Italy CRE Q3 2016

Italy Commercial Real Estate Report

Investment Transactions

Q3 2016

2

1 Executive Summary

2 Transaction Volume by Asset Class

3 Geographical Distribution

4 Other Statistics

5 Deal List

6 Company Profile & Contacts

Table of Contents

Quarter 2016 2015 % Change Previous Quarter

% Change

Q1 1,981.4 2,131.8 -7.1% 2,717.4 -27.1%

Q2 2,330.0 1,830.5 27.3% 1,981.4 17.6%

Q3 1,646.9 1,368.1 20.4% 2,330.0 -29.3%

Q4 2,717.4

€m 5,958.3 8,047.8 -26.0%

1. Executive Summary

3

Among the major transactions of the period we find:

The purchase by AXA IM of the office building in Milan via della Chiusafor €120m

The closing of Fondo Mercury valued ca.€300m by CattolicaAssicurazioni and Conad

The investment made by M&G Real Estate on the Da Vinci Retail Park inRome, valued ca.€208m

The double acquisition in Milan and Rome by Coima RES SIIQ for€145.5m

The five telecom exchange properties sold by Fondo Tecla for €39.3m

Italy - Total Transaction Volumes (1)

Q3 2016 registered a total transaction volume of ca.€1.65bn, slowing down by c. 30% from previous quarter but doing ca.20% betterthan same Q in 2015. On a like-for-like basis 2016 performance is already better than the first three quarters of 2015 by ca.€0.628bn

(1) Numbers referring to past quarters included in this report could differ from the ones published in previous reports as relevant data could have been updated, amended or rectified with new information became available

01.02.03.04.05.06.07.08.09.0

10.011.0

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

€ b

n

Q1 Q2 Q3 Q4

01.02.03.04.05.06.07.08.09.0

10.011.0

00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 Q3 16

€ b

n


4

Other significant events of the quarter:

In April 2016 a new five-year loan was entered between Eurocommercial and Unicredit for an amount of €179m to refinance existingloans on the “I Gigli” shopping center and to purchase the hypermarket and remainder of the gallery not already owned

ING REF has granted €41.3m to Sonae Sierra to refinance the 27,500 sqm shopping center “Gli Orsi” in Biella, Piedmont, replacingBayern LB. The loan is assumed to be provided at ca.50% LTV, and in the region of 200 bps margin

Fondo Atlantic 1 managed by Idea Fimit SGR, has entered into a standstill agreement over the so called Chianti Loans with HatfieldPhilips International, Servicer of the CMBS Infinity 2006-1 Classico. Loans provided by Natixis were expected to mature on 1 June 2016and standstill is now in place until 28 Feb 2017, subject to cash trap and other milestone events

ING REF has supported HIG Capital with a €17.3m loan for the acquisition of the “Buonvento” shopping center in Benevento. The dealwas closed by HIG via a fund managed by Savills IM

Total Transaction Volumes Per Quarter

00.51.01.52.02.53.03.5

Q106

Q206

Q306

Q406

Q107

Q207

Q307

Q407

Q108

Q208

Q308

Q408

Q109

Q209

Q309

Q409

Q110

Q210

Q310

Q410

Q111

Q211

Q311

Q411

Q112

Q212

Q312

Q412

Q113

Q213

Q313

Q413

Q114

Q214

Q314

Q414

Q115

Q215

Q315

Q415

Q116

Q216

Q316

€b

n


5

Unicredit Bank has refinanced Fondo Augusto – Italian RE fund managed by Castello SGR – with a €58.5m loan on part of the fund’sportfolio, that is 10 hypermarkets let to Coop, the Move Inn entertainment center in Cerro, Milan and 1 warehousing property inLiscate, Milan

Unicredit and Banca IMI have disbursed to the new Mercury Fund, managed by Savills IM and owned by Cattolica Assicurazioni (51%)and Conad (49%), a €170m loan to support the acquisition of part of the Conad portfolio, in a sale & leaseback deal

