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Public buildings: the extraordinary disposal plan for 2019-2021 has been launched

The ministerial decree contributing to set the perimeter and the methods of action of the extraordinary plan for the disposal of public building provided by the 2019 Budget Law has been published on the “Gazzetta Ufficiale” of the Italian Republic. The plan, which has been adopted with a specific Prime Minister Decree, will have positive effects on public finances from different points of view: the direct reduction of central and local Government debt, the possibility - by changing the property and the intended use of some buildings -  to encourage the recovery of unused ones. Positive effects are also expected in terms of investments and employment, both nationally and locally. Properties included in the divestment plan have an estimated value of around 1.2 billion euros. The aim is to achieve revenues for € 950 million in 2019 and for € 150 million in 2020 and 2021, respectively.

The plan involves various public entities and provides for different measures for the disposal and the enhancing of public real assets.

 

The “Agenzia del Demanio” - State Property Agency has identified 420 buildings and lands owned by the State that are no longer used for institutional purposes, with a value of € 420 million. The publication of the first sales notices, through public auction aimed at investors and ordinary citizens, has been made in July. It affects 93 properties of those included in the list attached to the decree. In order to facilitate the accessibility to information and the participation in the auctions, promotional and support tools are provided, including the Notary National Council platform. All the details on assets for sale, information on calls for tenders and useful contacts for assistance are regularly updated on the SPAinstitutional website www.agenziademanio.it, in the dedicated section "State Real Estate Sales Plan", directly accessible from the homepae. In the meantime, the Agenzia del Demanio has already started the activities for the disposal of additional 1,200 assets with a lower unit value, for a total of about 38 million euros, which are going to be sold through regional notices and tenders, as well as direct negotiations where required by law. Altogether the Agenzia del Demanio will proceed with the direct sale of 1,600 properties, for a total value of € 458 million.

Additional state-owned properties subject to the extraordinary disposal plan were identified in the context of those used by the Ministry of Defense, for an estimated value of 160 million of euros referred to 40 units. These assets will also be sold through one of the procedures provided for by the current legislation.

In the context of the plan, a different strategy will be implemented by Invimit SGR, the asset management company owned 100% by the Ministry of the Economy and Finance, which will manage the disposal of the public properties conferred to its real estate funds. The estimated incomes from these sales is around 610 million euros, out  of which 500 million through the sale of fund shares and 110 million through the direct sale of real assets with an innovative auction procedure. A first tranche of the assets for sale are located in major cities, such as Rome, Palermo, Florence and others, and more information were already published on the website www.invimit.it, together with some tools to make the process easily accessible and transparent (video tutorial, toll-free number 800.190.569). On the other hand, Invimit SGR  is studying an operation that will lead, within the time strictly necessary and in compliance with the sectoral regulations, to the establishment of new real estate funds managed by the SGR, whose shares would be partly sold on the market.

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