R EAL E STATE N EWS

C ONNECTING THE REAL ESTATE COMMUNITY

Newsletter on
the Italian and International
real estate world

By IRETO in cooperation with DemanioRe portal’s editorial staff

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In Italy
DEMANIO: DESIGN
COMPETITION FOR
YOUNG ARCHITECTS
The call for entries for the first
design competition sponsored
by Italy’s Agenzia del De-
manio has been published. The
competition, open to students
and recent graduates, is entitled
‘The Identity of Public Prop-
erty’. On the occasion of the
first Città Territorio Festival in
Ferrara, dedicated to the con-
cept of city and relationship of
the city with its surrounding
territory, the Italian Public
Property Agency has an-
nounced the competition for
urban renewal and redevelop-
ment projects for state owned
properties. The competition
will involve young designers in
the search for new uses and
new identities for Italy’s real
estate heritage.
The competition concerns
three projects:
- For the open area that sur-
rounds the Cittadella of the
Municipality of Alessandria
(Piedmont), a renewal project
including light infrastructure for
a tourist route, and develop-
ment plans for the urban and
natural landscape.
- For the Pozzarello Fort in
the Municipality of Monte
Argentario (Grossetto, Tus-
cany) for a project to reorgan-
ize the exterior and the build-
ings for use as temporary exhi-
bition spaces and for the sale of
local gastronomic specialities.
- The former Piccolo Circum
Mare Railway in the Munici-
pality of Taranto (Puglia), for
a redevelopment project
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BOLOGNA, A 40
MILLION EURO PLAN TO
RE-LAUNCH AN
URBAN AREA
The programme agreement for
the renovation of the urban
area of Viale Berti Pichat in Bo-
logna, where the management
of the company Hera is based,
has been signed. The renova-
tion project is worth 40 million
euros and includes land recla-
mation, the creation of an
18,000 square metre park and
the restoration of the old
gasometer, as well as the con-
struction of a hotel (6,600
POZZUOLI: 6 MILLION
EURO AUCTION FOR 2
ASSETS
The Town of Pozzuoli (Naples)
is putting up for sale, through
public auction, the ex city
slaughter house, located in Fas-
cione Street, and the building
that at present hosts the
neighbourhood market, located
in the Toiano area. Both assets
are owned by the Council. The
ex slaughter house in Fascione
Street is a structure realised by
the Town of Pozzuoli in the 70s
and was used a slaughter house
for approximately 20 years, up
until the beginning of the 90s,
when it was closed for hygienic
and sanitary reasons and since
then has never been used again.
The entire compound is fenced
and develops on a total surface
area of 6.640 square metres.
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EXPO 2015, THE CHANG-
ING FACE OF MILAN
There are people who believe
that World Expos always
square metres), of an under-
ground parking area with 340
car spaces and of an office
building (9,800 square metres).
The agreement that will come
into effect in June, after the pe-
riod that is required by law for
residents to make their obser-
vations, includes the transfer of
the management of Hera to an
area owned by the municipality
in the territory of Castenaso (in
front of the current headquar-
ters of the Frullo’s rubbish dis-
posal centre). The plan includes
creating a new structure, where
500 of the 1,000 employees of
change the look of the cities
that host them, launching them
into the sphere of great metro-
politan areas; there are those
who underline that the fairs
help organize the lesser aspects
of the cities as well, including
the day to day administration.
No matter whom is right, Mi-
lan, a metropolis that spreads
across municipal borders and
which has a population of 9 mil-
lion, wanted the World Expo
for both reasons. As to who
contend that after all, and as
opposed to Izmir, Milan already
has everything, the city’s reply
Hera will be moved. The area
of Viale Berti Pichat, which
neighbours with the centre, will
be used to develop a new head-
quarter for the Holding and an
office for customers, where the
remaining 500 employees will
be based. The project has been
divided into two stages, accord-
ing to the President of Hera
SpA Tomaso Tommasi di
Vignano. They should start in
January 2009 and will be com-
pleted within three years at the
end of 2011 after a European
competition in the autumn.
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is that everything needs to be
adapted to meet the challenges
of the future. This means that
the Expo will be an opportunity
to reinforce Milan’s modernity
as well as that of the region of
Lombardy and Italy as well; the
greater Milan area will receive
direct and indirect investments
of at least 20 billion euros. For
the World Expo, scheduled
from May 1 to October 31,
2015, 4.2 billion euros have
been directly invested in infra-
structure and the fair area it-
self.
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World
TOKYO, FEWER NEW
HOUSES AND SKY-HIGH
PRICES
House prices are rocketing and
there has been a drop in the
number of new houses up for
the sale in the real estate mar-
ket of the metropolitan area of
Tokyo. It emerged from a re-
port that highlighted how in
March house prices were up
6.2%, while there were 17.8%
fewer houses on the market
compared to the same period
of 2007. The report, performed
by the Real Estate Economic
DEAL WITH UAE FOR
THE DEVELOPMENT OF
TOURISM AND RE
Libya and the United Arab
Emirates (UAE) have signed a
USD 500 million agreement for
development projects in the
