Documento Informativo

redatto ai sensi dell'art. 71 del Regolamento Emittenti e ai sensi dell'art. 5 del Regolamento per le Operazioni con Parti Correlate relativo all'operazione di Acquisto del 100% del capitale sociale di Hiberna Regis S.r.l. da La Villa S.p.A. a Eukedos S.p.A.

Documento Informativo reso disponibile il 5 luglio 2024

Documento informativo messo a disposizione del pubblico presso la sede legale di Eukedos S.p.A. (Firenze, Via Benedetto da Foiano n. 14), sul sito internet di Eukedos S.p.A. www.eukedos.it, oltre che sul meccanismo di stoccaggio autorizzato ().

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SOMMARIO

Documento Informativo	pag. 1
Sommario	pag.2
Principali Definizioni	pag.3
Premessa	pag.4
Avvertenze	pag.5
Informazioni relative all'operazione	pag.6
Effetti significativi dell'Operazione	pag.9
Dati economici, patrimoniali e finanziari relativi all'Operazione	pag.10
Dati economici, patrimoniali e finanziari pro forma dell'Emittente	pag.14
Prospettive dell'Emittente e del Gruppo	pag.18
Allegati	pag.19

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PRINCIPALI DEFINIZIONI

Borsa Italiana	Borsa Italiana S.p.A., con sede in Milano, Piazza degli Affari n. 6
	Indica il Comitato per le Operazioni con Parti Correlate, organo composto da amministratori indipendenti di EUKEDOS SPA
Comitato OPC	deputato - ai sensi dell'Articolo 6, punto 6.1, della Procedura - a rilasciare un parere motivato non vincolante
	sull'interesse della Società al compimento di operazioni con parti correlate, nonché sulla convenienza e correttezza sostanziale delle relative condizioni
	Indica il presente Documento Informativo
Documento Informativo	redatto ai sensi dell'art.5 e dell'allegato 4 del Regolamento Consob per le Parti Correlate e dell'allegato 3B del Regolamento Emittenti
	Indica EUKEDOS S.p.A., con sede legale in Firenze (FI), Via Benedetto da Foiano n.14
EUKEDOS	iscritta nella sezione ordinaria del registro delle imprese di Firenze al numero 01701100354
	Indica LA VILLA SPA., ccon sede legale in Firenze (FI), Via Benedetto da Foiano n.14
LA VILLA	iscritta nella sezione ordinaria del registro delle imprese di Firenze al numero 05548060481
HIBERNA	Indica HIBERNA REGIS SRL, con sede legale in Firenze (FI), Via Benedetto da Foiano n.14
	iscritta nella sezione ordinaria del registro delle imprese di Firenze al numero 06851200482
Operazione	Indica la cessione a favore di EUKEDOS da parte di LA VILLA della Partecipazione di HIBERNA.
Partecipazione	Indica la partecipazione complessivamente pari al 100% delle capitale sociale di HIBERNA
Closing	Indica il perfezionamento dell'Operazione avvenuto in data 28 GIUGNO 2024
Procedura OPC EUKEDOS	Indica la procedura per le operazioni con parti correlate approvata in data 6 maggio 2022 dal Consiglio di Amministrazione
Regolamento OPC CONSOB	Indica il Regolamento recante disposizioni in materia di operazioni con parti correlate,
	adottato da Consob con delibera n. 17221 del 12 marzo 2010 e s.m.i.

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PREMESSA

Il presente documento informativo è stato predisposto dalla Società ai sensi dell'Articolo 71 e dell'allegato 4 del Regolamento Emittenti, in conformità all'art. 5, e allegato 3B del Regolamento OPC Consob nonché ai sensi dell'Articolo 5 della Procedura OPC EUKEDOS.

Il presente Documento Informativo è stato predisposto con riferimento all'Operazione avente ad oggetto l'acquisto da parte di EUKEDOS da LA VILLA dell'intera Partecipazione, del capitale sociale di Hiberna.

L'operazione di acquisto della Partecipazione è stata approvata dal Consiglio di Amministrazione di EUKEDOS in data 28 giugno 2024, previo rilascio, in data 14 Giugno 2024, da parte del Comitato Parti Correlate, ai sensi dell'Articolo 8, comma 1, art. 7 del Regolamento OPC Consob e dell'Articolo 3, comma 2, della Procedura OPC EUKEDOS, di un parere motivato non vincolante sull'interesse della Società al compimento dell'Operazione, nonché sulla convenienza e correttezza sostanziale delle relative condizioni (come infra meglio precisato). Detto parere è accluso sub allegato "A" al presente Documento Informativo.

Come meglio specificato nei successivi paragrafi del presente Documento Informativo, l'Operazione costituisce un'operazione con parti correlate in quanto l'Ing. Carlo Iuculano ricopre, allo stesso tempo, le cariche di Presidente del Consiglio di Amministrazione, Amministratore Delegato e Legale Rappresentante di EUKEDOS e di LA VILLA, società controllante, che possiede n. 20.465.527 azioni ordinarie EUKEDOS, senza valore nominale, pari all'89,991% del totale delle azioni di EUKEDOS. Inoltre, Carlo Iuculano ricopre la carica di Amministratore Unico di HIBERNA.

L'Operazione si configura, inoltre, quale operazione di "maggiore rilevanza" tra parti correlate ai sensi di quanto prescritto dall'Articolo 8, comma 1, del Regolamento Consob OPC e dall'Articolo 2 della Procedura OPC EUKEDOS. Ai sensi di tale ultima disposizione, infatti, sono da intendersi "Operazioni di maggior rilevanza con Parti Correlate", le operazioni definite nell'allegato A della Procedura OPC EUKEDOS eccedenti le soglie di rilevanza degli indici in essa contenuti (controvalore, attivo, passivo) pari o superiori al 5%.

Pertanto, EUKEDOS ha provveduto a predisporre e a mettere a disposizione il presente Documento Informativo, in conformità alle disposizioni del Regolamento Consob e della Procedura.

Si precisa peraltro che EUKEDOS rientra nella definizione di "società di minori dimensioni" di cui all'Articolo 3, comma 1, lett. f), del Regolamento Consob OPC e, pertanto, fermi gli obblighi informativi previsti dall'Articolo 5 del Regolamento Consob OPC, la stessa ha deciso di avvalersi delle disposizioni di cui all'Articolo 10, comma 1, del citato Regolamento Consob OPC, adottando anche con riferimento alle operazioni di "maggiore rilevanza" la procedura prevista per le operazioni di "minore rilevanza".

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Il presente Documento Informativo è stato messo a disposizione del pubblico in data 5 luglio 2024 presso la sede legale della Società, sul sito internet della Società (www.eukedos.it), nonché presso il meccanismo di stoccaggio autorizzato delle informazioni regolamentate , all'indirizzo .

1. AVVERTENZE

1.1. Rischi connessi ai potenziali conflitti di interesse derivanti dall'Operazione.

L'Operazione costituisce un'operazione con parti correlate in quanto:

a. LA VILLA, socia di maggioranza di EUKEDOS, titolare di n. 20.465.527 azioni ordinarie EUKEDOS, senza valore nominale, pari all'89,991% del totale delle azioni di EUKEDOS;
b. Carlo Iuculano ricopre la carica di Presidente del Consiglio di Amministrazione, Amministratore Delegato e Legale Rappresentante di LA VILLA e di EUKEDOS.
c. Simona Palazzoli ricopre la carica di Amministratrice Delegata e Legale Rappresentante di LA VILLA e di EUKEDOS.
d. Gilles Cervoni ricopre la carica di Consigliere di Amministrazione in LA VILLA e la carica di Consigliere di Amministrazione e Presidente del Comitato Parti Correlate, membro dei Comitati Remunerazione e Controllo e Rischi di EUKEDOS.
e. Il Sig. Mirco Ferrara ricopre la carica di Consigliere in La Villa Spa e Consigliere e Amministratore Delegato in Edos S.r.l.

