{"id":65796,"date":"2018-01-13T17:26:28","date_gmt":"2018-01-13T16:26:28","guid":{"rendered":"http:\/\/wordpress-1214031-6137885.cloudwaysapps.com\/selezione-e-acquisizione-en\/how-to-establish-public-contribution-real-estate-funds"},"modified":"2018-01-13T17:26:28","modified_gmt":"2018-01-13T16:26:28","slug":"how-to-establish-public-contribution-real-estate-funds","status":"publish","type":"post","link":"https:\/\/dev.investinitalyrealestate.com\/en\/how-to-establish-public-contribution-real-estate-funds\/","title":{"rendered":"Public Real Estate Investment Trusts"},"content":{"rendered":"<p><img loading=\"lazy\" class=\"alignnone wp-image-61\" src=\"https:\/\/dev.investinitalyrealestate.com\/wp-content\/uploads\/2026\/03\/icona_strumento.svg\" alt=\"\" width=\"62\" height=\"80\" \/><\/p>\n<h2>Instrument<\/h2>\n<p>Public Real Estate Investment Trusts (REITs) were born with the intent to ensure more efficiency in developing and increasing the value of real estate assets owned by the State, Regional Authorities, other Public Authorities and companies\u00a0completely controlled by the aforementioned entities.<\/p>\n<p>In order to further encourage the use of REITs within a wider process of rationalisation and development of public estates, Invimit SGR S.p.A. was established by <a href=\"https:\/\/dev.investinitalyrealestate.com\/en\/vademecum\/art\/articoli\/art-33-disposizioni-materia-valorizzazione-del-patrimonio-immobiliare-decreto-legge-6-luglio-2011-n-98-disposizioni-urgenti-la-stabilizzazione-finanziaria-2\">Art. 33, par. 1, D.L. no. 98 of 06\/07\/2011 converted, after amendment, by Law no. 164 of 15\/07\/2011<\/a>, following a decree of the Ministry of Economics and Finance on 19\/03\/2013. Invimit SGR is a fully subsidiary company of the Ministry of Economics and Finance and has the objective to:<\/p>\n<ul>\n<li>Promote and manage direct, personal or third-party&#8217;s REITs, etsablished to reduce public debt and generate economies of scale, encouraging development on the territory (the so-called &#8220;Direct Funds&#8221;);<\/li>\n<li>Invest, through the Fund of Funds in Target Funds established by Local Authorities and managed by Asset Management Companies selected through\u00a0<a href=\"https:\/\/dev.investinitalyrealestate.com\/en\/vademecum\/art\/glossary\/public-tender\">public tenders<\/a>. To this end, the company collects liquidity not only on the market of <a href=\"https:\/\/dev.investinitalyrealestate.com\/en\/vademecum\/art\/glossary\/qualified-investors\">Qualified investors<\/a>, but also from subjects meeting specific requirements such as Public Insurance or Social Security Authorities, as well as private insurance companies and the public financial institution\u00a0Cassa Depositi e Prestiti S.p.A.<\/li>\n<\/ul>\n<p>A relevant company in the context of public real estate assets&#8217; development and disposal is CDP Investimenti SGR (CDPI SGR), an asset management company established on 24\/02\/2009 with 70% of its share capital controlled by CDP S.p.A. and 15% by ACRI (Funds and Savings Banks&#8217; Association) and ABI (Italian Bank Association). CDPI SGR manages several public contribution real estate funds (e.g. Fondo Investimenti per l\u2019Abitare, Fondo FIA2, Fondo Investimenti per la Valorizzazione, Fondo Investimenti per il Turismo) in the field of social housing, smart housing and smart working, as well as tourism and hotels.<\/p>\n<p>Along with those subjects, the <a href=\"http:\/\/www.agenziademanio.it\/opencms\/it\/\">Italian Public Property Agency<\/a> plays a fundamental role.<\/p>\n<p>Managing about 46,000 State-owned assets, in accordance with Art. 33-bis, Law no. 111 of 15\/07\/2011, the Agency promotes initiatives for establishing, without further burdening the public finance, companies, consortia or REITs having the aim of developing, transforming, managing and selling public real estate assets owned by the State, Regions, Provinces, Metropolitan Cities, Municipalities and other supervised bodies, as well as real estate rights, also for State-owned properties.