ING REF is the bank providing financing to GreenOak Real Estate to support the acquisition of 3 office properties in Milan from CBREGI. The ca.€37m deal was supported by a sub. 60% LTV partially amortizing loan

German BayernLB has granted a €30m loan to M&G Real Estate secured by a property located in Milan, via Torino. The 6,000 sqmasset (of which 3,745 sqm of retail) was bought by M&G in 2015 for ca.€75m

Fondo Redwood, owned by Aedes SIIQ and managed by Castello SGR, has secured €15m of new funding from Banca Popolare diMilano to restructure some properties included in the fund

BNP Paribas, Credit Agricole CIB, Natixis, SoGen, Intesa Sanpaolo and UniCredit provided Beni Stabili with a up-to-max of €810m, 8-year loan priced below 180 bps

Office 33.4%

Retail 44.1%

Residential 1.8%

Industrial 0.4%

Hotel 5.5%

Mixed-Use/Other14.8%

2. Transaction Volume by Asset Class

6

Quarterly Change in Transaction Volumes By Asset Class

Annual Change in Share of TransactionsQ3 2016 Transactions by Asset Class

Sector Q3 2016 % Q3 2015 % Change Q2 2016 % Change

Office 549.8 33.4% 430.7 27.7% 926.2 -40.6%

Retail 727.0 44.1% 315.8 130.2% 384.8 88.9%

Residential 29.7 1.8% - -100.0% 2.7 1000.0%

Industrial 6.0 0.4% 140.9 -95.7% 201.6 -97.0%

Hotel 90.2 5.5% 334.0 -73.0% 323.4 -72.1%

Mixed-Use/Other 244.2 14.8% 146.7 66.5% 491.3 -50.3%

Total €m 1,646.9 100.0% 1,368.1 20.4% 2,330.0 -29.3%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

2010 2011 2012 2013 2014 2015 YTD 2016

Office Retail Residential Industrial Hotel Mixed-Use/Other

23.1%

32.1%

8.0%

36.8%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%

35.0%

40.0%

North Center South Nationwide

3. Geographical Distribution

7

Transaction Volumes by Region Transaction Volumes by Geography – Q3 2016

Amount € m Q3 2016 % Q2 2016 % Full 2016 %

Lombardia 295.7 18.0% 944.5 40.5% 1,876.9 31.5%

Various 605.9 36.8% 705.0 30.3% 1,680.9 28.2%

Lazio 362.0 22.0% 203.7 8.7% 1,110.9 18.6%

Emilia Romagna 156.5 9.5% 197.2 8.5% 520.0 8.7%

Toscana - 0.0% 199.1 8.5% 286.1 4.8%

Veneto 7.5 0.5% 70.5 3.0% 98.5 1.7%

Piemonte 10.7 0.6% - 0.0% 92.7 1.6%

Valle d'Aosta 22.0 1.3% - 0.0% 74.5 1.3%

Campania 109.8 6.7% - 0.0% 119.8 2.0%

Trentino 39.0 2.4% 10.0 0.4% 52.3 0.9%

Sardegna 20.0 1.2% - 0.0% 28.0 0.5%

Puglia 17.8 1.1% - 0.0% 17.8 0.3%

Basilicata - 0.0% - 0.0% - 0.0%

Abruzzo - 0.0% - 0.0% - 0.0%

Trentino Alto Adige - 0.0% - 0.0% - 0.0%

Sicilia - 0.0% - 0.0% - 0.0%

Liguria - 0.0% - 0.0% - 0.0%

Friuli Venezia Giulia - 0.0% - 0.0% - 0.0%

Umbria - 0.0% - 0.0% - 0.0%

Total 1,646.9 100.0% 2,330.0 100.0% 5,958.3 100.0%

Quarter 2016 2015Previous Quarter

Q1 38 24 50

Q2 38 25 38

Q3 36 25 38

Q4 0 50 36

Total 112 124

Buyer Profile No. €m % Seller Profile No. €m %

Domestic 23 966.2 58.7% Domestic 28 1,157.4 70.3%

EU 9 606.6 36.8% EU 4 98.0 6.0%

USA 2 52.0 3.2% USA 1 120.0 7.3%

Extra EU 1 10.7 0.6% Extra EU 0 0.0 0.0%

Unknown / Mixed 1 11.4 0.7% Unknown / Mixed 3 271.5 16.5%

Total 36 1,646.9 100.0% 36 1,646.9 100.0%

4. Other Statistics

8

Number of Transactions 2015 - 2016 Average Transaction Value (€/Sqm)