L'Operazione si configura, inoltre, quale operazione di "maggiore rilevanza" tra parti correlate ai sensi di quanto prescritto dall'Articolo 8, comma 1, del Regolamento OPC CONSOB e dall'Articolo 2 della Procedura OPC EUKEDOS, come precisato successivamente. Conseguentemente, EUKEDOS ha attivato i presidi e le misure previsti dal Regolamento Consob e dalla Procedura relativamente alle operazioni di maggiore rilevanza.

Con riferimento ai rischi di potenziali conflitti di interesse derivanti dall'Operazione, stante le cariche ricoperte e elencate in precedenza dall'Ing. Carlo Iuculano, si rileva che i soggetti sopra riportati sono portatori di un interesse potenzialmente in conflitto con EUKEDOS.

Eccezion fatta per quanto appena precisato, in considerazione delle caratteristiche dell'Operazione e degli effetti ad essa collegati e da essa derivanti, EUKEDOS ritiene di non essere esposta a particolari rischi connessi a potenziali conflitti di interesse diversi da quelli tipicamente inerenti ad operazioni tra parti correlate, né rischi diversi da quelli tipicamente inerenti a operazioni di analoga natura.

Si fa peraltro presente che:

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la società Cushman & Wakefield ha rilasciato una propria valutazione sugli assets di HIBERNA, aggiornata in data 8 marzo 2024, allegati al presente Documento Informativo ("Valutazione Cushman & Wakefield");
in data 14 giugno 2024, il Comitato Parti Correlate ha espresso all'unanimità il proprio parere favorevole al compimento dell'Operazione di acquisto delle quote di HIBERNA, ritenendo che l'Operazione integri i requisiti prescritti dalla vigente disciplina in materia di operazioni con parti correlate, sia sotto il profilo dell'interesse sociale di EUKEDOS al suo compimento, sia sotto il profilo della convenienza e correttezza sostanziale delle relative condizioni ("Parere Comitato"), allegato al presente Documento Informativo;

in data 28 giugno 2024, il Consiglio di Amministrazione di EUKEDOS, preso atto del Parere del Comitato OPC, della Valutazione di Cushman & Wakefield e della situazione economico patrimoniale di HIBERNA al 31 maggio 2024 fornita da LA VILLA, ha deliberato di approvare l'Operazione ritenendo sussistente l'interesse sociale di EUKEDOS al suo compimento e avendo valutato la convenienza e correttezza sostanziale delle relative condizioni con l'astensione del Presidente del Consiglio di Amministrazione Carlo Iuculano dell'amministratore Gilles Cervoni e Simona Palazzoli in conformità a quanto previsto dalle applicabili disposizioni di legge e dall'Articolo 3, comma 6, della Procedura, conferendo al Consigliere Viola Sismondi, tutti i più ampi poteri ai fini del perfezionamento dell'Operazione, ivi incluso il potere di negoziare, sottoscrivere l'atto notarile di Compravendita con LA VILLA.

2. INFORMAZIONI RELATIVE ALL'OPERAZIONE

2.1. Descrizione sintetica delle modalità e dei termini dell'Operazione.

L'Operazione, come già trattato in precedenza, ha avuto ad oggetto l'acquisto da parte di EUKEDOS della Partecipazione di HIBERNA di proprietà di LA VILLA.

2.1.1. Descrizione della Società oggetto dell'Operazione di acquisto.

La società HIBERNA, soggetto giuridico interamente partecipato dalla controllante di EUKEDOS, LA VILLA, è una società immobiliare destinata ad acquistare terreni per costruire strutture su cui insisteranno le gestioni di residenze sanitarie Assistenziali (RSA), che al termine dei lavori di costruzione potranno essere affittate in gestione alla parte correlata LA VILLA o alle sue controllate.

2.1.2. Modalità, condizioni e determinazioni del corrispettivo

Il corrispettivo ("Prezzo") per l'acquisto della Partecipazione è stato convenuto tra le parti in Euro 6.858.398,64 ed è stato determinato come segue:

Euro 42.217.392,00 - Valutazione esperto indipendente Cushman & Wakefield
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Euro 35.884.783 Esito trattativa tra le parti considerando l'acquisto rilevante da parte di EUKEDOS
Euro -29.026.384,56 valore complessivo debiti/crediti della società HIBERNA

L'atto notarile di acquisto della Partecipazione, stipulato in data 28 giugno 2024, prevede che il Prezzo sarà pagato da EUKEDOS entro 6 mesi dalla data del Rogito.

Il Consiglio di Amministrazione ha valutato l'operazione di acquisizione di HIBERNA come strategica per la crescita del business della controllata Edos S.r.l. che potrà essere il futuro gestore dei progetti greenfields in corso di realizzazione da parte della stessa.

Il management di EUKEDOS avendo una profonda conoscenza del settore socio-assistenziale ha considerato il prezzo proposto per la partecipazione HIBERNA in linea con gli standard di mercato per transazioni equivalenti.

Benché HIBERNA si configuri come un progetto captive per EUKEDOS e, non prevedendo di vendere a terzi gli asset o locarli al di fuori del Gruppo, il prezzo proposto a LA VILLA è stato determinato partendo dal valore potenziale degli asset in portafoglio di HIBERNA. Nello specifico:

1) per le aree da costruire ed in fase di costruzione sono state valutate presupponendo, sulla scorta della conoscenza del mercato delle Residenze Sanitarie Assistenziali, residenze per anziani e adulti inabili e Comunità psichiatriche, l'affitto, che potranno generare le suddette residenze, è stato attualizzato ad un tasso di mercato al netto degli investimenti necessari a terminare le opere;
2) per gli immobili già costruiti è stato attualizzato il canone di locazione previsto dai contratti in essere.

Poiché l'acquisizione in esame rientra tra quelle con Parti Correlate l'operazione è stata oggetto di analisi da parte del Comitato Parti Correlate che ha richiesto una perizia alla società di consulenza indipendente Cushman & Wakefield che ha confermato le valutazioni espresse dal management.

La relazione di Cushman & Wakefield è stata preparata in accordo ai RICS Valuation - Global Standard e si è basata sulla capitalizzazione dei canoni di affitto di mercato determinata in base all'attesa profittabilità della gestione della RSA che verrà realizzata sugli asset nel portafoglio di HIBERNA.

I risultati della valutazione, determinati in base alle locazioni attese, sono stati confrontati con il valore a posto e a metro quadrato al fine della determinazione del prezzo finale incluso nella perizia.

La relazione di Cushman & Wakefield, allegata al presente documento informativo, non ha evidenziato criticità.

EUKEDOS non si è avvalsa di periti, esperti a supporto del Prezzo ad eccezione dell'a società indipendente di rilevanza internazionale Cushman & Wakefield. Cushman & Wakefield, leader a

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livello globale nei servizi immobiliari è stato nominato dal Consiglio di Amministrazione di EUKEDOS di concerto con il Comitato OPC.

2.1.3. Fonti di finanziamento

La valutazione è stata effettuata sulla base dei valori contabili di HIBERNA al 31 maggio 2024 fornita dalla società. Il prezzo finale, determinato tra le parti, sarà liquidato entro sei mesi dal rogito (28.06.2024) attraverso le disponibilità liquide e con ricorso all'indebitamento finanziario.

2.1.4. Indicazione della compagine azionaria dell'emittente conferitario e

dell'eventuale soggetto controllante ai sensi dell'art. 93 TUF.

EUKEDOS è proprietaria del 100% delle quote di Edos Srl, del 100% delle quote di La Villa Real Estate Srl, e del 40,24% di Poggio Imperiale Srl, il restante 59,76% del capitale di Poggio Imperiale Srl è di proprietà di La Veranella Srl a sua volta partecipata al 100% da La Villa Spa.

