, such as, but not limited to, photovoltaic systems, wind turbine systems and/or biomass treatment systems permanently fixed to land or to other property and/or real property rights (including rights of use) within the availability of the Fund. Such plants may be already built, or yet to be completed and remodelled, restored, maintained, or to be newly built.
Distribution of income The proceeds are typically distributed to eligible recipients annually. The distribution of the proceeds, in an amount not less than 10% of their annual amount, is decided by the Board of Directors of SGR.
Target returns The Fund has set for itself a target return of 8%..
Investors The Fund is restricted to professional and non-professional investors
Placement Private placement
Resorting to borrowing The Fund may make use of financial debt for its business purposes up to a maximum level of 3, as defined by EU Regulation 231/2013.
Risks Those typical of any direct investment of risk capital in the reference sector (renewable energy sources):
-changes in incentive schemes, which render investments already made less profitable;
-deficient realization and/or technical underperformance of the installations, which can be reduced through appropriate contractual safeguards with suppliers or guarantees;
-change in energy prices (photovoltaic systems disciplined by schemes prior to the legislation referred to as Quarto Conto Energia, where the rate is added to the selling price of electricity);
-country risk of Italy, which also underlies any changes that may be made to already established rates, even if that may violate constitutional principles.
Independent appraiser Eos Consulting S.p.A.

Governance

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In the management of the Real Energy Fund, the Management Company makes use of an Advisory Committee which is composed of 3 (three) to 5 (five) members, appointed by the Investors' Meeting, which shall determine the number of members.
  The members of the Advisory Committee are chosen from among persons of specific and proven competence in matters which are decided by the same Committee, such as, but not limited to, aspects of real estate, finance, taxes, economy and law that relate to the activity of the Fund.

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The members of the Advisory Committee shall serve for 3 (three) years and shall expire on the date of approval of the management report of the Fund related to the last year of their office. Members of the Advisory Committee may be re-elected.
The Advisory Committee shall elect from among its members a Chairman and may elect one or more vice presidents, who will exercise the functions and the other powers granted to them by these Regulations.

Information

N°16

Alps Energy Re Fund

The Fund is a closed-end real estate investment fund

current Equity
€ 35,6 milions

Unit nom. val.
€ 100.000

general information

The fund invests in real estate for the establishment of plants for generating electricity from renewable sources, with a view to geographical and source-based diversification.

the goals

The strategy for selecting investments with the best risk-return ratio prefers fixed photovoltaic installations on land that is owned or for which surface rights are held, or hydroelectric systems or systems based on biogas from anaerobic digestion.

technical data sheet

Form Closed-end real estate investment fund
Maximum amount € 200 million
Unit nominal value € 100.000
ISIN Code Class A IT0004940372
Class B IT0004940398
Management policies The real estate assets in which the Fund invests may be already built, yet to be completed or remodelled/restored/maintained or to be newly built, and in any case functional to the production of electricity from renewable sources.
Distribution of income The proceeds are typically distributed to eligible recipients annually.
Target returns The Fund has set for itself a target return of 8%.
Investors The Fund is restricted to professional and non-professional investors
Placement Private placement
Resorting to borrowing The Fund may make use of financial debt for its business purposes up to a maximum level of 3, as defined by EU Regulation 231/2013.
Risks Those typical of any direct investment of risk capital in the reference sector (renewable energy sources):
-changes in incentive schemes, which render investments already made less profitable;
-deficient realization and/or technical underperformance of the installations, which can be reduced through appropriate contractual safeguards with suppliers or guarantees;
-change in energy prices (photovoltaic systems disciplined by schemes prior to the legislation referred to as Quarto Conto Energia, where the rate is added to the selling price of electricity);
-country risk of Italy, which also underlies any changes that may be made to already established rates, even if that may violate constitutional principles.
Independent appraiser REA S.r.l.

Governance

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In the management of the Alps Energy RE Fund, the Management Company makes use of an Advisory Committee which is composed of 3 (three) members, of which 1 (one) member is appointed by the SGR's Board of Directors (without prejudice to its right to refer the matter to the Investors' Meeting), 1 member is appointed by the absolute majority of the Investors who are holders of Class B shares, and 1 one member is appointed by the absolute majority of the Investors who are holders of Class C shares.
The members of the Advisory Committee are chosen from among persons in possession of the requisities of independence in accordance with the Codice di Autodisciplina (Code of Conduct) of Assogestioni and proven expertise in matters of real estate, finance, taxes, economy or law that relate to the activities and investment policies of the Fund.

