The real estate investments, but i funds I'm still in the red. This is what emerges from the XII Real Estate Finance Monitor created by the University of Parma in collaboration with Caceis Bank (Crédit Agricole Group). In particular, according to the study, real estate funds closed 2017 in the red by 228 million euros (compared to -296,4 million in 2016). Only 38,68% of the funds analyzed managed to close in profit.
The negative result is not to be attributed to you realize, which produced a profit of 41,2 million euro, against the loss of 114,3 million recorded the previous year. A negative impact were the capital losses – which quintupled from 55,9 million in 2016 to 284,4 million euros in 2017 – the management charges real estate (increased up to 60 million euros), e the Imu and the Tasi, which doubled, reaching 89,8 million euro, with an incidence on the loss for the year of 39,34% (against 16,3% in 2016).
The result is also bad credit management (-8,1 million) and that of management relating to financial instruments, which, compared to last year, shows a significant downsizing (from -234,8 to -59,5 million euro).
In 'asset allocation of real estate funds, in fact, the portion invested in financial instruments compared to 2016 it decreased by more than five percentage points (from 9,15 to 4,99%), maintaining a preference for unlisted instruments which reach an incidence of 96,49%. There is therefore a greater exposure to counterparty risks, linked to the solvency and transparency of the counterparties with which transactions are carried out, and to liquidity risks, connected to the possibility that an instrument cannot be liquidated quickly and at an appropriate price due to the absence of a regulated market.
The assets represented by real estate and real rights rose from 79,97% to 86,92%, above the minimum limit imposed by law.