LA VILLA possiede, come già in precedenza indicato, l'89,991% delle azioni di EUKEDOS, il quale è sottoposto alla direzione e coordinamento della controllante. Il restante 10,009% appartiene al Mercato. LA VILLA SPA possiede il 100% delle quote di HIBERNA.

2.2. Motivazione e finalità dell'operazione

2.2.1. Motivazioni dell'operazione con particolare riguardo agli obiettivi

gestionali dell'emittente

Con l'acquisizione di HIBERNA, EUKEDOS avrà all'interno del proprio perimetro di consolidamento una società che ha un know-how specifico nella realizzazione di immobili strumentali per il settore delle residenze per anziani. L'acquisizione risponde pertanto alla necessità di controllare i fattori "produttivi" che maggiormente danno valore e caratterizzano il servizio offerto al cliente/ospite nel settore delle residenze per anziani (dopo anche solo "RSA") gestite da EUKEDOS per il tramite della controllata Edos S.rl.

Poiché, infatti, il business del Gruppo si sostanzia in un servizio a forte componente sanitaria dove, data la lungodegenza media degli ospiti, anche la location dove viene erogato lo stesso influenza il livello di qualità percepito, EUKEDOS crede fortemente nell'importanza di avere il controllo dell'operatore incaricato della realizzazione dei nuovi immobili adibiti a RSA. Questo permetterà di seguire la progettazione degli spazi per gli ospiti in maniera più attenta alle loro necessità ed esigenze forti della conoscenza del settore che EUKEDOS, per il tramite della controllata Edos S.r.l., ha maturato negli anni.

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2.2.2. Indicazioni dei programmi elaborati dall'emittente

L'emittente intende procedere nel progetto ultimando le operazioni in portafoglio incrementando gli asset gestiti.

2.3. Rapporti con la società oggetto dell'operazione

La società venditrice La Villa S.p.A. è la controllante di EUKEDOS.

2.3.1. Rapporti significativi intrattenuti dall'emittente

EUKEDOS e la controllata Edos S.r.l. non hanno rapporti economici-patrimoniali diretti con la società oggetto di acquisizione HIBERNA.

2.3.2. Rapporti significativi dell'emittente delle sue controllate e dei suoi

dirigenti e componenti del CDA

Fanno parte dell'organo amministrativo di EUKEDOS e della controlla Edos S.r.l. nonché di quello di LA VILLA. venditore di HIBERNA, l'Ing. Carlo Iuculano la Dr.sa Simona Palazzoli l'Avv. Gilles Cervoni e il Dr Mirco Ferrara.

La Villa è il socio di maggioranza di EUKEDOS.

2.4. Documenti a disposizione del pubblico

2.4.1. Indicazione dei luoghi in cui può essere consultata la documentazione

Sono a disposizione del pubblico presso la sede della società in Firenze, Via Benedetto da Foiano n.14 e sul sito internet (www.eukedos.it) i seguenti documenti:

Documento Informativo;
Parere motivato non vincolante Comitato OPC del 14.06.2024.
Valutazione esperto Cushman & Wakefield dell'8.03.2024
Bilancio d'esercizio 2022 e Bilancio di esercizio 2023 di HIBERNA

3. Effetti significativi dell'operazione

3.1. Descrizione di eventuali effetti significativi dell'operazione sui fattori chiave che

influenzano e caratterizzano l'attività dell'emittente nonché sulla tipologia di business

svolto dall'emittente medesimo

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La società acquisita svolge una attività complementare a quelle di EUKEDOS; l'operazione consente, infatti, all'Emittente di avere all'interno del perimetro di consolidamento una società operativa nella progettazione e realizzazione di immobili destinati a residenze per anziani permettendo quindi un migliore controllo della qualità e un monitoraggio continuo delle tempistiche di esecuzione rispetto alle previsioni incluse nel piano industriale del Gruppo. L'attività di HIBERNA si presenta pertanto complementare alle attività del Gruppo Eukedos.

3.2. Descrizione delle eventuali implicazioni dell'operazione sulle linee strategiche afferenti

ai rapporti commerciali, finanziari e di prestazione accentrate di servizi tra le imprese del

gruppo

Le linee strategiche dell'Emittente sono rivolte ad ampliare il proprio impegno nel settore immobiliare e specificatamente nella realizzazione e locazione di strutture ad indirizzo sanitario.

4. DATI ECONOMICI, PATRIMONIALI E FINANZIARI RELATIVI ALLE ATTIVITA'

ACQUISITE

4.1. Dati economici, patrimoniale e finanziari relativi alla partecipazione acquisita

Si allegano al presente documento il bilancio individuale di HIBERNA per gli esercizi chiusi al 31 dicembre 2023 e al 31 dicembre 2022 che sono redatti in conformità ai principi contabili italiani. Poiché il bilancio consolidato di EUKEDOS è redatto in conformità agli International Financial Reporting Standards (IFRS) emanati dall'International Accounting Standards Board si è provveduto a proformare i suddetti bilanci ai medesimi principi che si allegano al presente Documento.

4.1.1. Tavola comparativa degli stati patrimoniali e dei conti economici

riclassificati relativi agli ultimi due esercizi della società acquisita

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SCHEMA Stato patrimoniale

Rif.	(in migliaia di euro )	31-dic	Di cui parti	31-dic	Di cui parti
		2023		2022
		Hiberna Regis S.r.l	correlate	Hiberna Regis S.r.l	correlate

	Attività
	Attività non correnti:	- 0		-
1.a	Avviamento	- 0		-
1.a	Attività immateriali	25.445		16.707
1.b	Attività materiali	-		-
1.b - RUO	Attività per diritto d'uso	-		602
1.c	Partecipazioni	21		0
1.d	Crediti per imposte anticipate	31		31
1.e	Altre attività non correnti
	Totale attività non correnti	25.497	-	17.340	-
	Attività correnti:
2.a	Rimanenze	-		-
2.b	Crediti commerciali	382		372
2.c	Crediti tributari	13		371
2.d	Altre attività correnti	2.583	622	1.898	432
2.e	Disponibilità liquide e mezzi equivalenti	67		101
	Totale attività correnti	3.044	622	2.743	432
	Totale attività	28.541	622	20.083	432
	Passività e patrimonio netto
3	Patrimonio netto:
3.a	Capitale sociale	100		100
3.b	Riserve	1.125		560
3.c	Utile (perdita) dell'esercizio del Gruppo	- 816		- 320
	Patrimonio netto di Gruppo	409		340
	Patrimonio netto di terzi
	Totale Patrimonio netto	409	-	340	-
	Passività non correnti:
4.a	Fondi rischi ed oneri	-		-
4.b	Fondo per imposte differite	- 5		- 0
4.c	Fondo TFR	-		-
4.d	Debiti verso banche e altri finanziatori - quota non corrente	5.125		6.500
4.d - RUO	Debiti verso altri finanziatori per diritti d'uso - quota non corrente	-		-
4.e	Altre passività non correnti	21.408 -	21.091	12.867 -	12.867
	Totale passività non corrente	26.528 -	21.091	19.367 -	12.867
	Passività correnti:
5.a	Debiti commerciali	811	-	562	-
5.b	Debiti tributari	29		- 1.288
4.d - BT	Debiti verso banche e altri finanziatori - quota corrente	-		-
	4.d - BT - RUODebiti verso altri finanziatori per diritti d'uso - quota corrente	-		-
5.c	Altre passività correnti	764		1.102
	Totale passività correnti	1.604	-	376	-
	Totale passività e patrimonio netto	28.541 -	21.091	20.083 -	12.867

Tel. +39 055 0682844 I Fax +39 055 0682837 P.IVA 01701100354
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Via Benedetto da Foiano 14 50125 Firenze Capitale sociale € 28.703.679,20 I.V.
-
-