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The members of the Advisory Committee shall serve for 3 (three) years and shall expire on the date of approval of the management report of the Fund related to the last year of their office. Members of the Advisory Committee may be re-elected.
The Advisory Committee shall elect from among its members a Chairman and may elect one or more vice presidents, who will exercise the functions and the other powers granted to them by these Regulations.

Information

N°17

Urania

This is a reserved Closed-End Real Estate Alternative Investment Fund, whose intended use is related primarily to commerce.

current Equity
€ 38,4 milions

Unit nom. val.
€ 100.000

general information

The Fund invests in real estate assets of any type or nature, whose intended use is related primarily to shopping centres and business parks, to sell or hold as an income-generating investment, both to develop and/or complete/renovate/requalify or value in trading activities. The fund also invests in developable and non-developable land. The fund became operative in January 2017.

the goals

Effective annual yield of 7% per annum. The Fund's purpose is to invest and professionally manage its resources to encourage the balanced and gradual growth of investment value over time.

technical data sheet

Form Closed, partially contribution-based
Maximum amount € 250 milion
Unit nominal value € 100.000
ISIN Code IT0005211211 URANIA/CL A DIS NM
IT0005211229 URANIA/CL B DIS NM
Management policies The Fund invests in real estate assets of any type or nature, whose intended use is related primarily to commerce, such as shopping centres and business parks, both to develop and/or complete/renovate/requalify or to value in trading activities.
Distribution of income The income realized in the management of the Fund will be distributed to those entitled thereto on a semi-annual basis, with reference to the periods 1 January - 30 June and 1 July - 31 December of each year
Target returns 7%
Investors Institutional and qualified
Placement Private placement / public offering
Resorting to borrowing Within the limits of current legislation.
Risks A long-term horizon and the cyclical nature of the property market
Independent appraiser Colliers Real Estate Services Italia S.r.l.

Governance

Advisory Committee

Duration of the Advisory Committee

Information

N°18

Leonida

This is a reserved Closed-End Real Estate Alternative Investment Fund, also contribution-based.

current Equity
€ 8,4 milions

Unit nom. val.
€ 100.000

general information

The Fund invests in real estate assets of any type or nature, whose intended use is related to commerce, management, logistics, tourism/hotels, residential property, both to develop or for income or to value in trading activities.

the goals

Target return (IRR) of 3% per annum.Participation in the Fund is reserved to Qualified Investors and to categories of Investors that can subscribe, purchase or hold reserved AIF quotas, pursuant to and with the limitations provided (even in regard to the indivisible minimum number of units subscribed or purchased, which is, for non-professional investors, Euro 500,000) by Ministerial Decree 30/2015.

technical data sheet

Form Closed, partially contribution-based
Maximum amount € 150 milion
Unit nominal value € 100.000
ISIN Code IT0005202939 LEONIDA/MISTO NM
Management policies The Fund invests in real estate assets of any type or nature, whose intended use is related to commerce, management, logistics, tourism/hotels, residential property, both to develop or for income or to value in trading activities. Primarily in the tertiary, management, logistics and services sectors.
Distribution of income The income realized in the management of the Fund will be distributed to those entitled thereto on an annual basis and for the entire amount, with reference to 31 December of each year.
Target returns 3%
Investors Institutional and qualified
Placement Private placement / public offering
Resorting to borrowing Within the limits of current legislation.
Risks A long-term horizon and the cyclical nature of the property market
Independent appraiser Contea Valutazioni S.p.A.

Governance

Advisory Committee

Duration of the Advisory Committee

Information

N°19

Rainbow

This is a reserved Closed-End Real Estate Alternative Investment Fund.

current Equity
€ 48,5 milions

Unit nom. val.
€ 500.000

general information

The Fund began operating in May 2017 thanks to the provision of a large tourist and hotel complex called Nova Yardinia, together with a large number of areas where a large development and enhancement program is planned.

the goals

The target return (IRR) is 5.75% per annum. The Fund's purpose is to invest and professionally manage its resources to encourage the balanced and gradual growth of investment value over time.

technical data sheet

Form
Maximum amount
Unit nominal value € 500.000
ISIN Code
Management policies
Distribution of income
Target returns
Investors
Placement
Resorting to borrowing
Risks
Independent appraiser Arcadis Italia S.r.l.

Governance

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Duration of the Advisory Committee