Paolo Micucci, Head of Engineering & Project Management shares how the company, through the redevelopment of the buildings it manages, expands, re-evaluates its real estate portfolio and thus invests in the future of cities.
Published on Domus n. 1072/2022 - Courtesy of Archivio Domus - ©Editoriale Domus S.p.A.
“We are and always will be a property Company, this is where our roots lie; through the regeneration of buildings we manage, expand and re-evaluate our real estate portfolio”.
Even in the presence of highly successful and influential development operations such as CityLife, Paolo Micucci, Head of Engineering & Project Management at Generali Real Estate, believes it is important to maintain focus on the nature of the company, because in a world of confusing and uncertain identities, it is fundamental - at least in the field of vale creation - to know who we are and what we do. “Development operations such as CityLife or the Piacenza logistics hub are clearly important yet precise, in the sense that they are the result of specific opportunities. I’m sure that the future will present similar occasions, yet our core business remains tied to the valorization of real estate assets”.
One of the most significant projects is the requalification of the Bassi Business Park in the Porta Nuova area of Milan. With its overall area of 56 thousand m², the complex represents Generali Real Estate’s most important operation in Italy after CityLife. The requalification project is part of the repositioning process that the company has launched for its assets based on the most advanced ESG criteria and a precise move towards decarbonization. A clarity of vision that is fundamental for both the company itself and for others, particularly when managing funds belonging to the public – in terms of the people who subscribe Generali’s life insurance policies – and working in close collaboration with the public administration and institutions.
“We are true to our motto of being a life-time partner for people, and therefore transparency is a method, as well as an intrinsic value. It is a system that we apply to every field, from property evaluation to the procedures for assigning tenders to contractors as well as to architectural and engineering firms”. One concrete example is the large-scale operation completed in April involving the Procuratie Vecchie in Saint Mark’s Square in Venice, a project curated by David Chipperfield Architects. “We are not interested in names, but rather in ability, relying on professionals with specific practical experience in the field and, in the case of the Procuratie, in a location as particular as Venice”.
The traditional focus on the conservation and modernizing of heritage assets makes Generali Real Estate a particularly reliable partner for local administrations, which see the Trieste-based company as an important player in urban regeneration. This is also because the Generali Real Estate portfolio currently under requalification is practically unrivalled; in Milan alone - not counting the CityLife development project, consists of more than 90 thousand m² of surface area distributed over 5 decisive points in the urban landscape, all within a short distance from the center. Generali Real Estate is focusing its efforts in the Lombardy capital to launch a new model that combines the recovery of real estate assets with all-round sustainability, i.e., with positive collateral impact on the environment and on society.
“Approximately 65% of our Italian portfolio is in Milan, 25% in Rome, and the rest is mainly in the north-east, between Trieste and Venice. At the European level, Italy has approximately 35-40% of the overall package, with another 30% in France, and we are investing intensively in Germany, Spain and the Czech Republic. Here, the complete requalification is under way for an important shopping mall in the center of Prague based on a large-scale project that also sees a redevelopment of the complex”, explains Paolo.
EU regulations - above all the EU Taxonomy for sustainable activities - make it relatively easy to pool competences across countries in the requalification of assets, particularly when the sustainability paradigm is a cornerstone of the organization: “For years, we have been aware that sustainability is above all a right objective, as well as beneficial for all stakeholders, and therefore we don’t simply comply with the regulations; we anticipate them, for example by purchasing exclusively clean energy and, where possible, using groundwater for heat pumps. In terms of choosing cities in which to invest, we rely on precise strategies that balance long-term risks and profitability, leading us to focus on the most dynamic cities in Europe. Decisive factors undoubtedly include attractiveness for young people and the bureaucratic- administrative framework”.
In the medium to long term, the Company’s goal is to achieve a 30% reduction in consumption for new investments, in line with the minimum requirements for issuing green bonds to finance sustainable projects. However, this is not enough. Paolo concludes: “Generali has also joined the Net-Zero Asset Owner Alliance, with the target of zero net CO₂ production by 2050. Another goal is the negative impact throughout the entire lifecycle of a building, including its construction. Currently, the building industry still lacks the tools to determine CO₂ emissions, but we are committed to encouraging the entire supply chain to solve this problem as soon as possible”.
Pictures
CityLife in Milan © BIG
One Fen Court in London © Jason Hawke and a detail of a public terrace-garden © Dirk Linder
Usurpation de l'identité de la société Parcolog Invest à des fins d'escroquerie
Nous avons été informés que des personnes se présentant frauduleusement comme représentant de la société Parcolog Invest contactent des clients particuliers en vue de les inciter à souscrire de prétendus produits d'investissements auprès de Parcolog Invest, notamment des comptes épargnes à vue, ou à procéder à la réouverture d'anciens comptes de cryptomonnaie dont les fonds seraient prétendument désormais disponibles.
Ces sollicitations sont frauduleuses et n'émanent, en aucun cas, de Parcolog Invest.
Parcolog Invest est une société de placement à prépondérance immobilière agréée par l'Autorité des Marchés Financiers française (AMF). Parcolog Invest ne propose, en aucun cas, de comptes à vue ou des investissements en cryptomonnaie, ni aucun autre produit ou service à destination de clients particuliers.
Si vous êtes contacté par une personne se réclamant de Parcolog Invest et vous proposant ce type de produits, nous vous invitons à ne donner aucune suite à cette sollicitation et à contacter, sans délai, Generali Real Estate SGR S.p.A. France, par e-mail à contact.oppci@gre.generali.com, ou par courrier postal à l'adresse suivante : 89, rue Taitbout, 75009 Paris, France. Le cas échéant, nous vous encourageons également à signaler ces faits aux autorités compétentes.
Identity theft involving Parcolog Invest for fraudulent purposes
We have been informed that individuals fraudulently presenting themselves as representatives of Parcolog Invest are contacting individual customers with a view of convincing them to subscribe to alleged investment products that would be offered by Parcolog Invest, notably savings accounts, or to reopen old cryptocurrency accounts whose funds would now allegedly be available.
These solicitations are fraudulent and do not, under any circumstances, originate from Parcolog Invest.
Parcolog Invest is a real estate investment company registered with the French Financial Markets Authority (AMF). Parcolog Invest does not, under any circumstances, offer savings accounts or cryptocurrency investments, nor any other products or services aimed at individual customers.
If you are contacted by someone claiming to represent Parcolog Invest and offering you this type of product, please do not respond to this solicitation and contact Generali Real Estate SGR S.p.A. French Branch immediately, via e-mail at contact.oppci@gre.generali.com, or via post at the following address: 89, rue Taitbout, 75009 Paris, France. We also encourage you to report these incidents to the relevant authorities.