SCHEMA Conto Economico

	(in migliaia di euro )	31-dic	Di cui parti	31-dic	Di cui parti
Rif.		2023		2022
		Hiberna Regis S.r.l	correlate	Hiberna Regis S.r.l	correlate
	6. Valore della Produzione:
	6. Ricavi delle vendite e delle prestazioni	(31)		0
	7. Altri ricavi e proventi	88		31
	Totale valore della produzione	58	0	31	0
	Costi della produzione:
	8. Costi per materie prime	0		0
	9. Costi per servizi e godimento beni di terzi	(230)		(49)
	10. Costi del personale	(0)		0
	11. Variazione delle rimanenze di materie prime, sussidiarie e di consumo	0		0
	12. Accantonamenti	0		0
	13. Oneri diversi di gestione	(220)		(125)
	Totale costi della produzione	(450)	0	(174)	0
	Margine operativo lordo	(392)	0	(143)	0
	14. Ammortamenti e svalutazioni delle Immobilizzazioni	(211)		(0)
	Margine operativo netto	(603)	0	(143)	0
	15. Proventi ed (oneri) finanziari	(412)	15	(266)	0
	16. Utili (perdite) da partecipate	0		0
	Risultato prima delle imposte	(1.015)	15	(409)	0
	17. Imposte	199		89
	Utile (perdita) delle CONTINUING OPERATION	(816)	15	(320)	0
	18. Utile (perdita) delle DISCONTINUED OPERATION dopo le imposte
	Utile (perdita) dell'esercizio	(816)	15	(320)	0
	Utile (perdita) dell'esercizio del Gruppo	(816)	15	(320)	0
	19. Utile (perdita) base per azione (in unità di euro)
	19. Utile (perdita) diluito per azione (in unità di euro)
	Utile (perdita) dell'esercizio	(816)	15	(320)	0
	20. Utile (Perdita) attuariale dalla valutazione del TFR ai sensi dello IAS 19 revised
	Utile (Perdita) dalla valutazione al MTM dei contratti di finanza derivata
	Utile (perdita) Complessivo dell'esercizio	(816)	15	(320)	0
	Utile (perdita) Complessivo dell'esercizio di Gruppo	(816)	15	(320)	0

	Rif. (in migliaia di euro )	31-dic	Di cui parti	31-dic	Di cui parti
		2023		2022
		Hiberna Regis S.r.l	correlate	Hiberna Regis S.r.l	correlate
	Utile (perdita) dell'esercizio	(816)	15	(320)	0
	Altre componenti del conto economico complessivo
20.	Voci che non dovranno essere riclassificate a conto economico :
	Utile (Perdita) attuariale dalla valutazione del TFR ai sensi dello IAS 19 revised
	Utile (Perdita) dalla valutazione al MTM dei contratti di finanza derivata
	Voci che dovranno essere riclassificate a conto economico:
	Utile/(Perdita) complessivo dell'esercizio	(816)	15	(320)	0

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4.1.2. Società di revisione

Il bilancio individuale di HIBERNA. al 31 dicembre 2023 è sottoposto a revisione da parte del revisore unico incaricato Dr Nicola Panaccio che ha rilasciato la propria relazione, con l'approvazione del bilancio chiuso al 31 dicembre 2023, fornendo un giudizio positivo senza eccezioni.

Il bilancio al 31.12.2022 non era soggetto a revisione poiché la società non rientrava nei parametri richiesti.

4.1.3. Stato patrimoniale e conto economico riclassificato relativi al primo

semestre dell'esercizio in corso

Non disponibili

4.1.4. Cash flow e situazione finanziaria netta RENDICONTO FINANZIARIO

	31/12/2023
A - Attività operativa
Utile (perdita) Complessivo del periodo	816
Ammortamenti e svalutazioni	211
Flusso (assorbimento) di cassa dell'attività operativa prima delle variazioni del capitale	1.027
(Incremento)/Decremento dei crediti verso clienti	(10)
Incremento/(Decremento) dei debiti verso fornitori	249
Altre variazioni di attività non finanziarie	(347)
Altre variazioni di passività non finanziarie	9.512
Flusso (assorbimento) di cassa dell'attività operativa per variazioni del capitale circolan	9.404
Totale (A) Flusso di cassa derivante dall'attività operativa	10.431
B - Attività d'investimento
(Investimenti)/Disinvestimenti in immobilizzazioni materiali e immateriali	(8.949)
(Investimenti)/Disinvestimenti netti in immobilizzazioni finanziarie	602
Totale (B) Flusso (assorbimento) di cassa derivante dall'attività d'investimento	(8.347)
C - Attività finanziaria
Variazioni Riserve	(743)
Rimborsi finanziamenti	(1.375)
Totale (C) Flusso (assorbimento) di cassa derivante dall'attività finanziaria	(2.118)
Flusso di cassa derivante dalle attività operative, di investimento e finanziarie (A+B+C)	(34)
Totale variazione delle disponibilità liquide
Disponibilità liquide all'inizio dell'esercizio	101
Disponibilità liquide alla fine dell'esercizio	67

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Posizione Finanziaria netta

(euro)	31-dic
	2023
Disponibilità liquide e mezzi equivalenti	67
Attività finanziarie a breve termine (A)	67
Debiti verso banche	(2.125)
Indebitamento finanziario a breve termine (B)	(2.125)
Posizione (Indebitamento) finanziaria netta a breve (A+B)	(2.058)
Debiti verso banche	(3.000)
Debito verso altri finanziatori	(21.091)
Indebitamento finanziario a medio lungo termine	(24.091)
Indebitamento finanziario discontinued	-
Posizione (Indebitamento) finanziaria netta	(26.149)

4.2. Dati economici patrimoniali e finanziari relativi alla società acquisita

4.2.1. Stato patrimoniale e conto economico della società acquisita Allegato

4.2.2. Indicazione della redditività degli immobili acquisiti

In base alle condizioni di mercato al momento dell'ultimazione.

5. Dati economici e patrimoniali finanziari proforma dell'Emittente

5.1. Situazione patrimoniale e conto economico consolidati pro-forma

5.1.1. Situazione patrimoniale e conto economico consolidati pro-forma

Il bilancio consolidato pro forma riclassificato del Gruppo Eukedos per il periodo chiuso al 31 dicembre 2023 si presenta di seguito. L'obiettivo della redazione del bilancio pro forma è innanzitutto quello di rappresentare, così come previsto dall'art. 71 del Regolamento Consob 11971/1999 e dalla relativa Comunicazione 1052803/2001, la situazione patrimoniale, finanziaria ed economica del Gruppo Eukedos coerentemente con la configurazione che ha assunto ad oggi a seguito dell'acquisizione del 100% di HIBERNA. A tal fine, l'effetto dell'acquisto della partecipazione è stato riflesso in modo retroattivo, come se l'operazione fosse stata effettuata al

Via Benedetto da Foiano 14 50125 Firenze Capitale sociale € 28.703.679,20 I.V.
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31 dicembre 2023. Il bilancio consolidato d'esercizio chiuso al 31 dicembre 2023 del Gruppo Eukedos è stato oggetto di revisione contabile da parte della società di revisione Crowe Bompani S.p.A. (Allegato B); la società di revisione Crowe Bompani S.p.A. ha svolto una procedura di revisione contabile limitata del bilancio di HIBERNA al 31 dicembre 2023. Stato Patrimoniale:

