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Quarterly investment volume in Italian CRE stood at almost Euro 1.9 bn, a 24% contraction on the previous quarter but doubling the volume invested in Q1 14.
In Q1 2015 the majority of capital invested continued to be of non-Italian origin, standing at about €1.7 billion. This was down on the previous quarter but higher than the volume for the same period in 2014.
Cross regional capital dominates, amounting to 85% of the foreign capital invested.
Qatar leads the ranking with 57% of the quarterly total, followed by the US with 32%. Only 24% of foreign capital involved the acquisition of Real Estate portfolios.
The intense investor activity which continued into in the first quarter of the year, along with improvements in the economic outlook for Italy and interest rates reaching minimum levels, have all contributed to a compression of yields in the prime segment of some sectors
Quarterly take-up 3% higher than the same quarter of last year.
Speculative development activity remains weak with only one refurbishment project completed during the quarter.
Prime rent and yield are stable at € 490 /sqm/year and at 5,00% net, respectively.
The improvement in investment in Milan’s office sector continues, standing at close to around €550 m in Q1 2015, a strong increase on the €217 m of the previous quarter and on the €173 m of the same period last year.
Almost 20% of the total amount invested in offices in Milan relates to transactions for owner occupation on empty properties for conversion.