BREAKING NEWS – 06.07.2023

In the press release of July 4th, 2023, the Borgosesia Group – investor in the context of special situations & opportunities in order to enhance the assets acquired in such contexts – announces that it has completed real estate sales (including preliminary, irrevocable purchase proposals and collection receipts), in the first six months of 2023, for a total of € 23.60 million, thus recording an 84.0% growth compared to the first half of 2022. This figure is accompanied by investments concluded in the same period, amounting to € 22.50 million (+28.0% compared to 2022). To contribute to this result, it is worth highlighting the positive effect associated with the disposals made as part of the operation that led to the purchase of the Hybrid Tower Mestre (“HTM”) for € 17.50 million. As expressed in the press release on June 30th, 2023, the latter represents a skyscraper built on the areas of the old depot of the public transport company ACTV, within the municipality of Venice. It is a site that has undergone an evolution over the years, passing from an industrial and semi-abandoned area to a new management, tourist and residential centre, also thanks to the HTM, an avant-garde project completed at the end of 2016, developed by the ASA studio of the well-known architect Flavio Albanese. Specifically, the HTM has a commercial area of about 6,000 square meters (to which is added a covered parking area), has 19 floors housing offices, an innovative medical center, 38 apartments of various sizes, fully furnished and designed for the mainly tourist short-lease market, and finally a panoramic restaurant and a terrace with 360-degree views of the Pre-Alps and Venetian lagoon. Added to this is the presence of the largest LED advertising screen in Italy, powered by solar panels.  The property is now fully leased, with an estimated annual fee of between € 1.30 million and € 1.60 million, depending on the variables connected to the suites, whose management is entrusted to an operator in the sector. In the context of the operation concerning the HTM, the Group sold the entire capital of Canuel Srl (a company that owns a property leased to third parties in Sanremo), as well as that of Newco Lake Srl, a company to which two important areas located on the Lombard shore of Lake Maggiore were added. With reference to the smaller of the two areas, the commitment was also made to obtain the related building titles by June 30th, 2024. The disposals were completed for a total amount of € 9.30 million, net of financial liabilities of € 1.00 million.  The new investment, at the same time as the aforementioned disposals, allows the Group to pursue a strategy focused on targets that have the ability to generate immediate income, without compromising, within an evolving context, their profitable future disposal, while lightening the areas portfolio.   Taking into account the press release, we confirm our recommendation: target price € 1.80, BUY rating and risk MEDIUM.

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