SCHEMA Stato patrimoniale

Rif.	(in migliaia di euro )	31-dic	Di cui parti	31-dic	Di cui parti	31-dic	Di cui parti
		2023		2023		2023
		Gruppo Eukedos - Consolidato -	correlate	Hiberna Regis S.r.l	correlate	Gruppo Eukedos -	correlate
		Proforma				Consolidato Proforma post acquisizione
	Attività
	Attività non correnti:
1.a	Avviamento	25.114		- 0		25.114	-
1.a	Attività immateriali	10		- 0		10	-
1.b	Attività materiali	41.777		25.445		67.222	-
	1.b - RUO Attività per diritto d'uso	75.313		-		75.313	-
1.c	Partecipazioni	2.432		-		2.432	-
1.d	Crediti per imposte anticipate	956		21		978	-
1.e	Altre attività non correnti	1.039		31		1.070	-
	Totale attività non correnti	146.641	-	25.497	-	172.139	-
	Attività correnti:
2.a	Rimanenze	-		-		-	-
2.b	Crediti commerciali	4.534	202	382		4.916	202
2.c	Crediti tributari	1.341		13		1.354	-
2.d	Altre attività correnti	705	-	2.583	622	3.287	622
2.e	Disponibilità liquide e mezzi equivalenti	2.333		67		2.399	-
	Totale attività correnti	8.912	202	3.044	622	11.956	824
	Totale attività	155.554	202	28.541	622	184.095	824
	Passività e patrimonio netto
3	Patrimonio netto:
3.a	Capitale sociale	28.704				28.704	-
3.b	Riserve	655				655	-
3.c	Utile (perdita) dell'esercizio del Gruppo	556				556	-
	Patrimonio netto di Gruppo	29.915	0	-		29.915	0
	Patrimonio netto di terzi	-				-
	Totale Patrimonio netto	29.915	-	-	-	29.915	-
	Passività non correnti:
4.a	Fondi rischi ed oneri	-		-		-	-
4.b	Fondo per imposte differite			- 5		- 5	-
4.c	Fondo TFR	352		-		352	-
4.d	Debiti verso banche e altri finanziatori - quota non corrente	15.416		5.125		20.541	-
	4.d - RUO Debiti verso altri finanziatori per diritti d'uso - quota non corrente	82.189	71	-		82.189	71
4.e	Altre passività non correnti	-		21.408 -	21.091	21.408 -	21.091
	Totale passività non corrente	97.958	71	26.528 -	21.091	124.486 -	21.020
	Passività correnti:
5.a	Debiti commerciali	6.170	128	811	-	6.981	128
5.b	Debiti tributari	1.028		29		1.058	-
4.d - BT	Debiti verso banche e altri finanziatori - quota corrente	3.859		-		3.859	-
	4.d - BT - RUODebiti verso altri finanziatori per diritti d'uso - quota corrente	4.364	92	-		4.364	92
5.c	Altre passività correnti	12.669	6.858	764		13.433	6.858
	Totale passività correnti	28.090	7.078	1.604	-	29.695	7.078
	Totale passività e patrimonio netto	155.963	7.149	28.132 -	21.091	184.095 -	13.942

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SCHEMA Conto Economico

	(in migliaia di euro )	31-dic	Di cui parti	31-dic	Di cui parti	31-dic	Di cui parti

Rif.		2023		2023		2023
		Gruppo Eukedos - Consolidato -	correlate	Hiberna Regis	correlate	Gruppo Eukedos -	correlate
		Proforma		S.r.l		Consolidato Proforma post acquisizione
	6. Valore della Produzione:
	6. Ricavi delle vendite e delle prestazioni	47.310		(31)		47.279	0
	7. Altri ricavi e proventi	2.140	150	88		2.229	150

	Totale valore della produzione	49.450	150	58	0	49.507	150

	Costi della produzione:
	8. Costi per materie prime	(2.764)		0		(2.764)	0
	9. Costi per servizi e godimento beni di terzi	(12.334)	(304)	(230)		(12.564)	(304)
	10. Costi del personale	(21.065)	(454)	(0)		(21.065)	(454)
	11. Variazione delle rimanenze di materie prime, sussidiarie e di consumo	0		0		0	0
	12. Accantonamenti	(182)		0		(182)	0
	13. Oneri diversi di gestione	(780)		(220)		(1.000)	0
	Totale costi della produzione	(37.126)	(758)	(450)	0	(37.575)	(758)
	Margine operativo lordo	12.324	(608)	(392)	0	11.932	(608)
	14. Ammortamenti e svalutazioni delle Immobilizzazioni
		(7.112)	(86)	(211)		(7.323)	(86)
	Margine operativo netto	5.212	(694)	(603)	0	4.609	(694)
	15. Proventi ed (oneri) finanziari	(3.933)	(5)	(412)	15	(4.345)	10
	16. Utili (perdite) da partecipate	0		0		0	0

	Risultato prima delle imposte	1.279	(699)	(1.015)	15	264	(684)
	17. Imposte	(724)		199		(525)	0
	Utile (perdita) delle CONTINUING OPERATION	556	(699)	(816)	15	(260)	(684)
	18. Utile (perdita) delle DISCONTINUED OPERATION dopo le imposte	0				0
	Utile (perdita) dell'esercizio	556	(699)	(816)	15	(260)	(684)
	Utile (perdita) dell'esercizio del Gruppo	556	(699)	(816)	15	(260)	(684)

	19. Utile (perdita) base per azione (in unità di euro)	0,0244

	19. Utile (perdita) diluito per azione (in unità di euro)	0,0244
	Utile (perdita) dell'esercizio	556	(699)	(816)	15	(260)	(684)
	20. Utile (Perdita) attuariale dalla valutazione del TFR ai sensi dello IAS 19 revised	(8)				(8)	0
	Utile (Perdita) dalla valutazione al MTM dei contratti di finanza derivata	(25)				(25)	0

	Utile (perdita) Complessivo dell'esercizio	523	(699)	(816)	15	(293)	(684)
	Utile (perdita) Complessivo dell'esercizio di Gruppo	523	(699)	(816)	15	(293)	(684)

Rif. (in migliaia di euro )	31-dic	Di cui parti	31-dic	Di cui parti	31-dic	Di cui parti
	2023		2023		2023
	Gruppo Eukedos - Consolidato -	correlate	Hiberna Regis	correlate	Gruppo Eukedos -	correlate
	Proforma		S.r.l		Consolidato Proforma
					post acquisizione
Utile (perdita) dell'esercizio	556	(699)	(816)	15	(260)	(684)
Altre componenti del conto economico complessivo
20. Voci che non dovranno essere riclassificate a conto economico :
Utile (Perdita) attuariale dalla valutazione del TFR ai sensi dello IAS 19 revised	4				(8)	0
Utile (Perdita) dalla valutazione al MTM dei contratti di finanza derivata	(25)				(25)	0
Voci che dovranno essere riclassificate a conto economico:
Utile/(Perdita) complessivo dell'esercizio	535	(699)	(816)	15	(293)	(684)

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La predisposizione del bilancio consolidato pro forma ha comportato in sintesi, oltre alla riclassificazione degli schemi civilistici di HIBERNA, ai sensi degli IFRS l'adozione delle seguenti assunzioni:

l'attuale struttura del Gruppo Eukedos, la data di acquisizione della società HIBERNA, nonché il prezzo effettivo di acquisto della partecipazione da cui deriva la definizione di un significativo valore dell'attivo ("Goodwill"), sono state fatte retroagire al 31 dicembre 2023;
il bilancio consolidato pro forma è stato predisposto adottando gli stessi principi contabili e criteri di valutazione applicati per la redazione del bilancio consolidato del Gruppo Eukedos. A tale proposito si evidenzia che il bilancio individuale di HIBERNA al 31 dicembre 2023 è stato riclassificato in accordo agli IFRS; pertanto, alcune valutazioni incluse nel bilancio redatto secondo i principi contabili italiani sono state opportunamente ricondotte ai criteri di valutazione previsti agli IFRS. Si precisa che le informazioni contenute nel bilancio consolidato pro forma rappresentano delle simulazioni e pertanto non necessariamente si sarebbero ottenuti i risultati in essi rappresentati se le assunzioni adottate per la loro elaborazione si fossero realmente verificate all'inizio dell'esercizio considerato

