FIP was the first real estate investment fund promoted by the Republic of Italy as part of a broader valorisation process promoted by the MEF (Italian Ministry of Economics and Finance) by the transfer/contribution of properties to real-estate investment funds.
In October 2004, the Board of Directors of Investire Immobiliare (now InvestiRE), selected as manager of the fund following a call for bids promoted by the Italian government, approved the Fund’s By Laws, subsequently authorised by the Bank of Italy on 16 December 2004.
On 29th December 2004, FIP became the owner of a real estate Portfolio, which initially included 394 buildings for “non-residential” use rented, with new and automatically renewable 9 + 9 lease contracts, to Italian public authorities including, among others, MEF, social securities entities (i.e. INPS), income revenues authorities (i.e. Agenzia delle Entrate) and the state authority for motor vehicle (i.e. Motorizzazione Civile). The buildings were transferred/contributed by specific decrees of the MEF, also in agreement with other Ministries.
FIP fund issued two classes of units: (i) Class A units for total €1.3 bn, with face value of € 100.000,00 per unit, reserved to qualified investors and entirely placed to institutional investors in July 2005, and (ii) a Class B unit, with face value of €1, assigned to MEF.