<\/p>\n<p><a href=\"https:\/\/dev.investinitalyrealestate.com\/en\/vademecum\/art\/glossary\/qualified-investors\">Qualified investors<\/a>\u00a0can invest in Public REITs by participating in their management and collecting, upon settlement, the price of the properties once placed on the market.<\/p>\n<p>&nbsp;<\/p>\n<p><img loading=\"lazy\" class=\"alignnone wp-image-57\" src=\"https:\/\/dev.investinitalyrealestate.com\/wp-content\/uploads\/2026\/03\/icona_normativa.svg\" alt=\"\" width=\"80\" height=\"80\" \/><\/p>\n<h2>Regulations<\/h2>\n<p><a href=\"https:\/\/dev.investinitalyrealestate.com\/en\/vademecum\/art\/glossario\/art-34-42-decreto-legislativo-24-febbraio-1998-n-58-testo-unico-delle-disposizioni-materia-intermediazione-finanziaria-ai-sensi-degli-articoli-8-21-della-legge-6-febbraio-1\"><span style=\"font-weight: 400;\"> \u201c<\/span><span style=\"font-weight: 400;\">Chapter II \u201cReal Estate Investment Trusts\u201d, Articles 34-42, D.L. no. 58 of 24\/02\/1998 &#8220;Code of provisions on financial intermediation, pursuant to Articles 8 and 21, Law no. 52 of 06\/02\/1996&#8221;<\/span><\/a><\/p>\n<p><a href=\"https:\/\/dev.investinitalyrealestate.com\/en\/vademecum\/art\/articoli\/art-33-disposizioni-materia-valorizzazione-del-patrimonio-immobiliare-decreto-legge-6-luglio-2011-n-98-disposizioni-urgenti-la-stabilizzazione-finanziaria-2\">Art. 33 of D.L. no. 98 of 06\/06\/2011 \u201cProvisions on real estate development\u201d\u00a0 converted into Law no.111 of 15\/07\/2011 &#8220;Urgent provisions for financial stabilisation&#8221;<\/a><\/p>\n<p><a href=\"https:\/\/dev.investinitalyrealestate.com\/en\/vademecum\/art\/articoli\/art-33-art-33-bis-del-decreto-legge-6-luglio-2011-n-98-disposizioni-urgenti-la-stabilizzazione-finanziaria-11g0146-decreto-legge-convertito-modificazioni-dalla-l-15-luglio\">Art. 33-bis, D.L. no. 98 of \u00a06\/07\/2011 \u201cSubsidiary instruments for public real estate assets&#8217; management\u201d\u00a0 converted into Law no.111 of 15\/07\/2011\u00a0&#8220;Urgent provisions for financial stabilisation&#8221;<\/a><\/p>\n<p><a href=\"https:\/\/dev.investinitalyrealestate.com\/en\/vademecum\/art\/glossario\/art-14-bis-fondi-istituiti-apporto-beni-immobili-legge-25-gennaio-1994-n-86-istituzione-disciplina-dei-fondi-comuni-investimento-immobiliare-chiusi\">Art. 14-bis, Law no. 86 of 25\/06\/1994 &#8220;Closed-ended Real Estate Investment Trusts&#8221;<\/a><\/p>\n<p><a href=\"https:\/\/dev.investinitalyrealestate.com\/wp-content\/uploads\/2026\/03\/LEGGE-23-dicembre-1996_662_art3.pdf\">Art. 3, Law no. 662 of 23\/12\/1996 &#8220;Public finance&#8217;s rationalisation measures&#8221;<\/a><\/p>\n<p><a href=\"http:\/\/www.gazzettaufficiale.it\/eli\/id\/2015\/03\/19\/15G00041\/sg\">DECREE OF THE MINISTRY OF ECONOMICS AND FINANCE no. 30 of 05\/03\/2015 &#8220;Implementing regulation of Art. 39, D.L. no 58 of 24\/02\/1998 (Code on Financial Intermediation) concerning the determination of general criteria for Italian UCIs (Undertakings in Collective Investments)&#8221;<\/a><\/p>\n<p>&nbsp;<\/p>\n<p><img loading=\"lazy\" class=\"alignnone wp-image-59\" src=\"https:\/\/dev.investinitalyrealestate.com\/wp-content\/uploads\/2026\/03\/icona_procedura.svg\" alt=\"\" width=\"79\" height=\"80\" \/><\/p>\n<h2>Procedure<\/h2>\n<h3>Reuse or Development Projects<\/h3>\n<p>The introduction or transfer of properties to REITs must take place on the basis of <strong>reusing or development projects<\/strong> approved by resolution of the governing body of the public owner, after selection of the Asset Management Company managing it.<\/p>\n<p>Generally, on the basis of these projects, the REIT pledges to\u00a0redevelop the properties which, once completed, will be given for usage to public authorities\u00a0and privates in exchange of management\u00a0and rental fees for a certain period of time.