5.1.2. Dati economici e patrimoniale da rettificare e le rettifiche pro forma

Le rettifiche pro forma sono sostanzialmente riconducibili agli effetti delle usuali eliminazioni di consolidamento. Le principali rettifiche riguardano:

iscrizione di un debito verso la parte correlata LA VILLA pari al prezzo di acquisto della partecipazione HIBERNA;
iscrizione di un debito verso parte correlate connesso al debito, avente natura di finanziamento soci, verso La Villa attualmente in essere sulla società HIBERNA;

Il valore della differenza di consolidamento è stato determinato con riferimento al costo di acquisto totale della partecipazione nella società HIBERNA previsto dal contratto di acquisto sottoscritto in data 30 giugno 2024, ed il valore dei patrimoni netti rettificati ai fini IFRS risultanti dal bilancio della società acquisita al 31 dicembre 2023, ciò al fine di rendere possibile la concordanza tra il risultato del Conto Economico e quello dello Stato Patrimoniale consolidati pro forma. Sulla base dei principi IFRS, il maggior prezzo pagato rispetto al corrispondente valore di patrimonio netto della società acquisita ("Goodwill") non sarà soggetto ad ammortamento annuale bensì ad una verifica sulla recuperabilità dell'attivo iscritto nel bilancio ("Impairment test") tramite i flussi di cassa attesi.

Sulla base di quanto esposto, il suddetto Goodwill non è stato imputato ad alcuni specifici elementi dell'attivo o del passivo della società acquisita, bensì alla voce generica "Goodwill" è sarà oggetto di Impairment test in occasione della redazione del prossimo bilancio d'esercizio al 31 dicembre 2024.

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In sintesi, gli effetti pro forma dell'acquisizione in oggetto hanno comportato:

un aumento della voce Goodwill del 34% circa;
un aumento delle Immobilizzazioni Materiale del 61% circa
la Posizione Finanziaria Netta ha subito un incremento del 12% circa
considerata la natura della società acquisita e gli asset posseduti dalla medesima gli impatti sul conto economico sono da ritenersi, al 31 dicembre 2023, non significativi.

5.1.3. Dati proforma consolidati

Vedasi tabella dei dati proforma

5.1.4. Note esplicative

6. Prospettive dell'emittente e del gruppo ad esso facente capo

6.1. Indicazioni generali sull'andamento degli affari dell'emittente dalla chiusura

dell'esercizio

Il primo trimestre del 2024 presenta un andamento gestionale positivo come risulta dai principali dati economico-finanziari. Il fatturato ed il reddito operativo sono in linea con le attese per l'esercizio in corso.

6.2. Previsione dei risultati dell'esercizio in corso

Il Gruppo Eukedos ha affrontato in modo soddisfacente le criticità degli anni passati adeguandosi alle situazioni macroeconomiche e proseguendo comunque nel piano di sviluppo intrapreso anche quale alternativa alle strutture gestite e divenute non più sostenibili.

L'operazione di cui al presente Documento Informativo si inserisce e completa il processo di sviluppo del Gruppo Eukedos.

6.3. Non sono forniti dati previsionali

Operazione con parti correlate – Informazioni aggiuntive

1. Compensi dei componenti del Consiglio di Amministrazione dell'Emittente

I compensi dei consiglieri di amministrazione deliberati dall'assemblea degli Azionisti di EUKEDOS non sono destinati a variare a seguito dell'Operazione.

2. Indicazione delle parti correlate con cui l'Operazione è stata posta in essere

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L'Operazione costituisce un'operazione con parti correlate in quanto:

a. LA VILLA SPA possiede, come già in precedenza indicato, l'89,991% delle azioni di EUKEDOS;
b. Gilles Cervoni ricopre la carica di Consigliere di Amministrazione in LA VILLA e la carica di Consigliere di Amministrazione e Presidente del Comitato OPC, membro dei Comitati Remunerazione e Controllo e Rischi di EUKEDOS.
c. Carlo Iuculano Simona Palazzoli e Mirco Ferrara sono membri del consiglio di amministrazione di La Villa e di Eukedos e Edos.

3. Indici di rilevanza applicabili

L'Operazione si configura, inoltre, quale operazione di "maggiore rilevanza" tra parti correlate ai sensi di quanto prescritto dall'Articolo 8, comma 1, del Regolamento Consob OPC e dall'Articolo 2 della Procedura. Si precisa, altresì, che EUKEDOS rientra nella definizione di "società di minori dimensioni" di cui all'Articolo 3, comma 1, lett. f), del Regolamento Consob OPC e, pertanto, fermi gli obblighi informativi previsti dall'Articolo 5 del Regolamento Consob OPC, la stessa ha deciso di avvalersi delle disposizioni di cui all'Articolo 10, comma 1, del citato Regolamento Consob OPC, adottando anche con riferimento alle operazioni di "maggiore rilevanza" la procedura prevista per le operazioni di "minore rilevanza".

Si precisa che applicando l'indice di rilevanza del controvalore dell'Operazione ai sensi delle soglie della Procedura OPC EUKEDOS, lo stesso risulta superiore al 5% in quanto, al 30 dicembre 2023, base dati riveniente dal più recente documento contabile periodico pubblicato, ossia il bilancio chiuso al 31.12.2023 emerge quanto di seguito rilevato:

l'indice del controvalore dell'Operazione è pari al 23%;
l'indice delle attività è pari al 21% e
l'indice delle passività è pari al 21%.

Pertanto, EUKEDOS ha provveduto a predisporre e a mettere a disposizione il presente Documento Informativo, in conformità alle disposizioni normative vigenti.

L'importo verso parti correlate incluso nella voce "Altre passività non correnti" su HIBERNA è relativo, prevalentemente, al finanziamento soci verso LA VILLA.

L'importo verso parti correlate incluso nella voce "Altre passività correnti" in EUKEDOS viene incrementato per il prezzo stabilito tra EUKEDOS e LA VILLA per l'OPERAZIONE.

ALLEGATI:

1. Parere del Comitato OPC
1. Valutazione Cushman & Wakefield
1. Opinion Società di Revisione
1. Bilancio chiuso al 31.12.2022 e bilancio chiuso al 31.12.2023 di HIBERNA
Via Benedetto da Foiano 14 50125 Firenze Capitale sociale € 28.703.679,20 I.V.
Tel. +39 055 0682844 I Fax +39 055 0682837 P.IVA 01701100354
[email protected] | www.eukedos.it REA: FI-614572

-

Attivo		31.05.2024	30.04.2024
A) Crediti verso soci per versamenti ancora dovuti (di cui già richiamati )		0	0
B) Immobilizzazioni I- Immateriali meno Fondi ammortamento meno Svalutazioni	534.343 -32.202 0	502.142	534,343 -31.753 0 502.590
II- Materiali meno Fondi ammortamento meno Svalutazioni	24.269.448 -1.429.780 O	22.839.667	24.223.603 -1.386.601 0 22.837.002
III- Finanziarie crediti esigibili entro l'esercizio successivo crediti esigibili oltre l'esercizio successivo altre immobilizzazioni finanziarie	0 0 0	0	0 0 0 0
Totale immobilizzazioni		23.341.809	23.339.592
C) Attivo circolante T- Rimanenze		964.069	964.069
II- Crediti - esigibili entro l'esercizio successivo - esigibili oltre l'esercizio successivo	3.082.936 0	3.082.936	3.775.811 0 3.775.811
III- Attività finanziarie che non costituiscono immobilizzazioni		0	20.767
IV- Disponibilità liquide		466.024	44.760
Totale attivo circolante		4.513.030	4.805.408
D) Ratei e risconti attivi		2.824.652	2.818.766
TOTALE ATTIVO		30.679.490	30.963.765