Q3 2016 Buyer / Seller Profiles

Quarter 2016 2015PreviousQuarter

Q1 52.1 88.8 54.3

Q2 61.3 73.2 52.1

Q3 45.7 54.7 61.3

Q4 0.0 54.3 45.7

Town Address Asset ClassSize

(sqm)Price(€ m)

Portfolio Note Purchaser Vendor

Q3 2016

Firenze Centro Commerciale I Gigli Retail 24,800 82.0 Eurocommercial Properties Gruppo PAM

Tradate shopping center La Fornace Retail 11.5 auction Nisiro Srl (Pierangelo Lumina) ATT S.r.l. in liquidation

Brescia ex Standa Retail 9,000 9.0 auction Vittoria Building Generali Properties

Milano Via Messina 38 - Torre A/CMixed-

Use/Other11,445 26.8 office & hotel Beni Stabili SIIQ

Fondo Valore Immobiliare Globale - Castello SGR

Milano via Scarsellini 14 Office 21,600 58.0 Beni Stabili SIIQCoima Opportunity Fund I -Coima SGR

Torino NH Turin Ambasciatori Hotel 20.0sale & leasback

INTERNOS Hotel Real Estate Fund I NH Hotel Group

VariousFondo Investietico - RSA

PortfolioMixed-

Use/Other98.1 X

Fondo Acheso Lagune (Eurosic Lagune Italy S.A) - Aedes SGR

Fondo Investietico - Aedes SGR

VariousFondo Investietico - Office

PortfolioOffice 23.0 X

Fondo Eurosic Uffici (Paris Investissements OPCI) -Europa Risorse SGR

Fondo Investietico - Aedes SGR

Milano via della Chiusa 2 Office 25,000 120.0 AXA IM Northstar

Siracusa Arenella Resort Hotel 22.0 York Capital Exor

Milano Affori, Assago e Verrocchio Office 37.5 X Greenoak CBREI Fund

Benevento Buonvento Shopping Center Retail 20,000 30.0 estimated HIG Capital via Savills IM SGREuropean Added Value Fund -AXA IM

Various Conad supermarket portfolio Retail 300.0 Xnot confirmed

Fondo Mercury (Catollica Ass.ni -Conad) - Savills IM SGR

Conad Group

Milano via Clerici 14 Office 10.5 AM Trust HSBC

Udine residence I Bruchi Residential 7.3 auction Friuli Immobili Srl Euroinvestimenti Srl

Milano Villaggio Liberty Residential 11.0 Quartiele del Sarto Srl ALER Milano

VariousGioiaotto (Milano) - Palazzo

Sturzo (Roma EUR)Office 27,332 145.5 X

87.7% share purchase

Coima Res SIIQFondo MH Real Estate Crescita -Coima SGR

Romavia del Policlinico 149/b - via

Donizzetti 10Office 24.0 X Caprim (Grimadi Group) Famiglia Gianni

Roma via delle Quattro Fontane 161 Office 50.0 Grimaldi Group Famiglia Gianni

5. Q3 Deal List (1/2)

9


(sqm)Price(€ m)


Q3 2016

Various Telecom Exchanges - 5 assetsMixed-

Use/Other35,800 39.3 Idea Fimiti SGR Tecla Fondo Uffici - Prelios SGR

Perugia Antongnolla Castle Hotel 10.7partial share purchase

VIY Greater Europe Hospitality Fund Private Investor

TriestePiazzale Atleti Azzurri d’Italia –Via Palatucci

Retail 10,000 3.0 auction Metro Group Cotif Immobiliare - Coop Operaie

Venezia Palazzina G Hotel 0.0 3onde - Relegance Private ownership

Padova Hotel Palace - via Milano 40 Hotel 7.5 auction A&O Hotels and Hostels Private ownership

RomaDa Vinci Market Central Retail Park

Retail 25,100 208.0 M&G Real Estate GWM - Elliott

Napoli Hotel Britannique Hotel 30.0 estimated private investor Private Investor

Roma via del CorsoMixed-

Use/Other80.0 Coima SGR n.d.

