- Valuations and Advisory
- Praxi Real Estate
Praxi Real Estate
Praxi Real Estate operates as an independent expert for Italian real estate closed funds in accordance with laws in force on behalf of top fund management services companies such as AEW sarl, Antirion SGR, AXA Reim SGR, Blue SGR, BNP Paribas Reim SGR, Coima SGR, DEA Capital RE SGR, Fabrica Immobiliare SGR, Finanziaria Internazionale SGR, Gam SGR, Generali Real Estate SGR, GWM Asset Management, Investire SGR, Invimit SGR, Kryalos SGR, Namira SGR, Numeria SGR, P&G SGR, Polis Fondi SGR, Prelios SGR, Quinta Capital SGR, Ream SGR, Savills SGR, Sistan SGR, Sorgente SGR, Swiss Life REIM, Tages Capital SGR. We also perform valuations and due diligence with regard to acquisitions and investments for a number of asset management companies.
Over the last three years we have valued more than 2,800 assets within 90 Real Estate funds, for a total market value of approximately €15 billion. These assets are located within Italy and abroad, and include offices, residential properties, production facilities, commercial properties, logistics centers, hospitals, development projects and renewable energy plants.
Praxi Real Estate implements property and real estate portfolio valuations for spin-offs and divestment/optimisation programmes for clients of the calibre of the ENI Group, Poste Italiane, Banca Intesa SanPaolo, Unicredit Group, Banca Popolare di Vicenza, Banco Popolare and the Italian State Railway Group.
Praxi Real Estate conducts systematic valuation of property asset portfolios for institutional investors including the pension fund of the Unicredito Italiano Group, Unipol SAI Assicurazioni and Zurigo Assicurazioni, for which we make one-off estimates of the market value/lease contracts market (individual buildings for acquisition or disposal) and periodic valuations of their entire property asset portfolios or significant portions of them, for financial statements or corporate communication.
We conduct valuations on thousands of the services industry, residential, commercial, hospitality and industrial real estate all over Italy, with a market value in excess of € 5 billion, applying all the main appraisal criteria: discounted cash flow (DCF), capitalisation and comparison, as well as the cost method in some particular cases.
Praxi Real Estate also has specific, highly skilled experience in the valuation of property development projects. Worthy of mention are the areas in the Risanamento Group portfolio (the former Falck areas in Sesto San Giovanni, Milan, before being sold to the Buzzi Group, and Milano Santa Giulia), the Citylife portfolio (former urban centre of the Fiera di Milano), the Firenze Castello area and Cinecittà World area on the outkirts of Rome, as well as dozens of small-to-medium-size operations throughout the country.
The valuations were made applying the transformation value criterion both to the whole property development operations and to each of the lots and functional segments into which they are organised. 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 to carry out technical/financial due diligence activities on individual properties and real estate portfolios, which assists property companies, funds and investors with transactions, corporate operations and real estate financing. Clients include the Generali Group, the Unicredit Pension Fund, Telecom, ING REIM, ENI Group, Allianz Group, S.I.A., Leroy Merlin and Admenta Italia.
The Unit implements measures to support divestment plans or participation in competitive divestment processes, assisted by virtual data-rooms, which require operations to be conducted promptly within strict timelines and in accordance with stringent procedures for access to information and properties.
PRAXI’s pre-eminent, professional service provides clients with reliable support for their investment decisions, helping them to identify and appraise the key critical elements in each operation, without wasting time over minor details.
The types of properties analysed include services buildings, industrial complexes, commercial centres, tourist accomodation and business properties.
Praxi Real Estate has sound, extensive experience in property optimisation thanks to its wide range of skills.
With the persistance of the market crisis, property optimisation has become more important for conducting in-depth analyses of the technical/financial opportunities of each property, in order to identify the best, most realistic options for reuse/conversion, taking into account numerous factors (economic, market, urban planning and regulations etc.), which may affect the feasibility of recovery projects.
A ten-year-long experience with private property owners, and public authorities and bodies allows Praxi Real Estate to develop feasibility studies and optimisation possibilities in line with the actual characteristics and potential of the assets taken into consideration, comparing various alternatives using economic and real estate analysis and investment valuation tools (SWOT analysis, sensitivity analysis etc.).
The increasing interest by national and international investors in conventional (CCGT) and renewable (photovoltaic, wind, hydroelectric, biomass etc.) energy production plants requires the support of highly sophisticated specialist skills, ranging from in-depth technological expertise to economic/financial analysis of business plans, as well as significant knowledge of constantly evolving regulations and valuation of the real estate components of the investment.
PRAXI has gained vast experience in this field, assisting banks, leasing companies and investment funds. In the last three years, it has analysed and valuated more than 500 plants with a capacity of over 1,000 MW, with investments exceeding € 2 billion.
PRAXI also participates in and makes an important contribution to in-depth scientific and appraisal research on the sustainability of property development, energy efficiency (green buildings) and energy performance improvement. With regard to the operating plan, we are able to assist property owners throughout Italy in pursuance of regulations governing Energy Performance Certification.
Real Estate Advisory
Praxi Real Estate develops feasibility studies and business plans for real estate operations, analysing the various technical and economic/financial aspects.
In real estate assets analasys, our consultancy service is aimed mainly at banks, insurance companies, industrial groups and public authorities for the verification of profitability levels, optimisation or divestment opportunities and reinvestment possibilities.
Feasibility studies are built on certain fundamental phases: property optimisation analysis to identify any structural, architectural and regulatory restrictions relevant to conversions; analysis of the surrounding environment, taking into account town planning/building, socio-economic and demographic features etc.; quantification of needs and current and future competition levels in the various market segments; formulation of a series of property optimisation alternatives. PRAXI also helps clients find buyers or tenants for placement on the property market, as well as assistance with transactions or renegotiaton of lease contracts.
The order of interest of the individual options is objectively determined by applying both economic/financial (expected cash flow projections, ROI indicators, degree of transaction bankability) and qualitative (SWOT analysis) analysis methods.
Praxi Real Estate assists property owners in presenting optimisation alternatives to the competent authorities, highlighting the advantages and positive effects of proposed projects on the community.