Passivo	31.05.2024	30.04.2024
A) Patrimonio netto I - Capitale	100.000	100.000
II - Riserva da sovrapprezzo azioni	1.760.000	1.760.000
III - Riserve di rivalutazione		0
IV - Riserva legale 11 V- Riserve statutarie	18.785 · `)	18.785 0
VI- Altre riserve, distintamente indicate: 341.624 a) Riserva straordinaria 5.377.059 b) Altre Riserve c) Riserva da arrotondamenti	5.718.683	341.624 5.392.842 0 5.734.465

VII- Riserva per operazioni di copertura dei flussi finanziari attesi
VIII- Utili (perdite) portati a nuovo	-6.718.436	-6.718.436
IX- Utile (perdita) di esercizio	-685.566	-411.080
X- Riserva negativa per azioni proprie in portafoglio	0	0
Totale patrimonio netto	193.466	483.734
B) Fondi per rischi e oneri	0	4.984
C) Trattamento di fine rapporto si lavoro subordinato	0	0
D) Debiti 4.927.572 - esigibili entro l'esercizio successivo 24.636.505 - esigibili oltre l'esercizio successivo	29.564.077	4.743.192 24.778.447 29.521.639
E) Ratei e risconti passivi	921,948	953.408
TOTALE PASSIVO	30.679.490	30.963.765

	Conto economico
		31.05.2024	30,04,2024
A) Valore della produzione 1) Ricavi delle vendite e delle prestazioni		2.391.078	2.470.396
2) Variazione delle rimanenze di prodotti in lavorazione, semilavorati e finiti		0	0
3) Variazioni dei lavori in corso su ordinazione		933.308	933.308
4) Incrementi di immobilizzazioni per lavori interni		0 :	0
5) Altri ricavi e proventi: - vari	106.311		2.726 0
- arrotondamenti all'unità di Euro		106.311	2.726
Totale valore della produzione		3.430.697	3.406.430
B) Costi della produzione 6) Per materie prime, sussidiarie, di consumo e merci		0	0
7) Per servizi		3.535.030	3.348.963
8) Per godimento di beni di terzi		11.504	11.504
9) Per il personale:		0	0
10) Ammortamenti e svalutazioni a) amm.to delle immobilizzazioni immateriali b) amm.to delle immobilizzazioni materiali c) altre svalutazioni delle immobiliz- zazioni d) svalutazioni dei crediti compresi nell'attivo circolante e delle dispo-	3.230 211.774 0		2.781 168.594 0
nibilità liquide	O	215.004	0 171.376
11) Variazioni delle rimanenze di materie prime, sussidiarie, di consumo e merci		0	0
12) Accantonamenti per rischi		0	0
13) Altri accantonamenti		0	0
14) Oneri diversi di gestione		91.068	72.506
Totale costi della produzione		3.852.605	3.604.348
Differenza tra valore e costi della produzione (A - B)		-421.909	-197.919
C) Proventi e oneri finanziari 15) Proventi da partecipazioni: - da imprese controllate - da imprese collegate - da imprese controllanti - da imprese sottoposte a controllo delle contro - altri	0 0 0 0 0	0	0 0 0 0 0 0
16) Altri proventi finanziari: a) da crediti iscritti nelle immobilizz.ni: - da imprese controllate - da imprese collegate - da imprese controllanti	0 0 0		0 0 0

11.257 21.755 0 0 b) da titoli iscritti nelle immobilizz.ni 0 0 c) da titoli iscritti nell'attivo circolante d) proventi diversi dai precedenti: 0 0 - da imprese controllate 0 0 - da imprese collegate 0 0 - da imprese controllanti 0 0 - da imprese sottoposte a controllo delle con 0 0 - altri 0 0 11.257 21.755 17) Interessi e altri oneri finanziari: 0 0 - verso imprese controllate 0 0 - verso imprese collegate 0 0 - verso controllanti 224.418 285.412 - altri 224.418 285.412 0 0 -213,161 -263.657 Totale proventi e oneri finanziari 0 0 18) Rivalutazioni 0 0 19) Svalutazioni 0 0 Totale rettifiche di valore di attività e passività finanziarie -411.080 -685,566 Risultato prima delle imposte (A - B +- C +- D) 20) Imposte sul reddito di esercizio 0 0 a) imposte correnti 0 0 b) imposte differite 0 0 c) imposte anticipate 0 0 Totale imposte sul reddito -411.080 -685.566 21) Utile (perdita) dell'esercizio	- da imprese sottoposte a controllo delle con 0 21.755 - altri	0 11.257

















	17 bis) Utili e perdite su cambi

	) Rettifiche di valore di attività e passività finanziarie

PRIVATE & CONFIDENTIAL www.cushmanwakefield.com

Report and Valuation

Eukedos - Italy

Portfolio of 9 development projects and one existing asset located in Italy

Valuation date: 31st December 2023 Report date: 8th March 2024

Our Ref. CW3 24/059

Cushman & Wakefield Valuation France 185-189 avenue Charles de Gaulle 92200 Neuilly-sur-Seine

1	Terms of instruction, Valuation, Disclosure and Confidentiality 3
	1.1	Terms of instruction3
	1.2	Inspection4
	1.3	Report Format 4
	1.4	Bases of valuation5
	1.5	Market Value 5
	1.6	Methodology6
	1.7	Information provided 7
	1.8	Valuation Conclusion 8
	1.9	Disclosure and confidentiality9
2		Valuation of the Italian Portfolio 10
	2.1	General Characteristics10
	2.2	Location10
	2.3	Capacity – Authorised beds and optimisation of areas10
	2.4	Ownership 11
	2.5	Assumed rental condition11
	2.6	Normative rent11
	2.7	Works carried out on the subject properties and their current condition12
	2.8	Yields applied and market values 12
	2.9	Comparables 13
3		Appendices 14
	A.	Methodological principles of evaluation 15
	B.	Synthesis of the values 20
	C.	Individuals reports 21
	D.	Terms, Conditions and Assumptions 53
	E.	Definition of bases of valuations 57

Eukedos | Portfolio Italy

Eukedos S.p.A Via Benedetto da Foiano 14 50 125 Firenze (FI) Italy

For the attention of:

Name :	Marc Guillaume
Email :	[email protected]
Tél :	+ 33 (0)1 41 02 71 45

Neuilly-sur-Seine, the 8th March 2024,

Borrower / Client:	Eukedos
Property:	Portfolio of 9 development projects and one existing asset located in Italy
Date of Valuation:	31st December 2023
Purpose:	Internal strategy and accounting purposes

1 Terms of instruction, Valuation, Disclosure and Confidentiality

1.1 Terms of instruction

Our appointment and valuation date

Mr Carlo Lucuano Mr Mirco Ferrara

We are pleased to submit our report and valuation which has been prepared in accordance with the Engaged letter entered into between us dated 04th December 2023.

We have valued the freehold interest of properties (PropCo) contained in a portfolio which covers 10 assets located in Italy, as described in paragraph 2.

We have been required to determine the Fair Value with special assumption (PropCo) of each asset, as at the 31st December 2023.

All the portfolio except Codorago has been valued as at 31st December 2022.

The valuation purpose is for internal strategy and accounting purposes.

The detailed reports for each property are attached in Appendix D of this report, which forms an integral part hereof.

Compliance with RICS Valuation Standards

We confirm that the valuations have been prepared in accordance with the appropriate sections of the Valuation Standards ("VS") contained within the RICS Valuation Standards - the Global "RICS Red Book" edition current at the Valuation Date (last edition) and in accordance with local market practice.

Status of valuer and conflicts of interest

We confirm that all valuers who have contributed to the valuation have complied with the requirements of the RICS Red Book. We confirm that we have sufficient current knowledge of the relevant markets, and the skills and understanding to undertake the valuation competently.

Finally, we confirm that we have undertaken the valuations acting as an External Valuer, qualified for the purpose of the valuation.

