Type:sub-fund of an alternative closed-end property umbrella investment fund.
Mission: acquire and enhance property assets of public entities and companies controlled by them, also indirectly.
Subscribed Amount: 1,130 million Euro subscribed by Cassa Depositi e Prestiti S.p.A. and the Ministry of Economy and Finance.
Duration: 20 years, in addition to any extensions not exceeding a total of five years and a grace period not exceeding three years.
Performance target: 7% per annum.
Investment operation and type
The Extra Section purpose is to acquire, including through auction or other competitive procedures or according to the methods set forth in Art.11 quinquies of Legislative Decree 203/2005, property owned by the state, public entities and/or companies controlled by, also indirectly, the latter - with an unrealised potential value.
The management policies of the FIV - Extra Section allow for the properties to be sold on the market both in their current state, after enhancement activities and after full development, transformation and marketing.
Almost all the buildings previously under public use do not have an income and need major renovation work.
For the most part, the properties have been subject to enhancement works by the previous owner and have urban uses which are compatible with private and market use.
The custodian bank of the FIV - Extra Section is BNP Paribas Securities Services.