African country, WAM news
agency reported. The agree-
ment was signed between the
Libyan Social and Economic De-
velopment Fund (SEDF) and the
Abu Dhabi -based Al Mibar In-
ternational for Investments in
the presence of Mansour bin
Institute, showed how in the
period examined 4,490 new
apartments were put on the
market, while the quota of
properties that found a buyer
was equal to 65.3%, down
15.2% compared to 2007. The
average cost of an apartment
rose to 49.98 million yen
(312,000 euros), up 6.2% on an
annual basis.
The number of unsold proper-
ties at the end of March 2008
totalled 10,837 units. The area
included in the report is the so
called Larger Tokyo Area, so
Zayed Al Nahyan, UAE's minis-
ter of presidential affairs who is
on a working visit to Libya. The
joint venture with an initial
capital of USD 500 million, to
be shared equally by the two
sides, will focus on developing
various projects covering real
estate and tourism in Libya.
The SEDF also signed an agree-
ment with Abu Dhabi Executive
Council for cooperation and
joint investments in energy pro-
duction in Libya and in other
countries.
the vast plain of Kanto in Cen-
tral Japan that includes Tokyo,
Yokohama and Kawasaki and
the prefecture of Kanagawa,
Chiba and Saitama, where 35
million people live.
The average price of an apart-
ment in Tokyo, one of the most
expensive cities on the world,
has reached its highest levels
since 1992, when the real es-
tate speculation peaked (the
Bubble economy period) and
properties reached the record
average value of 102.6 million
yen (640,000 euros).
AQABA PORT, USD 5
BILLION AGREEMENT
Jordan has signed a USD 5 bil-
lion agreement with an Emirate
company to revamp the Red
Sea port of Aqaba and build
housing and tourism complexes
by 2015, an official statement
said today.
The project will see the trans-
fer of the port from its current
location further south to boost
its handling capacity.
The vacant location will be
turned into a luxurious tourists
attraction.
The new facility is expected to
triple Aqaba 's handling capacity
from the current 30 million
tonnes per year to around 100
million tonnes by the end of the
30-year expansion period, said
an official statement. Some
15,000 job opportunities will be
created for the coming seven
years.
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INTERNATIONAL TEN-
DER FOR HAUTS PLA-
TEAUX HIGHWAY
Algeria's national highway
agency (ANA) has launched a
new national and international
tender for the technical studies
for the construction of the
Hauts Plateaux motorway
which will connect Tebessa
GOVERNMENT AP-
PROVES THIRD TAGO
BRIDGE
The Portuguese govern-
ment has officially approved a
1.7 billion euro project for the
construction of a third bridge
over the Tago River in Lisbon
by 2013. An environmental im-
pact study is scheduled for May
and the call for bids on the con-
struction of the bridge will be
issued in November. The 13
kilometre long bridge, for both
automobiles and trains, connect
the capital with its new airport
that will be built on the south-
ern side of the Tago. Lisbon’s
two existing bridges crossing
the Tago were inaugurated re-
spectively in 1966 and 1998.
REAL ESTATE INVEST-
MENT VOLUMES ARE
STABLE IN SWEDEN
The volume of real estate
transactions sealed in Sweden
in the first quarter of 2008 is
stable at 2.8 billion euros. The
result is on par with those reg-
istered in the same period of
2006 and 2007. It emerged
from a report by DTZ that
highlighted how demand is still
high and was not affected by
the financial crisis, the bad eco-
nomic growth estimates and
(600 km east of Algiers) and
Tlemcen (600km west of Al-
giers). Algerian or foreign com-
panies with at least ten years of
experience in the sector can
participate in the ten-
der. Approximately 800 billion
dinars (USD 9 billion) will be
allocated for the construction
of the highway that will meas-
the worsening of the loan cri-
sis. The report suggests that
acquisitions increased by 70%
compared to 50% of the two
previous years: many new deals
are also about to be sealed.
The ‘Kista Galleria’ shopping
mall, which measures 40,000
square metres, will soon be
sold for 534 million euros, the
largest single transaction in
Swedish history. “I am very sur-
prised that the level of invest-
ments is so high”, said the head
of research for DTZ in Sweden,
Ola Jacobsson highlighting that:
“The vast volume of transac-
tions makes us believe that re-
sults in the second and third
quarter will also be good and
on par with those of 2007”.
DUBLIN AIRPORT CITY, A
NEW BUSINESS CENTRE
IS CREATED
The Dublin Airport Authority
(DAA) will invest 4 billion eu-
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ure over 1,000 kilometres, Pub-
lic Works Minister Amar Ghoul
said. This new project is the
second after the one launched
for the construction of the
east-west motorway which will
cross Algeria's North from the
Tunisian to the Moroccan bor-
der.
ros to build a new business dis-
trict in the Irish capital, Dublin
Airport City, a new city, as the
Authority refers to it, that will
become a strategic hub for for-
eign investment.
The project, to be built on a
140 hectare plot east of the
airport, includes 600 thousand
square metres of office space
and 40 thousand square metres
for shops, hotels and conven-
tion centres.
Although construction work is
scheduled to take close to
twenty years, the centre will
create up to 30 thousand new
jobs and contribute one billion
euros a year to the Irish econ-
omy. “The project will contrib-
ute also to the development of
the Dublin airport, helping it
