Cdp Immobiliare, downsizing due to real estate crisis

The critical issues in Cdp's real estate activities are pushing the company controlled by the Treasury to evaluate a drastic downsizing of Cdp Immobiliare, according to Radiocor reports. Cdp Immobiliare 'is one of the protagonists of Italian real estate' reads the 2016 financial statements of Cdp but it is the same annual report of the group led by Fabio Gallia and chaired by the investment banker Claudio Costamagna that reveals all the recent difficulties encountered in the real estate sector. A property portfolio worth 2 billion 'not generating any income - writes Cassa spa – a source of high recurring costs and largely unplaceable on the market as it stands and without substantial investments'. A problem aggravated by bank debt of 750 million, all attributable to the 14 joint ventures of Cdp Immobiliare, chaired up until a few months ago by Aldo Mazzocco who left the group in March. Cdp Immobiliare suffered the second greatest impairment on the CDP balance sheet after that attributed to the Atlante Fund: a cut of 270 million with an asset value that dropped from 500 million in 2015 to 322 million. The devaluation of Atlante carried out by Cassa spa, as known, was 294 million on an investment of 500 million.