Gli strumenti della finanza immobiliare SGR, fondi immobiliari e SIIQ come opportunità di sviluppo

Page 1

01234567

Tratto dal Quaderno IoRoma consultabile al sito: http://rivista.ording.roma.it

! " # " $" %& " ' #% ! %& " ( )% %**% + ! , **% -./01-.23 456 6 7489:;< /=>>3??3=@A. B<474C7 <DDEF<G<7;: H3?I=.2-J 456 6 <D7

KLMNOPQRNKS

7 T474C7 <DDEF<G<7;: UVW :XX:;: Y:X8;<ZZ7 8E[ D: V4E XZ;VD:4ZE Z:84<8E\ E V4 X<XZ:D7 Y< U;7XX< : Y< ;:5EG: 7ZZ: 7 Z;7X]E;D7;: V4 E55:ZZE XEG<YE [ G^<DDEF<G: [ <4 V4 E55:ZZE G<_V<YE [ G7 T[ 474C76 854< 8EXZ;VC<E4:\ E54< ;:7G<CC7C<E4: <D[ DEF<G<7;:\ E54< X`<GVUUE <DDEF<G<7;: U:; U7;Z<;: : U:; 7;;<`7;: 7 8E48GVX<E4: 97 F<XE54E Y< V4 U;E5:ZZE Z:84<8E 8EDUG:XXE 8EGG:57ZE 7Y V47 U;E``<XZ7 T474C<7;<7 89: X<7 <4 5;7YE U:;GED:[ 4E Y< 8EU;<;: < 8EXZ<6 :G 4EXZ;E 87DUE 4E4 UVW :XX:;: Y<X5<V4Z7 G7 T474C7 Y7GG^<DDEF<G:\ 4a `<[ 8:`:;X76 E X8EUU<E Y:GG7 5;7`<XX<D7 8;<X< DE4Y<7G: 89: 748E;7 XZ<7DE XE]];:4YE b 7``:[ 4VZE 4:G cdde 8E4 GE X874Y7GE Y:< DVZV< ?0fg h13>A\ <4 8V< G7 T474C7 X87DF<7`7 : ;<`:4Y:`7 87;Z7 X:4C7 `:;<T89: Y:GG7 _V7G<Zi\ Z<UEGE5<7 : Y<D:4X<E4: Y:G XEZZEXZ74Z: <DDEF<G:\ 4a Y:GG7 87U78<Zi Y< XVUUE;Z7;: G^<4Y:F<Z7D:4ZE Y7 U7;[ Z: Y:G 8EDU;7ZE;: Y:G X<45EGE <DDEF<G:6 GGE XZ:XXE Z:DUE X< `:YE4E <4 5<;E 8:4Z<47<7 Y< 874Z<:;< ]:;D<\ U:;89a G^<DDEF<G: <4 Xa 4E4 57[ ;74Z<X8: G7 U;E``<XZ7 T474C<7;<7 X: G^EU:;7C<E4: 4E4 b 8EU:;Z7 Y7 57;74C<: Y< VZ<G<CC7C<E4< X<8V[ ;: : 8EXZ74Z< 4:G Z:DUE\ Z7G< Y7 8E4X:4Z<;: V47 7Y:5V7Z7 ;:YY<Z<`<Zi 7GG^<4Z:;`:4ZE6

E4 UVW :XX:;: Y<X5<V4Z7 U:;Z74ZE G7 T474C7 Y7GG^<DDEF<G<7;:\ U:;89a <4 Z7G 87XE X< ;<X89<7 DEGZ<XX<DE <4 YV: Y<;:C<E4<j E FGE88E Y:< 874[ Z<:;<\ E Y:]7VGZ T474C<7;<E Y:GG^EU:;7C<E4:6 YV: `:;X74Z< Y:`E4E :XX:;: XZ;:ZZ7D:4Z: <4Z:;8E4[ 4:XX< : D74Z:4VZ< <4 8EXZ74Z: 8E4Z;EGGEj X: G^E[ U:;7C<E4: 8EDUE;Z7 Y:< ;<X89< E X< 7VD:4Z74E < ;<87`<\ E X< Y<D<4V<X8E4E < 8EXZ<\ EUUV;:\ <4 8E4[ Z:DUE;74:7\ X< :]]:ZZV74E G: YV: kYEGE;EX:l EU:;7C<E4<6

%mRSLLRnR S oLMPpSKLR OSqqr #RKrKQr ppNmRqRrMS

sf3AII3H=.2Att-.u3@-@v-.3>>=f3t3-1A.w.t-./1A-v3=g @A.23.H-t=1A.-II1-HA1?=.0@-.h3x.-IIA@I-.yA?I3=@A 2At.h-I13>=@3=.3>>=f3t3-1A\DEY<T874YE <4 U7;[ Z: G^7UU;E88<E Z;7Y<C<E47G: 89: `:Y:`7 4:GG7 ;<[

`7GVZ7C<E4: Y:5G< <DDEF<G< <G `:<8EGE U:; Y<]:4Y:[ ;: <G `7GE;: ;:7G: Y:GG7 U;EU;<:Zi Y7G U:;<8EGE Y< X`7GVZ7C<E4: Y:;<`74Z: Y7GG: Z:4X<E4< <4z7ZZ<`:6 {t3.3@IA1HA@I3.23.H-t=13vv-v3=@A.?0yt3.-??AI? 3>>=f3t3-13./=@?A@I=@=|.3@.h1=?hAII3H-|.23.u-g /3t3I-1A.t-.23uu0?3=@A.23.?I10>A@I3.u3@-@v3-13.=1g 23@-13.}A?~./1A23I=.u=@23-13=|.tA-?3@y.3>>=f3g t3-1A|.A//~ .t-./03.1A223I3H3I€.w.y-1-@I3I-.2-3 ut0??3.23./-??-.yA@A1-I3.-II1-HA1?=.3./-@=@3.23 t=/-v3=@A.A.3.y0-2-y@3.3@./=@I=./-h3I-tA.2A13g H-@I3.2-tt-.13H-t0I-v3=@A.2A3.fA@3.@At.IA>h=~.

89 9 98 98


Turn static files into dynamic content formats.

Create a flipbook
Issuu converts static files into: digital portfolios, online yearbooks, online catalogs, digital photo albums and more. Sign up and create your flipbook.