Praxi Real Estate
Praxi Real Estate operates as an independent expert for Italian closed-end real estate funds in accordance with current legislation. Our clients include top asset management companies such as Generali Immobiliare Italia SGR, BNP Paribas REIM SGR, IDeA FIMIT SGR, Unipol SAI Investimenti SGR, Hines Italia SGR, AEDES BPM Real Estate SGR, Investire Immobiliare SGR, REAM SGR, Borgosesia SGR, Serenissima SGR, Finanziaria Internazionale SGR and Numeria SGR. We also conduct valuations and due diligence on acquisitions and investments for a number of asset management companies.
The real estate owned by these funds, which we carry out regular valuations on, includes development projects (tertiary, residential, etc.), office buildings, shops and apartment hotels in Milan, Rome, Turin and other major Italian cities. These properties have a market value totalling over € 5 billion.
The portfolios of the funds we act as independent experts for also include social housing projects, care home complexes and renewable energy plants. Praxi Real Estate has specific professional expertise for all types of specialised assets such as these, thanks to the various valuation and advisory assignments carried out for Italian and international investors.
Praxi Real Estate conducts valuations of properties and real estate portfolios for spin-offs and divestiture / optimisation programmes, for clients of the calibre of ENI Group, Poste Italiane, Banca Intesa SanPaolo, gruppo Unicredit, Banca Popolare di Vicenza, Banco Popolare, and the Italian State Railway Group.
Praxi Real Estate assists institutional investors with the systematic valuation of their real estate portfolio. Our clients include the pension fund of Unicredito Italiano Group, Unipol SAI Assicurazioni and Zurigo Assicurazioni, for which we conduct both one-off estimates of market value/market rent (for individual buildings) and regular valuations of their entire real estate portfolio or large portions of it, for financial statements or corporate communication purposes.
We conduct valuations on thousands of tertiary, residential, commercial, hospitality and industrial properties all over Italy, with a market value in excess of € 5 billion, applying all the main estimation criteria: discounted cash flows (DCF), capitalisation, comparison, as well as the cost method in a number of particular cases.
Praxi Real Estate also has specific, high-level expertise in the valuation of property development projects. Examples worth mentioning include the areas in the Risanamento Group portfolio (the former Falck areas in Sesto San Giovanni, before they were sold to the Buzzi Group, and Milano Santa Giulia) and the Citylife portfolio (former urban hub of Fiera di Milano), the Firenze Castello area and Cinecittà World area on the outkirts of Rome, as well as dozens of small-to-medium-scale operations throughout the country.
The valuations were conducted by applying the transformation value criterion both to the property development operations in their entirety and to each of the lots and functional segments each one is organised into. The total market value of the completed properties (projection referring to the scheduled completion date) is well in excess of € 10 billion.
Praxi Real Estate has a specialised Business Unit for carrying out technical and administrative due diligence on individual properties and real estate portfolios. Its task is to assist property companies, funds and investors with transactions, corporate operations and real estate financing, and clients include Generali Group, the Unicredit Pension Fund, Telecom, ING REIM, ENI Group, Allianz Group, S.I.A., Leroy Merlin, Admenta Italia.
The Unit implements measures to support divestiture plans or participation in competitive divestiture processes, with the assistance of virtual data-rooms, which require operations to be conducted extremely swiftly and in accordance with strict procedures for access to information and properties.
PRAXI provides a top-quality, professional service that guarantees clients reliable support for their investment decisions, helping them to identify and weigh up the key critical elements in each operation, without becoming distracted by minor details.
The types of properties analysed include commercial buildings, industrial complexes, shopping malls, hotels, and business properties.
Praxi Real Estate has sound, extensive experience in property optimisation, thanks to our wide range of first-class skills.
The longer the property market crisis lasts, the more important property optimisation becomes for conducting a thorough, detailed analysis of the technical and financial opportunities properties have to offer, to identify the best, most realistic options for re-use/conversion, taking account of a whole series of factors (the economy, the market, urban planning, regulations, etc.) liable to affect project feasibility.
A decade of experience with private property owners and public bodies allows Praxi Real Estate to draft feasibility studies and optimisation hypotheses in line with the actual characteristics and potential of the assets concerned, comparing various alternatives using economic and rea estate analysis and investment valuation tools (SWOT analysis, sensitivity analysis, etc).
Both conventional (CCGT) and renewable (solar, wind, hydroelectric, biomass, etc.) energy plants are attracting increasing interest among investors both in Italy and worldwide. This growing attention requires particularly sophisticated, expert support, ranging from in-depth technological expertise to economic and financial analysis of business plans, as well as familiarity with constantly evolving legislation and valuation of the real estate components of the investment.
PRAXI has gained experience in this area by assisting banks, financial lease companies and investment funds. Over the last three years we have handled the analysis and valuation of more than 500 plants with a capacity of over 1000 MW, with investments exceeding € 2 billion.
PRAXI also makes an important contribution to scientific and appraisal-related research on the sustainability of property development, energy efficiency (green buildings) and energy performance improvement. In more practical terms, we help property owners throughout Italy to comply with the regulations governing Energy Performance Certificates.
Real Estate Advisory
Praxi Real Estate develops feasibility studies and business plans for real estate operations, analysing the various technical, economic and financial aspects.
Our real estate assets consulting service is mainly aimed at banks, insurance companies, industrial groups and public bodies, for which we verify profitability levels, opportunities for optimisation or divestiture, and reinvestment possibilities.
Feasibility studies comprise a number of essential stages: analysis of the property for optimisation, identifying any significant structural, architectural or regulatory restrictions liable to impact conversion; analysis of the surrounding environment, taking account of town planning/building, socio-economic and demographic features, etc.; quantification of needs and current and likely future competition levels in the various market segments; drafting of a series of property optimisation alternatives. Praxi may also help clients find buyers or tenants for placing properties on the market, as well as assisting them with transactions or renegotiating rental contracts.
How attractive individual options are is objectively established by using two types of analysis methods: economic and financial (cash flow projections, ROI indicators, degree of bankability of transactions) and qualitative (SWOT analysis).
Praxi Real Estate assists property owners in presenting optimisation alternatives to the competent authorities, highlighting the advantages and positive impact projects are liable to have for the community.