GVA Redilco: 2018 results and outlook for 2019
May 13, 2019
Office and High-Street Retail

A total of 80 lease contracts were closed, reaching over 130,000 sqm of take-up, a threshold which GVA Redilco has steadily exceeded for 5 years.

These included the following deals, which led to the assets involved being fully or almost fully let:


  • Via Santa Margherita 12

  • Cordusio 2.0

  • Via Orefici

  • Via Turati 30

  • Via Mazzini 9/11

  • Via Principe Amedeo 5


  • Via dell'Arte 25

  • Piazza Barberini

  • Piazza Venezia 1

  • Avenue Eiffel 13/15

Office take-up in Milan finally reached 400,000 sqm and forecasts are confirmed for further growth in 2019, with a record first quarter of over 125,000 sqm. The prime rent level touched €600 /sqm/year whilst prime Net Yields stood at around 3.3%. In Rome, office take-up is expected to exceed 200,000 sqm this year after Q1 reached 90,000 sqm, and we estimate that prime rents in the CBD will arrive at up to € 480 Euro /sqm/year for prime locations. GVA Redilco is currently involved in the main marketing schemes in both cities, in particular in the following projects: Pharo, Symbiosis, Gioia22, Moscova33 and Corso Italia - the Angle in Milan; and Piazza Venezia 5, Via delle Vergini 18, Piazzale Flaminio 2, Piazzale Sturzo 23/31, Campus Laurentina, Viale dell'Arte 25 and Europarco-E1 in Rome. In the high street retail sector, we are witnessing what is probably one of the most interesting market phases for the last decade: on the one hand Italy is finally seeing the entry of the new top retailers which the market had been expecting for years – such as Uniqlo in Piazza Cordusio – and on the other there is the need to change the more traditional models, which are being challenged, in order to live alongside the unstoppable of e-commerce phenomenon. The retail projects for 2019 include Garage Traversi, Piazza Liberty and Via Verri in Milan, and Galleria Alberto Sordi in Rome, to be presented during Mapic Italy.


As far as regards the logistics/industrial sector, GVA Redilco's position as market leader was consolidated following the closure of 23 letting transactions, corresponding to about 290,000 sqm of take-up in pure logistics buildings, in addition to a dozen purchase and letting transactions involving light-industrial assets and development land. The main deals included:

  • Those relating to Esselunga's e-commerce logistics activities in Milan, Rome and Bologna (3 'last-mile' buildings, circa 12,000 sqm each).

  • The complete letting of the first speculative logistics development in Italy by GreenOak / Dea Capital in Arese (52,000 sqm).

  • Letting of circa 40,000 sqm in Fiumicino, by landlord Kryalos (Logicor).

  • Completion of the letting of the 40,000 sqm logistics building in Basiano managed by DWS

  • Completion of the letting of the DEKA Immobilien asset in Pontenure (PC).

Capital Markets

On the investment side, GVA Redilco has concluded deals for around € 1 bn over the last 15 months. The following deserve a special mention:

  • Viale dell'Innovazione 3, Milan (Office)

  • La Forgiatura, Milan (Office)

  • Via Roncaglia, Milan (Office)

  • Via Ripamonti 85, Milan (Office)

  • Corso Italia and Via Washington portfolio, Milan (Office)

  • Viale Monza and Via Monfalcone portfolio, Milan (Office)

  • FPC Portfolio - 27 assets in Milan and the province (Mixed Use, Office - Living)

  • Portfolio of 6 nursing homes facilities in Central and Northern Italy (RSA)

  • Via Giovenale and Via Ripamonti, Milan (Living)

  • Via Fornovo 8 and Viale di Villa Grazioli, Rome (Office)

  • Broni Logistics Park (Logistics)

  • Via Ludovico Ariosto, Rho (Logistics / Express-courier)

  • WOLT portfolio (Logistics / Express-courier)

GVA Redilco's results in the ‘new’ Living sector were also very positive, with 14 transactions recorded in the Residential, Student Accomodation and Healthcare segments.

The investment market in Italy closed Q1 2019 at close to € 1.8 bn and we estimate that the total volume for the current year will reach over € 10 bn.

“For the entire real estate sector and for us in particular, 2018 was extremely positive, with over 40% growth,” said Giuseppe Amitrano, CEO of GVA Redilco. “Our clients are increasingly demanding in terms of quality of service and we are proud to have our position as one of commercial real estate's top four players and the first independent Italian company by level of growth confirmed at a national level. For 2 consecutive years we have been recognised by Il Sole 24 Ore and Statista as among the 300 best performing Italian companies, with a significant increase in turnover over the three-year period, and we are confident of confirming this result once again this year. Almost three years from Redilco’s Management Buy Out operation, we aim to exceed 20 million/€ in turnover in 2019 whilst maintaining the target for double-digit growth and margins levels that exceed the sector average. All with the entrepreneurial spirit which distinguishes us combined with an institutional approach.”