<\/p>\n<h3>The Asset Management Company Selection<\/h3>\n<p><a href=\"https:\/\/dev.investinitalyrealestate.com\/en\/vademecum\/art\/articoli\/art-33-disposizioni-materia-valorizzazione-del-patrimonio-immobiliare-decreto-legge-6-luglio-2011-n-98-disposizioni-urgenti-la-stabilizzazione-finanziaria-2\">Art. 33 of D.L. no. 98 of 06\/06\/2011<\/a>, converted into Law no. 111 of 15\/07\/2011, specifically laid down that the selection of the Asset Management Company shall be decided via &#8220;<a href=\"https:\/\/dev.investinitalyrealestate.com\/en\/vademecum\/art\/glossary\/public-tender\">public tenders<\/a>&#8220;.<\/p>\n<p>Hence, the procedure to submit proposals for public works or services under concession, in compliance with Art. 183, par. 15, D.L. no. 50 of 2016, can be used to select the SGR interested in establishing a fund.<\/p>\n<p>In this case, the Asset Management Company shall submit to a Contracting Authority (e.g. a Municipality) a proposal regarding the assets specified in the\u00a0<a href=\"https:\/\/dev.investinitalyrealestate.com\/en\/vademecum\/art\/glossary\/real-estate-alienation-and-development-plan\">Real Estate Sale and Development Plan<\/a>, with the same content and following the same procedure set forth in Art. 183, par. 15, D.L. no. 50 of 2016.<\/p>\n<p>For the description of the procedure set forth in\u00a0Art. 183, par. 15, D.L. no. 50 of 2016, please see <a href=\"https:\/\/dev.investinitalyrealestate.com\/en\/vademecum\/art\/asset-acquisition\/public-private-partnership-project-financing-on-public-real-estate-assets\"><strong>Public-Private Partnership \u2013\u00a0Project Financing on Public Real Estate Assets<\/strong><\/a><\/p>\n<p>For further information, please see the <a href=\"https:\/\/www.invimit.it\/wp-content\/uploads\/2015\/02\/Fondo-di-Fondi-i3-Core-Vademecum-per-gli-investimenti-2.0.pdf\">Invimit&#8217;s Handbook for Investments<\/a>.<\/p>\n<h3>Contract Subscription with the Asset Management Company<\/h3>\n<p>Once the Asset Management Company has been selected, it signs a contract with the competent Public Administration for establishing a fund for the development of the transferred real estate properties.<\/p>\n<p><strong>Exclusion Criteria and Proof of Compliance<\/strong><\/p>\n<p>With reference to the general requirements laid down in the current legislation for participating in <a href=\"https:\/\/dev.investinitalyrealestate.com\/en\/vademecum\/art\/glossary\/public-tender\">public tenders<\/a>, notwithstanding the requirement to verify any eventual provision of each specific call, it is necessary to specify that:<\/p>\n<ul>\n<li>Usually, by moral requirements, reference is made to those provided for in <a title=\"\" href=\"https:\/\/dev.investinitalyrealestate.com\/en\/vademecum\/art\/articoli\/art-80-motivi-esclusione-decreto-legislativo-18-aprile-2016-n-50-codice-dei-contratti-pubblici\" data-original-title=\"\" data-toggle=\"popover\" data-content=\"Art. 80 (Motivi di esclusione) 1. Costituisce motivo di esclusione di un operatore economico dalla partecipazione a una procedura d'appalto o concessione, la condanna con sentenza definitiva o decreto penale di condanna divenuto irrevocabile o sentenza di applicazione della pena su richiesta ai sensi dell'articolo 444 del codice di procedura penale, anche riferita a un\u2026\">Art. 80, D.L. no.50 of 18\/04\/2016 \u201cCode of Public Contracts\u201d<\/a>; the competitor shall prove to hold the aforementioned requirements when taking part in the call, while the competent authority shall then verify all the requirements once the tender has been submitted. More specifically, public administrations may request the following documents: a certificate issued by the Criminal Records Office or, if unavailable, an equivalent document issued by the judicial or administrative authority of the Member State or of the Country of origin in which the envisaged requirements are met; appropriate certification issued by the competent fiscal authority and, as far as social security contributions are concerned, the certificate of social security compliance automatically acquired by the public administration from social security institutions pursuant to current legislation or, if unavailable, an equivalent certificate issued by competent authorities of other States.