MILAN. There is a case of saving betrayed that he has done less sensation of the Monte dei Paschi or the Etruria, but that is about to explode with numbers. Affects thousands of savers who have thought well to let yourself be enchanted by the traditional security which ensured the products of the postal savings, associated with another investment “” safe as a brick.
Was Sami. Yes, because the post office, along with other distributors, from 2002 to 2005, under the guidance of Massimo Sarmi, have sold their 13 thousand offices the shares of four real estate funds, which they had in common two things: the price, of 2,500 euro for the (a cut not high and therefore accessible to many portfolios) and the high riskiness of the investment. Everything was well explained in the prospectuses of the funds Invest Real Security, Obelisk, Europe, real Estate 1 and Alpha, but it seems that has been explained just as well to those who went in the Post in search of advice for his savings. That things did not go in the right direction, had understood all, reading the annual reports of the funds they have almost always closed with a loss. Year after year, the 850 million euro collected initially and divided into more than sells 340 thousand shares have almost evaporated.
The node has come to a head with the expiration of the first of the four funds. Five days ago, on December 31, 2016, the Invest Real Security, after stretched with the extension of its life of three years in the hope of selling their properties, has closed its doors. The words written in the statement of the fund sound like a plaque for investors: “Will be made the first repayment to date estimated of 390 euros per share by march 31, 2017″. While “the final refund total – which will focus on the amounts of residual – will be determined only with the liquidation of the fund”. Will then arrive a few euros more, but it’s still a blood bath for those who had bought the shares at 2,500 euros each, especially if you consider that in 13 years the fund has distributed only 658 euros per share. In June, the experts of the fund estimated the value of the shares at 1.229 euro, without even imagine that six months later would have been liquidated at l ess than a third.
The reasons of the debacle are simple. Real estate funds, collect capital from investors through the sale of shares and with the proceeds buy the buildings: sometimes they restructure and then sell them at a higher price, sometimes sell them after chasing them for rent. If sales and rentals are going well, the income is distributed or accumulated to increase the value of the shares. Otherwise, you are losing. To accomplish its mission, the fund has 10 years of time, but in the case of difficulties the company that manages them apply for an extension. For all of the funds placed by the post office, the crisis in the sector and the collapse in property prices left no escape. The fund Invest Real Security is the emblem: its the last five properties were sold at fire sale prices. The shopping centre of Andria was sold for 8.8 million with a loss of 14.2 million compared with the certified value as at 30 June. And so it went for all the other, the commercial center of Bologna (loss of 11.9 million), an estate in Rutigliano (less than 1.76 million), a palace in Cinisello Balsamo (a loss of 3.5 million) and one in Turin (minus 9.4 million).
The deal have made the final buyers of the property, who in 2003 sold them to the funds and the firms that they managed. The Invest sgr, a company of the group Finnat, the bank of the family Nattino, took care of the Invest Real Security and the bottom of the Obelisk. Fund Europe real Estate 1, has moved the Vegagest sgr, whose shareholders are Carife, Cassa di Risparmio di San Miniato and Cattolica Assicurazioni, Popolare di Bari and Cassa di Risparmio di Cento, the banks that don’t shine certain for profitability. Fimit sgr, a subsidiary of the De Agostini group (64%) and the Inps (the 29.7%), manages the fund’s Alpha.
Despite the loss of subscribers to the Sgr have continued to collect each year commissions, which vary between 0.8% and 1.8% of the value of the fund. And as they have earned the custodian banks, the experts that have prepared the appraisals of the properties, even changing multiple times the value, and determining the oscillation of the price of the shares. To June 30, 2016, the assessment of the experts of the fund, the Obelisk was of 1.118 euros, while that of Europe real Estate 1 was 1.314 euro, less than half of the initial value. Things seem to be going better for the bottom of the Alpha evaluated 3.304 euros, but it is a health apparent, because after a boot brilliant is from 2012 which distributes more income and to be able to sell real estate has requested an extension of 15 years, with good peace of pensioners in 2002, have invested in the fund. Health permitting, we will have to wait until 2030.
the Consob Regulation. About the funds they would have to monitor the Bank of Italy and Consob. Placed, for his part, claims not to be the only distributor and is looking for, officially not yet, an agreement with the consumer. Yet, according to the Consob regulation implementing the consolidated law on finance (art. 28), those products would not have been ended up in the portfolios of small investors because of high risk: the duration time is medium-long and are difficult to sell. The Sgr’s have them also placed in the Bag to make it more liquid, but the quotes always at a discount do not have permission to sell them.
The values of Stock exchange reflect the difficulties in the sale of the property. The last quotation of the fund Invest Real Security (December 28, 2016) was 410 euros, far from 1.229 euro of the expert, but well closer to the value of the final liquidation (390 euro). Today on the Stock exchange the Obelisk is worth 216 euro, Europe real Estate 936 euros and Alpha 1.321. To understand the loss you don’t need an expert.
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