Milano corso di Porta Romana 91 Residential 11.4 n.d. Pio Albergo Triulzio

Torino via Garibaldi Office 8,000 13.0 private investor Private Investor

Provinciadi Torino

n.d. Industrial 21,000 6.0 auction n.d. n.d.

Reggello outlet “The Mall” e “The Castle Retail 56.0 x Fondo Opportunita' Italia - Torre SGR n.d.

Napoli viale Calamandrei Office 49.8 Rosotel Srl Fondo Atlantic 1 - Idea Fimit SGR

Genova Coin via XX Settembre 16/a Retail 20.0 Investire SGR n.d.

FirenzePalazzo degli Angeli - via Calimala 2

Office 10.0 estimated SLH Srl - Leggiero Group n.d.

Udine piazza Matteotti 10 retail 7.5 LFPI - FLE Italia Fund 1 n.d.

Firenze Caserma Cavalli Office 8.5 Ente Cassa di Risparmio di Firenze Cassa Depositi e Prestiti


10


(sqm)Price(€ m)


Q2 2016Milano Via Felice Casati 16 Office 2,718 4.9 Raffles Asset Italy S.r.l. Fondo Investietico - Aedes SGR

Torino ex Scalo VallinoMixed-Use/Other

- 10.0 NovaCoop FS Sistemi Urbani

Baranzate International School of MilanMixed-Use/Other

17,000 - Primovie SCPI Fund - Primonial SCPI Montipò Trading

RomaPalazzo Marini & Ex Hotel Bologna

Office - 150.0 X estimated Fondo Trophy Value Added (York Capital – Star Hotel – Feidos) –IDeA Fimit SGR

Milano 90 – Scarpellini Group

Roma Valle Aurelia Shopping Center Retail - - development Orion European Real Estate Fund IV CDS HoldingBologna Meridiana Shopping Center Retail 29,000 53.6 Benson Elliot TMW Immobilien Weltfonds

Romashopping center Casal del Marmo

Retail 30,663 14.2Fondo Donatello - comparto Marghetia - Sorgente SGR

Fondo Europa Immobiliare 1 –Vegagest SGR

Pontida RSA Villa San MauroMixed-Use/Other

- 5.5auction

Edos srl (Eukedos Group)

Milano NH Hotel via Tortona 35 Hotel - 51.0 Fondo Euripide - Finint SGR Fondo Delphine - Kryalos SGRMilano via della Spiga Retail - 37.0 Pria Spa Pio Albergo Triulzio

Venezia Dorsoduro 3488/U Office 7,985 25.0 Doges Srl - AXA REIMFondo Risparmio Imm.re Uno Energia - Pens-Plan Invest SGR

Truccazzano Industrial - 24.0 CBRE European Industrial Fund Anko Business Park

Firenze stazione LeopoldaMixed-Use/Other

- 7.2 Comune di Firenze Ferrovie dello Stato

Various 57 telecom exchangeMixed-Use/Other

- 70.0 XFondo Madison Imperiale (MonarchAlternative Capital LP) - Prelios SGR

Meucci (Savills AM)

Various170 telecom exchange (FondoRaissa - Prelios SGR)

Mixed-Use/Other

- 170.0 X TPG - Texas Pacific Group MSREF V - Prelios

Bologna Meraville Retail Park Retail 35,975 100.0 TH European Cities Fund Orion European Real Estate Fund IV

