The new higher purpose of Value Add funds – The Property Chronicle
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The new higher purpose of Value Add funds

Head Of Research

Following an unprecedented crisis due to Covid, Italy became Europe’s largest beneficiary of the EU’s €750bn recovery plan designed to “emerge stronger from the pandemic, transform economies and create opportunities and jobs.” In return, Italy has pledged to (i) invest in promoting the uptake of digital technologies and (ii) implement solutions to secure the green transition to net zero.

What does this mean in practice? In August 2021, 80-year-old president Mattarella became the first citizen to download a registry certificate from a new national online service, saving Italians from queuing at public offices or pay postal orders to obtain copies. To access this service, Italians need to obtain the now mandatory ‘digital identity’ or ‘SPID’ (Sistema Pubblico di Identità Digitale). 

Cool, huh? Where’s the catch? To obtain the SPID code, a new combined national and health insurance number is required. By birth, I am entitled to the former, but as a member of The Registry of Italians Residing Abroad (AIRE) I am, justifiably, not eligible to benefit from the latter. I won’t bore you with the ongoing battle I’m having with Italian authorities to resolve the issue. Let’s just say that red tape remains the raison d’être of the public sector. Period.

What about the green pledge and the link to real estate? While visiting family over Christmas, I noticed that at least one apartment block per neighbourhood was covered in scaffolding. No festive family gathering went without uttering the figure “cento dieci” …the discussion proceeded with a …” have you applied yet?”. I quickly learnt that the government had launched a plan allowing homeowners to finance 110% of energy efficiency renovation works through tax deductions up to December 2023 (110%!! New kitchen?). The scheme is considered a means to kick-start the economy after the pandemic while taking action to fight climate change. 






Head Of Research

About Vanessa Muscarà

Vanessa is Director, Head of Research & Strategy at Europa Capital Partners LLP. She joined Europa Capital as Head of Research & Strategy in September 2020. She is responsible for providing expert guidance to support Europa’s tactical and strategic business support needs.   Before joining Europa Capital, Vanessa held research roles at M&G Real Estate & LaSalle Investment Management. She received an MSc in Property Development & Planning from University College London and an MEng in European Civil Engineering from the University of Warwick.    Vanessa demonstrates commitment to the research community in her roles as Past Chair of the Society of Property Researchers (SPR), Vice Chair of the INREV Research Committee and current member of the Urban Land Institute (ULI) Living Concepts Council, Women Leadership Initiative and Europe Awards for Excellence jury.

Articles by Vanessa Muscarà

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