Interview with Fabio Tonello, chairman of Antoitalia, Italian real estate agency and advisory group based in Milan, and Piergiorgio Mangialardi, COO of Antoitalia Hospitality, company of the group specialising in the hospitality industry. The interview concerns real estate and tourism developments in Italy. From the quarterly magazine "Lombard", published in English by Class Editore. For more info see www.antoitalia.it Press Room Press Review

1. Antoitalia Press Review www.antoitalia.it From: Lombard, October 2010
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scaled down their business, like
BNP Paribas and Calyon. "We
Luxury Hotels &Villas for Sale i
.........HW •• WM •••• __ •• ,. __ ..... ___ .......... __ ••.•• _ ...... _ "'''''''''H''_' ___ ' __ ''H''H'_'''' '' ___ ''_''''' _____ ''H' _ _ _ •• ___ .. __ ........ _
are analyzing the financing of
4 retail transactions for a value At least € 10 bn in funds are already earmarked for investment in the tourist-
of € 400 mn. These are existing hotel sector over the next three years. 60% of this amount wi Il be divided
centers," observes Gael Mattone, between four cities: Milan, Rome, Florence and
Head of Real Estate Structured Venice according to Antoitalia Hospitality, which
Finance Italy for Société Géné- specializes in advisory services and has performed
rale, which has focused its entire analysis of ali current and planned real estate
pipeline on retail, so far without operations in the sector. "New initiatives are being
dosing a deaL Only the German weighed up by the banks with extreme care and
Aareal bank has been active this p rudence, and leverage does not exceed 60%
year (see interview on previ- of the overal l investment. But there are banking
ous page), while Unicredit and partners wil ling to bet on a strong recovery in
Monte dei Paschi (MPS) don't this area and the projects are going ahead," says
seem to have taken advantage Piergiorgio Mangialardi, partner and COO of the
of the retreat of their foreign company, which belongs to the group, headed by
competitors by occupying the Fabio Tonello. According to Scenari Immobiliari,
abandoned market shares. "On reve nues from rea l estate linked to tourism wil l
the one hand we conduct trans- increase by about 18% this year. Marzia M orena,
actions with a focus on prof- president of the Royallnstitute of Chartered
itability and, on the other, we Surveyors, Italy, thinks that tourism could turn
focus on development but in out to be an exceptional resource. " In the long
tandem with a certain profitabil- term, this is a sector that is going to attract more
ity campanent in partnership and more large international groups", adds Harry
with aur customers", says Piero Farthing, CEO of Cushman & Wakefield, Italy. "I
Mazzi, real estate manager of think the time has come to step up size." Roberto Colannino
Banca IMI (Intesa Sanpaalo) the Expectation for growth is high because the value took on the archistar
largest operator on the market. of assets changing hands has been reduced Massimiliano Fuksas
The group is financing forty real by a third since 2009: tourist numbers from (right) for the luxury
estate transactions thraugh a abroad have dropped by 3%, and Eu ropean villa project with hotel
credit facility totalling € 4 bn. arrivals (down 8%), fared even worse, with hotel and golf facilities in
"Even during boom times, we occupancy down 7% and levels of investment cut Sardinia. Paolo Fresco
have never disbursed loans with by half. Earnings have also dropped: (above), the past
a lever exceeding 75% ofthe cap- by 15% across the board for the President of Fiat, is
itaI, and that has allowed us to business category, while the also betting on the
have an absolutely problem-free leisure area has managed to same Island, with a €
portfalio", observes Mazzi. contain the fall -off to 2-5%. 650 mn project. Fabio
The hateIJtourism sector will al- So what kinds of projects Tonello (below), head of
sa be another opportunity to be are in the pipeline? Antoitalia Antoitalia Real Estate, is
exploited for the leading Italian surveyed about a thousand bullish about tourism
banking group, as it is amongst new initiatives in the
the financiers af the tourisml project start-up stage
hotel complex of Capo MaIfa- which had not yet launched building permit
tano, dose to Cagliari (in an procedures. These included greenfield sites
area of 140,000 m2), which with abandoned bui ldings such as casti es ruins
Sitas is constructing and in or large rural residences, and brownfield sites
which Sansedoni, the Toti with abandoned industriai or commerciai
group, Ricerca Finanziaria areas to be rezoned. Projects for go lf
resorts in particular are on the rise, since
this is a market segment that stili has a lot
of scope for development in Italy. Fabio
Tonello stresses that 25 mi ll ion tou rists travel
every year to play golf according to IAGTO
(the International Association of GolfTour
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2. Antoitalia Press Review www.antoitalia.it From: Lombard, October 2010
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Operators). The experiences of Spain and Portugal
- but also other drives in Greece, Turkey and
Morocco - indicate a great potentia l not just for
real estate operators and managers but also for the
tourist sector as a whole.