<\/li>\n<li>Economic and financial standing, declared when taking part in the call, can be proved through one or more of the following: appropriate bank declarations or, if any, evidence of relevant professional risk\u2019s indemnity insurance; balance sheets or extracts from balance sheets, where publication of the balance sheet is required under the law of the Country in which the economic operator is established; a statement of the undertaking\u2019s overall turnover and, if any,\u00a0of turnover in\u00a0the\u00a0area covered by\u00a0the\u00a0contract\u00a0for\u00a0a maximum of the last three\u00a0financial years available, depending on the date on which the undertaking was set up or the economic operator started trading, insofar as the information of these turnovers is available.\u00a0If,\u00a0for\u00a0any valid reason,\u00a0the economic operator is unable to\u00a0provide\u00a0the references requested by the Contracting Authority, he may prove his economic and financial standing by any other document which the Contracting Authority considers appropriate.<\/li>\n<li>The technical capability of the economic operator, declared upon taking part in the call, can be proved, inter alia, by: a)\u00a0a\u00a0list\u00a0of\u00a0the works carried out\u00a0over\u00a0the\u00a0past five years, with\u00a0the sums, dates and recipients,\u00a0whether public or private,\u00a0involved;\u00a0b) the indication of\u00a0the\u00a0technicians or\u00a0technical bodies involved,\u00a0whether or not\u00a0belonging\u00a0directly to the economic operator\u2019s undertaking,\u00a0especially those responsible for quality control; c)\u00a0a description of\u00a0the technical facilities\u00a0and measures used\u00a0by\u00a0the economic operator\u00a0for ensuring quality\u00a0as well as the\u00a0undertaking\u2019s\u00a0study\u00a0and research facilities;\u00a0the educational\u00a0and professional qualifications\u00a0of\u00a0the\u00a0service provider or contractor and\/or\u00a0those\u00a0of the\u00a0undertaking\u2019s\u00a0managerial staff,\u00a0provided they\u00a0are not evaluated as award criteria; e)\u00a0a statement of the average annual manpower of\u00a0the service provider\u00a0or contractor and the number of managerial staff for the last three years; f) a statement of\u00a0the tools,\u00a0plant or technical\u00a0equipment\u00a0available to\u00a0the service provider\u00a0or contractor for carrying out the contract.<\/li>\n<\/ul>\n<h3><span style=\"font-size: 16px; line-height: 1.5;\"><br \/>\n<\/span><span style=\"font-size: 16px; line-height: 1.5;\">\u00a0<\/span><\/h3>\n<h2><img loading=\"lazy\" class=\"alignnone wp-image-318\" src=\"https:\/\/dev.investinitalyrealestate.com\/wp-content\/uploads\/2026\/03\/icon_tempi.svg\" alt=\"\" width=\"82\" height=\"80\" \/><\/h2>\n<h2>Timing\u00a0<strong><br \/>\n<\/strong><\/h2>\n<p>Establishing a real estate fund takes 180-240 days. The duration of the fund is usually specified in the documents of the call for the selection of the Asset Management Company, as well as in the REIT&#8217;s regulation, and is strictly related to the time needed for the redevelopment of the properties and the pay-back time of the investment to the Asset Management Company. Usually, different types of shares&#8217; subscriptions are allowed in order to regulate eventual shareholders&#8217; rights (exit right included).