Liquidating real estate

Wert Art Capital published two posts this year about Italian real-estate that I couldn’t ignore since it almost sounds too good to be true: Italy is filled with various closed-end real estate funds that are trading at a sizable discount – often around 50% – to net asset value and because of fixed maturity dates they have a solid catalyst on the horizon.That sounds pretty compelling to me, although I can imagine that not everybody has the same initial thoughts. Yak…Wert Art does a good job of providing some background on the history of the funds, and even more information can be found in this report on Italian REIFs.In almost all reports you can, for example, find information about the development of the GDP in Japan while most funds exclusively own property in Italy.More relevant information such as rental yields and occupancy levels is often nowhere to be found. Today I’ll give a brief overview of the various funds and the reason why I think they are attractive as a group, and in one or more future posts I’ll dive deeper in some individual funds and other relevant details (e.g. The table below provides an overview of the various listed Italian REIFs sorted by the .Sellers gain an advantage knowing an auction will drive competition for their property and bring true value to their assets, leading to a sale that benefits both the seller and the buyer.Our sellers come from a variety of backgrounds, from commercial and industrial real estate to residential.This gives a crude proxy by how much property values could decline before NAV is equal to the current market cap.Implicitly this values all other assets and liabilities that are part of the NAV at book value, so for funds that have significant other assets the measure might be flawed: Note that the data is a mix of values originating from 30 June 2014 and 31 December 2014.

Every month, you pay the interest due on the loan and a piece of the principal.

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