Then there are development projects that have
been approved but not yet launched, as well as
severa I dozen that have received approvai but are
stalled due to lack of funds . It is estimated that,
in 2009, 50% of ali construction work suffered
serious de lays or was closed down altogether.
Here again, the credit crunch was to blame .
In March, Nomisma issued a report on the most
important development projects of an innovative
nature, aboutfifteen in all, of which six in Sicily
and Sardinia. These are just some of them. Near
Crotone, the Israeli Madpit
Group wants to build a mega-
complex called Europaradiso,
w ith an averai I investment of € (Benetton)
5 bn. This is a veritable town of and the Padua
its own, with hotels, go lf links, group Toffano are
stables, a stadium, shopping participating. Last
areas and even an airport. January, Banca Imi assist-
Near Cagliari in Sardinia, Irish ed the Franza Group in the sale
developer Thomas Kane and of two luxury hotels in Taonru-
Paolo Fresco, former President na, the Grand Hotel Timeo and
of Fiat, are planning to bu il d VilJa Sant'Andrea, to the Olient-
a golf link, a beauty farm and Express Hoteis chain for € 80
700 villas far a total of about € mn. Leo Civelli, CEO of Reag
650 mn. In the sa me part of the Europe, who heads the Ameri-
island, in Pula, Roberto Colaninno's Immsi Group has launched another can Appraisai Group, a leader
project worth € 115 mn, designed by Massimiliano Fuksas, for 240 prestige in appraisais and real estate
villas, two hotels, a luxury spa, shops and golf links. Condotte Immobiliari is consultancy services, confirms:
planning a tourist accommodation complex worth € 135 mn near Oristano. "Hoteis will certainly be one of
In Licata in the Agrigento area of Sicily, Iniziative Immobiliari Caltan issetta the sectors favored by the large
is working on a marina for 1,600 vessels with residential and shopping international investors, because
complexes and a fitness center far a total of € 115 mn. The list goes on, ltaly has a vast and unique cul-
with two Rome-based projects (one by Immobilfin of the Scarpellini Croup tural and natural legacy, but a
worth € 150 mn and the other by Interservice worth € 165 mn) for five hotel sector that is behind the
hotels in all, a tourist resort near Siracusa by Bulgarella Holding worth € 50 times and fragmented". Fabio
mn, three projects in the Pisa area with two already under construction by Bandirali instead indicates two
Condotte Immobiliari and Marano (worth € 26 mn and € 60 mn respectively) areas in which the competition is
fo r hotels and tourist residence faci lities, and two establishments fo r the less involved: shopping centers in
Starwood Hotels chain in Milan's Srera area for a total investment of € southem ltaly and sites dedicated
67 mn. There will also be a significant repositioning of existing hotels, to family entertainrnent: the new
according to Antoita lia, with the aim of bringing the establishments and generation stadiums, for exam-
their facilities to create or expand the space dedicated to wellness/spa pIe, where football will not be the
facilities, including conversion into veritab le 'well ness hotels' or spa hotels. only entertainment. A concrete
An important factor of this trend is the redevelopment of hotel properly in example is the multi-functional
particularly sought-after locations. It is estimated that at least fifty projects sports project that Giugiaro Ar-
are under construction . chitecture has designed for the
Bergamo stadium. ..
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3. Profile of ANTOITALIA – The Italian real estate full service providers
ANTOITALIA (www.antoitalia.it) is the leading Italian operator providing real-estate
services for corporate clients. Agency and advisory services for the sale of whole
buildings and property portfolios - with a specific focus on trophy assets - represent the
core business of the company.
ANTOITALIA brings together the outstanding know-how of a skilled management team that
boasts over thirty years’ experience in the sector. Thanks to its team and to strategic
alliances with specialised operators, ANTOITALIA provides an integrated mix of services in
the real-estate sector, able to respond to its clients’ every requirement. A network of over
1,200 real estate agents and professionals in Italy and abroad ensures the widest market
coverage.
