Advisory, valuation and asset management services for institutional investors, industrial groups and credit institutions, in Italy and abroad.
The Corporate Real Estate & Fixed Assets BU supports institutional investors, industrial groups, credit institutions, and public and religious entities in the strategic management of real estate and operating assets. The services cover the entire asset life cycle: from the analysis of potential and valuation to the structuring of portfolio strategies, through to disposal or transformation operations. Valuations are carried out in compliance with RICS and IVS standards. ESG factors are integrated into the analysis where they affect asset positioning or access-to-credit conditions.
Strategic Advisory
Portfolio management and strategy
Valuations
The Corporate Real Estate & Fixed Assets team operates through an integrated method that connects strategic analysis, asset valuation and the structuring of intervention options within a consistent and verifiable framework. Each mandate starts from a critical reading of the current status — documentary, technical and market-based — which provides the basis for defining scenarios and measuring the related economics. For portfolio mandates, analyses are structured by cluster, distinguishing retention, enhancement and disposal options with specific economics and sensitivity analyses. Valuations are carried out in compliance with RICS and IVS standards. ESG factors are considered structural variables of the analysis where they affect the value, marketability or financing conditions of the asset.
HBU Analysis is appropriate when the owner or investor intends to assess the potential of an asset before making a strategic decision — acquisition, transformation, enhancement or disposal. It is particularly relevant for vacant, underused or functionally obsolete properties. The analysis provides alternative scenarios with the related economics, enabling an informed choice among the available options.
A Second Opinion does not determine a market value according to RICS or IVS standards. Instead, it independently verifies the robustness of the assumptions underlying the client’s project — sales values, costs, absorption times and expected return. It is an internal control tool, typically commissioned by investors, developers or lending institutions before committing significant resources to a transaction.
A rationalisation process is appropriate when the portfolio includes assets whose returns are not aligned with corporate objectives, whose management costs are high compared with the market, or whose uses are no longer functional to the client’s strategy. It is particularly relevant during corporate restructuring or balance-sheet pressure. The analysis provides a critical portfolio map with operational recommendations for each asset.
The service is provided during the active management and repositioning phases of the portfolio, with continuity throughout the entire asset life cycle — from analysis of current conditions to the structuring of exit options. It can be activated on a specific basis for individual assets or systematically for complex portfolios requiring structural rationalisation.
The main methods analysed are market sale — either broken up or in bulk — contribution to a real estate fund, and securitisation. Each involves different liquidity profiles, timeframes and expected returns. In the case of a bulk sale, the analysis estimates the discount to be applied to the as-is market value in order to ensure a return consistent with the risk profile of the transaction.
ESG factors — energy efficiency, climate risk and environmental certifications — affect asset value and marketability, influencing opex/capex adaptation costs, positioning against institutional demand and financing conditions. They do not represent a standalone rating, but are integrated into the overall assessment of the asset and portfolio strategies.
