The tile on the Post. Placed real estate funds high – risk, Citywire Italy

Between 2002 and 2005, Poste Italiane would have been placed with investors the shares of four real estate funds, and high-risk investment: Invest Real Security, Obelisk, Europe, real Estate 1, and Alpha.

The story is told in an inquiry of the Republic, which recounts how the post office to help the former to Massimo Sarmi have sold in their 13 thousand offices the shares of the four funds mentioned, which "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 risk of investment."

the Republic states that the terms of the investment were well explained in the prospectuses of the funds. This does not detract from the fact that, thanks to the crisis in the sector and the collapse in property prices, these have almost always ended the year with a loss of 850 million euro collected and divided into more than sells 340 thousand units "are almost evaporated," he tells the newspaper examining the numbers in the liquidation of the fund Invest Real Security.

The fund, which expired on December 31, 2016, has closed its doors after a grace period which has extended its duration for three years, but that was not enough to revitalize the management. As stated in the statement of the fund, "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", which in 13 years has distributed only 658 euros per share. Difficult to that the final repayment will be able to return to investors of 2,500 euros spent illo tempore to buy a share of the fund.

As reported by the Republic, now Posed is now considering the possibility of compensation, in accordance with the subscribers of the four funds. But in the light of the risk of the products, less liquid and with the maturity of the investment is medium-long, there remain doubts about the goodness of the supervisory activities of the Bank of Italy and Consob, which should protect its retail customers low-risk, to which the products were sold.

"The deal," notes the inquiry, "have made the final buyers of the property, who in 2003 sold them to the funds and the firms that they managed. Despite the losses of the 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".

specifically, is to Invest Sgr, company of the gruppo Finnat that has managed the Invest Real Security and the bottom of the Obelisk. Vegagest Sgr has followed the fund Europe real Estate 1, while Fimit Sgr, a subsidiary of the De Agostini group (64%) and the Inps (the 29.7%), is responsible for the management of the fund Alpha.