Based around a series of specialised business units and companies, ANTOITALIA acts as a
single point of reference for the client. Activities carried out include agency, advisory,
valuation, property management, engineering and general contracting, for entire
buildings, sub-divisions and building-site operations, whether for residential, commercial or
office use. Antoitalia Hospitality - headed by Piergiorgio Mangialardi – is the group’s
company specializing in developments and transactions relating to tourism and hospitality
facilities (hotels, resorts, golf complexes, spas, marinas). Antoitalia Property
Management is the business unit providing property management and valuation services
aimed at enhancing value and return of the assets managed.
ANTOITALIA has recently created two new business units: Antoitalia Engineering &
Construction and Antoitalia High-Street Retail. The former – headed by Gianni
Buccheri – specializes in planning and design, civil engineering, construction, renovation
and green building. The latter - a joint-venture with Andrea Lorenzato’s company Sviluppo
Negozi – is the business unit specializing in the high-street retail property segment,
focusing on fashion and luxury.
ANTOITALIA’s chairman is Fabio Tonello. ANTOITALIA is a member of FIMAA (Federazione
Italiana Mediatori Agenti d’Affari – the Italian federation of agents and brokers), FIABCI
(the international real-estate federation), Assoimmobiliare (the Italian real-estate
industry’s association) and Assolombarda (the Lombardy business association).
For further information: www.antoitalia.it
For information on San Pietro all’Orto 6, the exclusive development of Luxury Serviced
Apartments for sale in the heart of Milan: www.sanpietroallorto6.it
Contacts:
ANTOITALIA – Via Fatenenefratelli, 19 – 20121 Milano
T +39 02 2901 3497
livio.lanteri@antoitalia.it
Antoitalia Press Office: Robert Hassan
Cell. +39 338 88 37 628 - robert.hassan@tiscali.it

4. Profilo di ANTOITALIA
ANTOITALIA (www.antoitalia.it) è leader italiano nel settore dei servizi immobiliari per una
clientela corporate. Il core business è rappresentato dai servizi di agency e di
advisory per la vendita di immobili cielo-terra, con focus particolare sui trophy asset.
Grazie alla consolidata esperienza e competenza del management – che opera nel settore
da oltre trent'anni – e grazie ad alleanze strategiche con società attive in specifici segmenti
del real estate - ANTOITALIA è in grado di offrire un mix integrato e coordinato di servizi,
che rispondono a tutte le esigenze espresse dalla clientela. Un network di oltre 1.200
agenti e professionisti in Italia e all’estero garantisce ampia copertura a livello territoriale.
Il gruppo - organizzato in società e business unit specializzate – si pone come unico
interlocutore nei confronti del cliente. Le attività svolte includono agency, advisory,
valutazione, property management, engineering e general contracting, per
immobili interi, frazionamenti e cantieri, a destinazione residenziale, commerciale e
terziaria. Antoitalia Hospitality - diretta da Piergiorgio Mangialardi - è la società del
gruppo dedicata al segmento hospitality real estate: operazioni di sviluppo e transazioni
relative a strutture turistico-ricettive (hotel, resort, complessi golfistici, spa, marine).
Antoitalia Property Management è la business unit dedicata all’offerta di servizi di
gestione e valutazione per patrimoni immobiliari privati e societari, con l’obiettivo di
ottimizzare i rendimenti degli asset gestiti.
ANTOITALIA ha recentemente dato vita a due nuove business unit: Antoitalia
Engineering & Construction e Antoitalia High-Street Retail. La prima è la divisione –
diretta da Gianni Buccheri - specializzata in progettazione, ingegneria, costruzione,
ristrutturazione e green building. Antoitalia High-Street Retail – joint-venture con la
società Sviluppo Negozi di Andrea Lorenzato - è la divisione dedicata al segmento degli
immobili commerciali nelle strade più importanti dello shopping, con focus su moda e
lusso.
Presidente di ANTOITALIA è Fabio Tonello. ANTOITALIA è associato FIMAA (Federazione
Italiana Mediatori Agenti d’Affari), FIABCI (Federazione internazionale agenti e operatori
immobiliari), Assoimmobiliare e Assolombarda.
Per maggiori informazioni: www.antoitalia.it
Per informazioni sull’esclusiva iniziativa di San Pietro all’Orto 6 – Luxury Serviced
Apartments in vendita nel cuore di Milano: www.sanpietroallorto6.it
Contatti:
ANTOITALIA - Via Fatenenefratelli, 19 - 20121 Milano
T +39 02 2901 3497
livio.lanteri@antoitalia.it
Ufficio stampa Antoitalia: Robert Hassan
Cell. +39 338 88 37 628 - robert.hassan@tiscali.it
www.antoitalia.it