Fenice Immobiliare Generale will launch a real estate equity crowdfunding campaign today on the Concrete Investing platform with a fundraising target of 4 million euros, the highest ever set for an operation of this type in Italy (see the press release here).
The fundraising will also include an investment by Stoneweg, a management company founded in 2015 and based in Geneva, holder of structured finance mandates with underlying real estate and pure advisory services for the optimization of real estate investment portfolios. The company has been active for some time in Italy. We recall, for example, that a year ago Stoneweg announced that it was investing a total of 100 million euros in the construction and renovation of properties selected in the markets considered key for the Spanish Glovo, the on-demand delivery app, and in particular in Italy, Spain, Portugal and Romania (see here a previous article by BeBeez). In 2020, however, Stoneweg and the US-based fund York Capital Management had sold for over 200 million euros to Korean investors, represented by JB Asset Management (JBAM), 49% of the shares of the Pegasus fund managed by Kryalos sgr, owner of Quinto Palazzo Uffici in San Donato Milanese, Milan (see here a previous article by BeBeez).
Returning to the project promoted by Fenice Immobiliare Generale, it has a duration of 30 months and an expected ROI of 28.3% on a total transaction value of 25 million euros. The project involves the renovation of a building in the center of Milan, in via Giannone 2 in the Borgo degli Ortolani district, between Moscova, Sarpi and the Arco della Pace. The building, which has 6 floors, with a surface area of 2,888 square meters, once completed will provide 28 new apartments (11 two-room apartments, 5 three-room apartments, 11 four-room apartments, and a 454 sqm penthouse on the top floor) 21 cellars and 6 underground garages.
The design manager is the LMA architecture firm, the Dolce studio is responsible for the work management, while for the legal aspects the company is assisted by the Apollo e Associati studio for the contractual part and by the Sarubbi Poggi Longostrevi studio for all tax aspects. .
This is the third investment in Milan for Fenice Immobiliare Generale in Milan after those in via Mauro Macchi 61, in the NOLO area, and in via Fioravanti 5, adjacent to the Porta Nuova district. The Fenice Immobiliare Generale Group specializes in the management and construction of major works for residential, commercial and office use. The company is 95% controlled by HPS srl and 5% by REDE srl, both companies controlled by Carlo Caiffa and also owned by Luigi Caiffa. The group has been operating on the Milan real estate market, and in Puglia, especially in Salento, for twenty years, from retail for national and multinational operators who intend to invest in the area, to high-end residential. Fenice Immobiliare Generale is active in Milan especially in the area of regeneration, real estate redevelopment interventions in the high-end residential sector in central areas, with particular attention to the sustainability of living.
We recall that Concrete Investing already in February 2020 had raised a record figure of 2.5 million euros in 24 hours for the construction of the Bluestone real estate project in Milan; operation sponsored by the BlueStone Group, an important real estate development company, which has been operating in the Milan area for over 20 years (see here a previous article by BeBeez). Subsequently, in July 2020, the platform raised 3.3 million euros for the Washington Building project in Milan, a new residential development of over 13,000 square meters that will be built in the former Officine Fratelli Borletti production plant in piazzale Irnerio in Milan (see here a previous article by BeBeez); finally, in December 2020 the platform had raised 3.8 million euros with the Varese 10 project in Milan (see here a previous article by BeBeez), offering investors an expected annual return (IRR) of 12.3%, an overall return of investment (ROI) of 29.8% for a holding period of 27 months.
We recall that, according to data from CrowdfundingBuzz, the real estate crowdfunding platforms (equity and lending) in Italy have raised 99.2 million euros in 2021, up 52.6% from 65 millions in 2020. Real estate equity crowdfunding platforms raised 42 millions versus 29.3 millions in 2020 (+ 43%), with 23 real estate projects were financed versus 19 in 2020. As for Concrete Investing, in 2021 it raised 9.55 million euros, while since its inception it has closed 16 campaigns for a total of 29.65 million euros of capital raised.
