"The real estate market is recovering and the time for outlets is not over: it will take time, especially in Italy, before e-commerce changes the paradigms of commerce". The opinion is that of Giuseppe Roveda, CEO of Aedes Siiq, historic real estate company listed on the Stock Exchange (MTA circuit) and active in the office and retail segment. With regard to outlets in particular, the Milanese company is a pioneer: in 2000 it participated in the project for the first Italian outlet, that of Serravalle Scrivia, between Milan and Genoa, and has just closed a 5,6 million euro operation for a share of the 40% of The Market, the new outlet in San Marino created in partnership with the Borletti group, Dea Real Estate and VLG Capital: “A smaller basin than that of Serravalle, but close to the Romagna Riviera. And only 2 million tourists pass through San Marino every year”.
Is tourism one of the main levers at a time when, despite the signs of economic recovery, consumption is struggling to recover?
“Yes, and it was exactly like this for Serravalle. That outlet had an extraordinary, almost unexpected success: it is true that we counted on a pool of 9 million residents on the Milan-Turin-Genoa axis, connected by two motorways, but the evolution from a purely commercial product was decisive to tourism product. By now tourists organize real trips to Serravalle, even stopping for one night: this has also allowed related industries, restaurants and hotels, to grow a lot”.
What do you expect instead from the San Marino project?
“We have a 40% stake and our intention is that of a long-term investment. The basin is smaller, and in fact the size of the area is half that of the center of Serravalle (25 m50 against XNUMX), but we can count on tourism from the Romagna Riviera and also on visitors from San Marino alone. Not everyone knows it but for various reasons at least two million people pass through there every year".
What do you have on your agenda for 2018?
“Always focus strongly on retail: we will expand Serravalle with phase 7 by spring 2018 and then we have a major initiative in store in the province of Turin, near the Caselle airport, with a project of around 113 square metres. It would be the largest shopping center under construction after the one in Segrate, on the outskirts of Milan. If all goes well, construction sites will start next year”.
So retail is still alive, in the age of Amazon.
"Absolutely yes. First of all, the economic data tell us that the climate is more positive, even if, as we said, domestic consumption is struggling to take off. We must certainly follow the changes in trade, which is constantly evolving: twenty years ago outlets didn't exist, now they exist, who knows in the future. E-commerce is a reality but it is too early to talk about the decline of shopping centres: it is true that there are many in the USA malls they have closed, but I know others are doing very well. And let's remember that trends in Italy are always changing more slowly than elsewhere, here the times are less ripe for change here”.
In July you approved a new business plan: what are the main changes and main objectives?
“We are currently a small-sized Siiq, a listed real estate investment company, we would like to become medium-sized, reaching 2023 billion euro of owned properties by 1,6, both through the development of shopping centers and through the acquisitions of “Retail and Office” portfolios that we are evaluating”.
From a more general point of view, which goes beyond the commercial branch segment, what is the state of health of the real estate market today? In the residential sector there is a recovery in sales and, at least in the main cities, a first sign of a recovery in prices: is this also the case in the other real estate branches, such as the one in which Aedes operates?
“Yes, there is a recovery even if it is not generalised. I don't deal with residential, as far as commercial is concerned I can say that in Milan prices have risen to values never seen even in 2006, but this is not the case in the province, for example. There is certainly the sign of an increase in transaction volumes, which usually means a rise in prices, and we also found some interesting data in Rome. But I feel like saying that the tow comes from Milan”.