Rolo Industrial 77,000 40.0 estimatedFondo Primitiv (Blackstone) –Kryalos SGR

Panattoni Europe - Standard Life

Stezzano HQ Brembo Office 33,823 52.8 SCPI Corum Convictions FundFondo Unicredit Immobiliare Uno –Torre SGR

Gorgonzola SS 11 Industrial 47,444 24.1Columbus Real Estate Euro Fund –Axa REIM SGR

Fondo Polis - Polis SGR


11


(sqm)Price

(per sqm)Portfolio Note Purchaser Vendor

Q2 2016

Milanovia Primaticcio 155- 159 - L'Oreal HQ

Office 19,600 63.5 Fondo Nexus 1 - Amundi SGR Deka Westinvest ImmoValue

Gardone Riviera

Villa Ruhland Residential 1,040 2.7auction

Private Investor Immobiliare Fiorini

Milano corso di Porta Romana 8/10 Hotel 11,000 37.4 Europe Hotels Private CollectionFondo Comune di Milano I –BNP Paribas REIM SGR

Roma zona Tiburtina Industrial 25,100 15.0 Prologis Targeted Europe Logistics Fund SiDi S.r.l.

Monselice Industrial 47,000 23.5 SCPI Corum Convictions Fund Gimi S.p.A.Soresina -Rodigo

Mixed-Use/Other

- 41.6 X Fidesimm Srl Fondo Salute - Numeria SGR

VariousBologna (2) and Castel San Giovanni

Industrial - 75.0 XFondo Logita (SEGRO & Canadian PSP Investments) - Prelios SGR

not disclosed

FirenzeSt. Regis Hotel and Westin Excelsior Hotel

Hotel - 190.0 X Nozul Hotels & Resorts Starwood Hotels & Resorts

Roma via Veneziani 56 Office 25,000 12.5 Aedes SIIQ Spa Ge Capital CorporationRoma palazzo Chigi-Odescalchi Office - 12.0 Fondo Sympleo - Ream SGRMilano via Broletto 20/22 Office 11,000 50.0 Savills SGR (Hines Italy) Fondo Virgilio - Finint SGRBologna via Fioravanti - ex Telecom Office 11,200 5.5 The Student Hotel Euro Asset Italia

Milano via Cordusio 2 Office 14,272 130.0 Bayerische Versorgungskammer (BVK)Fondo Donatello - Comparto David - Sorgente SGR

MilanoVodafone Village - via Lorenteggio 240

Office 61,000 200.0 Coima Res SIIQReal Estate Center (Carminati Group)

Spinea Villa Fiorita and Villa AltheaMixed-Use/Other

- 22.0 XFondo Euripide (Cattolica Assicurazioni) - Finint SGR

Welfare Italia S.p.A.

Various Serravalle, Bologna and Cosenza Retail 65,860 180.0 X TPG Capital - Texas Pacific Group Herald Fund - TH Real Estate

Milano via Monterosa 91 Office 86,086 220.0AXA Selectiv’ Immo and AXA CoRE Europe

Partners Group

Various ex Enel - Excelsia NoveMixed-Use/Other

- 165.0 Xprice not

confirmedTPG (plus Banca Intesa and Citi) Abdulrahaman Saleh Al Rajhi

Various Ostuni, Pila, Marilleva Hotel 45.0 X InvestindustrialFondo Hospitality & Leisure -Prelios SGR

12



13


(sqm)Price


Q1 2016

Various8 assets - Fondo Rho Portfolio buy-back

Mixed-Use/Other

- 265.0 X Unipol Sai Fondo Rho - IDeA Fimit SGR

Milano via Cornalia Residential 3,800 22.0 China Investment Fondo Calatrava - Vegagest SGR

Roma Aldrovandi Palace Hotel Hotel - 86.0D-Marine Investments Holding Bv -Dogus Group

Private - Famiglia Ossani

Milano Palazzo Turati - via Meravigli 7 Office 14,000 97.0Coima SGR - State Oil Fund of the Republic of Azerbaijan (Sofaz)

