Who we are, numbers and real estate assets.
Central SICAF S.p.A., with assets of about 1 billion euros, is a leader in the Italian real estate market of self-managed fixed-asset real estate investment companies.
Central SICAF is an asset collective investment scheme (Italian alternative UCITS), subject to the supervision of Consob and Bank of Italy; established in early 2017 through the contribution by the promoter Covivio S.A. of the real estate portfolio leased to Telecom Italia.
Covivio S.A. with its team of real estate chain experts, including through its subsidiaries, provides Central SICAF with Property Management, Administration and Finance services.
The company operates exclusively in the Italian real estate market. As of December 31, 2022, 98% of assets are invested in real estate operations. For the realization of the investments the company uses the financial leverage.
Real estate assets
The properties are almost all leased to Telecom Italia, based on long-term leases of the “double net” type.
The real estate portfolio is entirely located in Italy, accounting for 71% of the market value in four cities-Milan, Rome, Naples and Turin.
The remainder of the real estate portfolio is located in other Italian cities in the North (25%) and in the Center, South and Islands (4%).
Central SICAF mainly proceeds to manage and dispose of the real estate portfolio over time. The divestment plan includes a priority index such that the target risk/return profile, as presented in the Business Plan, is kept constant at all times.
The company may also make additional real estate investments, in addition to those contributed, although, at present, the company’s activities are expected to focus exclusively on the management and partial disposal of the real estate portfolio initially contributed.