maintain its reputation as one
of the most competitive air-
ports in the world”, com-
mented DAA managing director
Declan Collier.
Economy & finance
GENERALI CREATES 23
BLN EURO REAL ESTATE
ACTIVITY UNIT
Generali has established a single
structure for development and
coordination of the real estate
HOTEL SECTOR, VENICE
MOST PROFITABLE
WORLDWIDE
Venice was confirmed for the
fifth consecutive year the most
profitable city worldwide for
the hotel sector, according to
the last edition of the study
''Hospitality vision - global per-
formance review'', carried out
by Deloitte. The revenue per
room reached in 2007 $265, up
by 22% year-on-year. Rome,
Florence and Milan were also
ranked in the top 20. ''The
growth forecasts for Milan and
the entire Lombardy region are
excellent, also due to the Expo
2015 - explains Nadia Fontana,
in charge of the hotel sector in
sector of the entire group. The
new company, called Generali
Immobiliare, will become op-
erative as of September 2008,
will be based in Paris and will
coordinate all real estate com-
Deloitte - Moreover, it is nec-
essary to consider the granting
of slots of Malpensa by Alitalia,
which will have positive effects
in short terms, in our opinion''.
LONDON REMAINS AT
THE 'TOP'
London is the most expensive
industrial location worldwide.
The rent of top quality spaces
here (prime rent) in the areas
around the Heathrow airport
stands at 211 euro per square
meter annually (followed by the
London areas of Hammersmith
at 129 euro per sq m and Gat-
wick at 115 euro per sq m).
The annual research ''Industrial
spaces across the world'' of
panies controlled by Generali in
each country where the com-
pany is present, the group said
in a statement. Generali owns
real estate assets worth 23 bil-
lion euro throughout the
world, the group said. The
group's investment and manage-
ment activities in the sectors
which represent trans-national
operative logics and suggest
high revenue, such as for exam-
ple hotels, logistics, retail and
health, will be concentrated in
Generali Immobiliare. The in-
vestment will be made through
efficient financial instruments
(funds and open-ended collec-
tive investment companies with
variable capital - SICAV), ini-
tially collected from the compa-
nies in the group and later in
partnership with major opera-
tors in the sector.
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Cushman & Wakefield, which
monitored 138 key locations
for the industrial use areas in
52 countries worldwide, con-
firms the first place of the Eng-
lish capital for 2007.
The second place in the rank-
ing, after London, was won by
Dublin, which jumped two posi-
tions compared to the 2006
ranking, due to its 159 euro per
sq m a year. Tokyo and Sydney
remain on the third and fifth
position with 142 and 132 euro
per sq m, respectively, while
Oslo with its 134 euro per
square meter rises to the
fourth position from the eight
in the previous ranking.
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Magazine
THE ROYAL ONTARIO
MUSEUM IN TORONTO
The Royal Ontario Museum,
known in Toronto as the ROM,
is a major museum of world
culture and natural science. The
Daniel Libeskind firm re-
cently oversaw the restoration
and expansion of the historic
building in collaboration with
the firm of B+H Architects.
The new wing is named Michael
Lee-Chin Crystal because its
intersecting spaces give it the
appearance of a crystal.
Libeskind said: “[...] the crystal
has a shape that will transform
this corner of Toronto into a
brilliant lighthouse, a true win-
Building Relationships Worldwide
dow of people, events and
things.”
The entrance to the museum,
previously located in the his-
toric building, has been moved
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to the new wing. In this way,
the new ground floor of the
“crystal,” which includes the
ticket office, the cloakroom,
restrooms, a new shop with a
street entrance and spaces for
events, becomes an extension
of the exterior public piazza.
The intersection of the new
museum structure’s floors cre-
ates, at various levels, numer-
ous atriums and offers charming
views of both the city and the
interior galleries and spaces. A
large open courtyard connect-
ing the new museum to the ex-
isting building will allow the visi-
tor to admire the restored
building. A design decision to
cover 20 percent of the build-
ing’s façade with glass will yield
an ongoing dialogue between
the interior and the city.
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Property showcase
INVESTMENT OPPORTU- istered and incorporated in In-
dia or can be a foreign company
NITY IN MUMBAI, INDIA subject to compliance with
The Indian Rail Land Devel- laws, policies and guidelines of Total surface area
opment Authority (RLDA) India. Approx. 4,5 hectares
invites potential investors to
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submit their bids for the ‘Grant
of long-term lease of 80
years for commercial develop-
ment of railway land at West-
ern Express Highway, Bandra
(East), Mumbai’.
The developer will finance, de-
sign, construct, operate, main-
tain and market a Commercial
Office Compex.
The selected Bidder is required
to pay to RLDA an Upfront
Lease Premium for the land
lease and development rights
given to him.
This Upfront Lease Premium
shall be the bid variable for se-
lection of the Bidder. The po-
tential investors have to meet,
among others, the following
eligibility criteria:
- the bidder must be a firm in-
corporated and registered in
India, or a consortium of firms,
each of which is a company reg-

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