ACCADEMIA SGR SpA
The Company Accademia SGR is an asset-management company specialised in managing real estate funds. Based in Milan, it combines the international experience accumulated in real estate and the asset management business by Banca del Sempione Group with real estate experience gained in the Italian market, particularly Milan and Rome. Directly managed by the company, with the advice of real estate industry experts, the Funds offer investors the necessary comfort of the guarantees afforded by a strict control structure under Italian law. Investment Philosophy Accademia SGR is an asset management company specialising in reserved closed-end real estate funds, offering its clients the opportunity to invest in an ideal instrument for transforming savings into a real, profitable, and safe investment, with an attractive yield, far from securities market fluctuations because of real estate value growth over time and solid income. Since these funds are mainly reserved for “qualified investors” and are subscribed by a limited number of investors, Accademia SGR may allow the investor a high degree of transparency and customisation including the right to speak and of veto in some decisions regarding management of the fund in compliance with applicable laws. The Company, therefore, provides its clients with customised management services. The main advantages linked to real estate management via real estate funds are in particular: asset securitisation, debt deconsolidation, professional property management and the separation between characteristic company business and real estate management. Types of investors Accademia SGR addresses a restricted number of “Qualified Investors”, with experience in real estate investments and willing to delegate management of their assets to participate in real estate transactions in association with other parties having the same qualifications. Qualified Investor is defined in Italian Decree N. 228 of 24 May 1999. “Qualified Investors” include institutional investors and both legal entities and natural persons, having specific skills and experience in the fund’s investment sector. It is possible to transfer one’s real estate assets to a fund that the SGR then professionally manages and increases in value or to invest a part of one’s liquid assets in shares of a real estate fund which already contains properties, with the objective of diversifying risk and of indirectly and partially owning real estate. Investors can therefore secure an attractive yield, even in the current market scenario, compared to other traditional forms of stock market investment. In addition to reserved real estate funds, Accademia SGR also offers appealing opportunities for investing in funds with a wide base of participation of institutional clients interested in differentiating their investments in shares of funds specialised in particular business areas including shopping centres, sports facilities, residential and service-sector real estate assets. Types of funds Our SGR mainly deals in the following types of funds: Real estate investment may be in real estate assets, real estate rights, and/or equity investments in real estate companies, i.e. in companies that appraise, buy, sell, and manage real estate, including related businesses, or construction; Closed-end the fund regulations set the timetable and procedures for underwriting shares and their duration; the investor has the option of early redemption of the shares only through a specific resolution by the SGR’s board of directors; Reserved investment is restricted to certain “qualified investors”, defined in the fund’s regulations in the framework of Italian law (see above paragraph). This type of fund allows for the initial identification of the investors and exemptions from investment diversification standards prescribed by the Bank of Italy for most mutual funds. Capitalisation Method Interested investors may underwrite shares in the real estate fund through: call investors are committed to the SGR, for a certain period and a pre-set amount, to underwrite capital depending on the fund’s needs upon the SGR’s demands; contribution subject to agreement with the SGR, investors have the faculty of underwriting shares in the fund, transferring not money but “assets” in accordance with the investment criteria prescribed in the regulations (real estate, real estate rights, and equity investments in real estate companies).