Technoholding

Padova via Delu'Mixed-Use/Other

- 2.7total investment

Fondo Erasmo - Fabrica SGR Intesa San Paolo

Padova Castello del CatajoMixed-Use/Other

- 2.8 Euro Immobiliare S.r.l. Private Investor

Perugia Centro Commerciale Collestrada Retail 26,500 82.0 Eurocommercial Properties NV Fondo Etrusco - Fabrica SGR

Milano via Bisceglie 71-73-75 Office 13,370 24.2 Natixis LeaseFondo Europa Immobiliare 1 -Vegagest SGR

Roma via San Basilio 45 Hotel 9,250 41.0 San Basilio Property - Gruppo Statuto BNP Paribas RE

Lucca piazza del Giglio Hotel - 4.7Universo RE - Shaner (Mariott) & Marcucci

Profilo Toscana

Sanremo via Anselmi - ex-Tribunale Office 3,560 8.0 auction Piemmedue Srl Comune di Sanremo

Pozzolo Formigaro

centro commerciale I Giovi Retail 5,700 3.3 auction Esse Emme S.r.l.

Milano via Montenapoleone 15 Retail 2,000 120.0 Max Mara - Maramotti Family Montenapo 15 S.r.l. (IPI S.p.A.)

Treviso ex Questura via Carlo Alberto Office 7,000 15.0not confirmed

private investor Fondazione Cassamarca

Roma Tor Pagnotta Office - 50.2 Telecom Italia Beni Stabili SIIQ

Pisaex-ospedale Misericordia e Dolce

Mixed-Use/Other

- 12.0 Comune di Pisa A.S.L. Pisa

S. Donato M.se via XXV Aprile 25 Office 6,600 17.3 Rosotel S.r.l. Fondo Investietico - Aedes SGR

Milano via Santa Maria Segreta 5 Office 3,500 22.5 Itas Assicurazioni Fondo Pensioni Cariplo

14



(sqm)Price


Q1 2016

FirenzePalazzo della Borsa Merci, via Volta dei Mercanti 1

Office 5,600 71.6 auction Edizione Property (Benetton Group) Camera di Commercio Firenze

Orio al Serio Orio Retail Park Retail 8,504 11.0 UBS Euro Core Fund

Roma La Grande Bellezza Office - 225.0 XPoste Vita and Zurich –Morgan Stanley SGR

Unicredit

Reggio Emilia centro commerciali I Petali Retail 28,500 87.0 Tikehau Investment ManagementCBRE Retail Property Partnership Southern Europe

Milano piazza Affari 1 Office 4,200 19.0Partners Group via Fondo Torre RE Fund II – comparto A Milan Prime Office - Torre SGR

private

Milano via Tortona 37 Office 6,800 30.0Fonfo Next Estate Income Fund II –BNP Paribas REIM SGR

Toffano Pagnan Family Office

Milano via Piero Alberto Pirelli Office - 15.0 Foncière des Régions PramericaMilano via Lamarmora Residential - 25.0 BNP Paribas REIM Universita' CattolicaMilano Via F. Filzi 29 - Time Building - Office 10,796 63.7 Invesco RE Fabio Filzi S.r.l. (Borromeo)

Milano via Dante 16 Office 6,000 55.0 Bayerische Versorgungskammer (BVK)Finanziaria Immobiliare d’EsteS.r.l.

Various18 properties - 100% quotas Fondo Redwood

Retail - 25.0 Aedes SIIQ Spa Ge Capital Corporation

Taormina San Domenico Palace Hotel - 52.5 Gruppo Statuto Acqua Marcia S.p.A.Roma via Raffaele Costi 58/60 Office 15,773 13.0 Fondo Metropolis - Polis SGR Fondo Polis - Polis Fondi SGR

Milano via Maciacchini - MAC 567 Office 33,000 115.0 Deka Immobilien EuropaDoughty Hanson European Real Estate II LP

Fiano Romano Industrial 52,700 30.0 not confirmed Prologis European Properties Fund II Fondo Gioiello - Borgosesia SGR