<\/p>\n<p>&nbsp;<\/p>\n<h2><img loading=\"lazy\" class=\"alignnone wp-image-319\" src=\"https:\/\/dev.investinitalyrealestate.com\/wp-content\/uploads\/2026\/03\/icon_costi.svg\" alt=\"\" width=\"80\" height=\"80\" \/><\/h2>\n<h2>Costs<\/h2>\n<p>The private investor shall bear all the\u00a0costs related to due diligence activities to be performed on the properties transferred to the REIT in order to verify any risks associated with the investment. In this phase the investor, besides being able to resort to party-appointed advisors and technical experts, can rely on the expertise of competent agencies (such as, according to the type of fund, Invimit SGR, CDPI SGR, State Property Office).<\/p>\n<p>&nbsp;<\/p>\n<p><img loading=\"lazy\" class=\"alignnone wp-image-164\" src=\"https:\/\/dev.investinitalyrealestate.com\/wp-content\/uploads\/2026\/03\/icona_caso.svg\" alt=\"\" width=\"70\" height=\"80\" \/><\/p>\n<h2>Example<\/h2>\n<p>For example, the process of redeveloping or realising a school troughs a REIT could be as follows:<\/p>\n<ul>\n<li>The concerned Municipality receives a proposal by an Asset Management Company for the establishment of a REIT;<\/li>\n<li>The Municipality assesses the proposal and, if it is deemed of public interest, makes the Asset Management Company promoter, launching a call for tender in accordance to the national legislation on public procurement (public tender pursuant to Art. 183, par. 15, D.L. no. 50 of 2016). The promoter takes part and his proposal is laid as base. During the selection phase, the promoter will then be able to adapt his proposal according to the one deemed more advantageous by the Contracting Authority. In the case the promoter will not be entrusted, it will be reimbursed of its expenses (max 2.5% of the value of the investment);<\/li>\n<\/ul>\n<ul>\n<li>The appointed Asset Management Company establishes the REIT, according to the Italian law;<\/li>\n<li>The Municipality transfer to the REIT the surface rights (lasting 50 years) of the building area (or of the properties to be transformed), in order to realise new school facilities, as well as the property of the old schools, to be put on the market;<\/li>\n<li>The Asset Management Company realises the new school facilities (or the expansion and\/or upgrade of the existing structures);<\/li>\n<li>Once the new school are completed, the Municipality could transfer the school into the new\/renewed facilities. This would imply, on the one hand, the Municipality&#8217;s obligation to sign a lease contract with the Asset Management Company for the use of the new school and, on the other hand, the beginning of the private use\/disposal of the old buildings, turning them into residential properties (with eventual annexed commercial areas) if possible according to the law and urban planning in the area.<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Instrument Public Real Estate Investment Trusts (REITs) were born with the intent to ensure more efficiency in developing and increasing the value of real estate assets owned by the State, Regional Authorities, other Public Authorities and companies\u00a0completely controlled by the aforementioned entities. In order to further encourage the use of REITs within a wider process [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[1798],"tags":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v19.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Public Real Estate Investment Trusts - ICE - Italian Trade Agency<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/dev.investinitalyrealestate.com\/en\/how-to-establish-public-contribution-real-estate-funds\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Public Real Estate Investment Trusts - ICE - Italian Trade Agency\" \/>\n<meta property=\"og:description\" content=\"Instrument Public Real Estate Investment Trusts (REITs) were born with the intent to ensure more efficiency in developing and increasing the value of real estate assets owned by the State, Regional Authorities, other Public Authorities and companies\u00a0completely controlled by the aforementioned entities. 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