Fondo Nazionale del Turismo
Through the Fondo Nazionale del Turismo, we provide funding to unlock growth in Italy’s hospitality sector, facilitating the deconsolidation of Italian hotel chains and enabling the general improvement of accommodation facilities.
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Sub-Fund A
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Sub-Fund B
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FT1
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FT2
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Indirect operations |
FT3
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| Strategic focus | Acquisition of properties requiring significant refurbishment/repositioning with a significant local impact. | Support operators' growth through real estate deconsolidation transactions (e.g. sale & leaseback), freeing capital for reinvestment in growth and business consolidation. | Support the tourism and leisure sector through investments in target funds managed by third-party asset managers. | Acquisition and subsequent refurbishment of tourism and hospitality properties. |
| Target commitments | 273 million | 377 million | 250 million | 150 million |
| Term | 19 years + max. 5-year extension + 3-year grace period (ordinary expiry: 31 Dec 2036) | 15 years + max. 5-year extension + 3-year grace period (ordinary expiry: 31 Dec 2036) | 30 years + max. 5-year extension + 3-year grace period (ordinary expiry: 31 Dec 2046) | 14 years + max. 5-year extension + 3-year grace period (ordinary expiry: 31 Dec 2036) |
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| Number of properties | 9 | 17 | n.a. | 5 |
| Depositary bank | BNP Paribas S.A. | BNP Paribas S.A. | n.a. | State Street Bank |
Operations - Acquisition of completed or under-development hotel properties on the market for refurbishment and repositioning.
- Primarily focused on tourist destinations across Italy with untapped potential (e.g. Southern Italy and mountain areas).
- Partnership agreements with hotel operators to enhance the quality of the offering and support operators' growth.
- Co-investment by the hotel operator for the repositioning of the asset.
Operations - Acquisition of completed and operational hotel assets on the market.
- Assets located in established destinations across Italy.
- Acquisition of hotel properties owned by the operator through sale-and-leaseback transactions, with the operator committing to reinvest the sale proceeds in asset refurbishment, the acquisition of new management contracts and/or business consolidation.
- Partnership agreements with hotel operators to support their growth.
Operations - Identification and selection of investment opportunities in existing or newly established real estate investment funds investing in tourism, hospitality, residential serviced apartment and staff housing properties located in Italy.
- Co-investment transactions with third-party investors through subscriptions representing no more than 50% of the total cash commitments raised by each Target Fund.
Operations - Acquisition by public and private entities of completed hospitality properties, including following refurbishment, also with the aim of supporting the growth of hotel operators operating in Italy.
- Investments are also directed towards economically disadvantaged areas and secondary destinations where the aim is to promote the development of tourism flows.
- Identification of qualified hotel operators with whom to enter into lease agreements in order to promote tourism in secondary destinations and support the operators' growth.