Various Generali Portfolio - 5 propertiesMixed-Use/Other

25,000 80.0 X Morgan Stanley REIGenerali Italia e Generali

PropertiesRoma Coin Excelsior via Cola di Rienzo Retail 7,300 85.0 BMO - Best Value Europe Holding Edoardo Safdie

Romavia Casalinuovo 8/10 - Wind office

Office - 15.0 not confirmed HIG Capital AXA

Capri Hotel La Certosella Hotel - 10.0 auction not disclosed not disclosed

Firenze via Tornabuoni 3Mixed-Use/Other

5,500 78.0 Hines Pan European Core Fund Private Investor

6. Company Profile & Contacts

15

Contact

UK - Headquarters

4th Floor, 123 Cannon StreetLondon EC4N 5AX

T +44 (0)20 7220 9440E [email protected]

Resolute Asset Management is an independent specialist asset manager focused on advising owners and managers of distressed commercial realestate exposures

Resolute assists clients in optimising recoveries from a broad range of real estate assets, including non-performing loans and real estate equityinvestments. Resolute provides these services to financial institutions, institutional investors and fund managers by providing a unique combination ofprincipal investment, banking, workout and legal experience

For more information visit: www.resoluteassetmanagement.com

Greece

3rd Floor, Mitropoleos 310557 Athens

T +30 210 325 4147E [email protected]

Romania

39-41 Nicolae Filipescu Street7th Floor Bucuresti, Sector 2

T +40 317 101 507 / 08 / 09E [email protected]

Bulgaria

3rd Floor, 11A Aksakov Street1000 Sofia


Turkey

İstinye Mah., Sulh Sok.İstinyeYokuşu No:10, İstinye/İstanbul


Russia

295 AS, Obukhovskoy oboronypr., St. Petersburg, 192012

E [email protected]

ItalyVia Camperio, 11Milan, 20123


Unit A41, Chytron 301075 Nicosia


Cyprus

Luca ZaffaroniDirector

T +39 340 0603031E [email protected]

Disclaimer

16

The information included in this report is part of a monitoring and data collection process, and following elaboration. All information about real estate transactions conducted in the reference period is public and not confidential. The decision to include or exclude a specific transaction from the report is purely discretional. It is possible that transactions conducted in the specific period are not included due to being made part of the public domain only after the publishing period, and they could be included in the report referring to the next period

Numbers referring to past quarters included in this report could differ from the ones published in previous reports as relevant data could have been updated, amended or rectified with new information become available

This bulletin is for general informative purposes only and the information herein has been obtained from sources believed to be reliable. Whilst every effort has been made to ensure its accuracy, no direct or indirect liability will be accepted for any direct or consequential loss arising from its use

Resolute Asset Management LLP (“Resolute”) makes no representations or warranties of any kind with respect to the presentation or the content contained on the presentation and disclaims all such representations and warranties as to the condition, quality, accuracy, suitability, fitness for purpose or completeness. Nothing in this presentation shall be regarded as providing financial advice and you acknowledge that the content on this presentation is not suitable for this purpose. Neither Resolute nor any of its directors, employees or other representatives will be liable for damages arising out of or in connection with the use of this presentation. This is a comprehensive limitation of liability that applies to all damages of any kind, including (without limitation) compensatory, direct, indirect or consequential damages, loss of data, income or profit, loss of or damage to property and claims of third parties. All material in this presentation is information of a general nature and does not address the circumstances of any particular individual or entity. Nothing in this presentation constitutes professional and/or financial advice nor does any information in this presentation constitute a comprehensive or complete statement of the matters discussed or the law relating thereto. Information in this presentation may not be accurate or current. In particular (but without limitation) information may be rendered inaccurate by changes in applicable laws and other regulations. No action should be taken or omitted to be taken in reliance upon information in this presentation

Resolute Asset Management LLP is authorised and regulated by the Financial Conduct Authority no. 526172

Documents

Italy CRE Q3 2016