Investment Policies

The aim of the Fund is to invest in real estate assets, rights in rem in immovable property and equity investments in real estate companies. Through the professional management and creation of value from the properties acquired, the SGR aims to increase the initial value of the Units and divide among the Subscribers (the unit holders) the net result from management and from the disposal of the properties themselves.

In order to implement these investment policies the SGR selects the assets which in terms of type, nature and characteristics appear most suited to implementing such a programme. The equity of the Fund will be invested in real estate assets in the tourism/hotel sector, and, for Delta, Fimit will focus on high quality structures such as hotels, holiday villages, and spas, whose hotel management will be delegated to well-established professional operators who are well-known internationally. The equity of the Fund may also be invested, to a limited extent, in operations to develop and create value from properties for their subsequent leasing or disposal on the market with interesting prospects in terms of future capital gains.

Being an ordinary “capital raising” Fund, the work of Fimit SGR following the completion of the placement will immediately be dedicated to the investment of resources from the placement, in order to complete the property portfolio as quickly as possible.

In order to achieve this objective, already during 2006 the SGR started a process to look for and select opportunities in the above sectors through:

• contacts with leading national and foreign operators who are owners, also through corporate vehicles, of properties in real estate portfolios in the hotel sector;
  
• contacts with operators who are owners of hotel premises, also through corporate vehicles, in popular tourist destinations;
  
• monitoring of public auctions, including judicial auctions, and of private tenders regarding properties in the hotel sector.
  

On these assumptions, Fimit believes that within six months of the completion of the placement it can invest the resources from the placement, completing diversified investments mainly in countries in the eurozone of the European Union.