We do not consider that any conflict arises in preparing the advice requested.

Sustainability and ESG

Sustainability is an increasingly important factor in real estate market. Many countries have committed to net zero carbon by 2050, with legislation already in place to reduce CO2 emissions from buildings. We consider it likely that further legislation and regulations will be introduced in coming years. Alongside this, occupiers and investors in some sectors are becoming more particular in the sustainability aspects of the buildings they choose to occupy or purchase.

The existence of a green premium for the more sustainable buildings is a matter of ongoing market monitoring, investigation and debate. Appropriate levels of market evidence have yet to be established to demonstrate fully whether additional value can be ascribed to such buildings.

However, it should be noted that the market is evolving due to the focus from both occupiers and investors on a property's sustainability credentials. We expect that awareness of sustainability matters will increase throughout all sectors of the property market.

Fee Income from the Fund

C&W Valuation France is a wholly owned subsidiary of C&W Group. Cushman & Wakefield's financial year end is 31 December. We anticipate that the proportion of fees payable by the Company to the Cushman & Wakefield group in the financial year to 31 December 2023 will remain at less than 5%.

1.2 Inspection

In the previous valuation as at 31st December 2022, it should be noted that all the assets of the portfolio. have not been visited due to the nature of the assets.

However, in the valuation as at 31st December 2023, we have been requested by the client to visit the following asset: RSA Poliziano. The asset was inspected on 24th November 2024 by Susanna Merzagora (Cushman & Wakefield Italy).

We were satisfied that our inspection of the property provided us with a representative view of the property. We have assumed that details of all matters likely to affect value have been made available to us.

For the purposes of any revaluation, C&W will make an Assumption that no material changes to the physical attributes of the Property and the areas in which the Property is situated have occurred since the Property was last inspected by C&W.

1.3 Report Format

The 10 assets calculation details and key parameters are described in the Individual Valuation Reports attached in Appendix of this report. The valuations referred to below must be read in conjunction with the other sections of this report.

The Appendices comprise details of the properties and our calculation details. The Appendices also contain various plans, location maps and photographs where available. Any plans, location maps and photographs contained within the Report and Appendices are for identification purposes only.

1.4 Bases of valuation

Our opinion of the Fair Value of the property has been primarily derived using comparable recent market transactions on arm's length terms.

In accordance with your instructions, we have undertaken our valuation on the following basis:

• Fair Value with special assumption as detailed below

The Fair Value has been estimated as the sale value of the Properties under the specific assumption of a sale and leaseback sale, i.e. the assumption that Eukedos signs an investor-type lease with a long firm term and a rent equal to the normative rent admissible by the operation.

This assumption reflects the sustainability of the operator within the properties and corresponds to the situation that would most likely be observed in the event of a sale.
As the effective date of the leases corresponds to the date of disposal of the properties, we have assumed this to be the date of the valuation.
The long firm term retained (Cushman & Wakefield assumption) according to the location of the assets is specified for each country. These are terms usually used in the local market. For the subject properties located in Italy, we have retained a 18 fixed year lease (investor type lease).

Our valuation is subject to our standard valuation Terms, Conditions and Assumptions, which are included in Appendix E. Where appropriate, you have confirmed that our Assumptions are correct as far as you are aware. In the event that any of our Assumptions prove to be incorrect then our valuation(s) should be reviewed.

We have set out the definitions of the above bases of valuation in Appendix F.

1.5 Market Value

Definition of values

Fair Value (IFRS 13)

The Value of the property has been assessed in accordance with the definition of the Fair Value stated in IFRS 13 as "the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date". The Market Value defined below generally matches the Fair Value defined in IFRS Standards, and particularly in IFRS 13.

Market Rent

The Market Rent is the estimated amount for which a property, or space within a property, should be leased (let) on the date of valuation between a willing lessor and a willing lessee on appropriate lease terms in an arm's-length transaction after proper marketing wherein the parties had acted knowledgeably, prudently and without compulsion.

Market Value

Thus, the Market Value of the property has been assessed in accordance with the definition of Market Value contained within the Red Book (9th edition), and according to French market practice. The term "Market Value" means: "The estimated amount for which a property should exchange on the date of

valuation between a willing buyer and a willing seller in an arm's-length transaction after proper marketing wherein the parties had each acted knowledgeably, prudently and without compulsion". In undertaking our valuations on the basis of Market Value we have applied the conceptual framework which has been settled by the International Valuation Standards Committee (which is included in VS 3.2) and according to French market practice. The RICS considers that the application of the Market Value definition provides the same result as Open Market Value, a basis of value supported by previous editions of the Red Book.

We consider that the Market Value as defined above generally matches with the Fair Value stated in IFRS 13 as "the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date".

1.6 Methodology

• Valuation methods

The assets in question in for valuation constitute a type of asset that is the subject of transactions between independent players. The real estate market for this type of asset is an identified market characterised by a significant number of comparables both in France and in the rest of Europe.

• Valuation principle used

In order to estimate the Market Value of the premises, we have assumed the continuity of operations on the premises by considering the properties rented on the basis of a normative rent within the framework of an "investor" type lease and have capitalised this rent at a market yield (details in section 2).

Accordingly, we consider the specific assumptions used in our valuations to be realistic and appropriate. They reflect as objectively as possible the price that Eukedos could obtain if its real estate assets were put on the market for sale.

• We believe it is useful to make the following clarifications on the normative rent used:

The normative rent can be defined as the rent likely to be accepted by a competent operator obtaining operating results in line with the ratios usually observed in the profession for a comparable property.
We use an effort rate as a % of EBITDAR to estimate this normative rent in accordance with market practices in each country. This effort rate has sometimes led to high rent ratios (expressed in € per sqm and € per bed) although they are perfectly acceptable in view of the operating data. On a caseby-case basis, we can then adjust the normative rent by modifying the effort rate.

Regarding the nature of the portfolio and especially for the 9 development projects, the methodology is as follows:

First of all, we determined a total Gross Development Value at the completion of the construction works. To determine the Gross Development Value, we considered the properties rented on the basis of a normative rent within the framework of an "investor" type lease and have capitalised this rent at a market yield.

Then, we adopted the residual method. It is so called because it indicates the residual amount after deducting all known or anticipated costs required to complete the development, from the anticipated value of the project when completed (Gross Development Value) after consideration of the risks associated with completion of the project.

Given the type of property (developed by the occupier) we have considered that the profit margin is fully acquired at the start of the construction. Considering the current stage, and that there is no authorization

risk, we adopted 8% profit margin, to be recognized to a potential buyer of the development project at this stage.

We considered the following costs:

Capex still to be sustained (hard costs, soft costs, FF&E, contingencies, and urbanization costs)
Contingency: we have been informed that it is already included in the budget of capex provided.
Sale costs: 1.0% of the GDV
Profit: 8% or 5% depending on the assets
Financial costs: 7.0%
Purchase costs: 1.0%
Timing

For the purpose of the valuation, we have used and relied on the specification and floor plans of the proposed development, as well as information relating to construction and associated costs, as provided to us by the Client in respect of the proposed development. We have assumed these costs to be correct and realistic. We reserve the right to alter this valuation if subsequently the information provided is found to be wrong.

The detailed methodology is explained in each report in the Appendix Section.

1.7 Information provided

We have been provided with the following documents for each property related to this report:

The Business Plan between 2019 and 2027 and the regime year, with the occupancy rate, the turnover, staff costs, charges, EBITDAR,
The remaining works amount,
The Capital Expenditures for the next years,
Plans,
Description of the property,

We have assumed that the information provided to us in respect of the property is both full and correct. It follows that we have assumed that details of all matters likely to affect value have been made available to us and that the information is up to date.

1.8 Valuation Conclusion

Market conditions explanatory note

As at the date of valuation and at the time this report was drafted, there are a number of negative factors recognised as influencing property markets, exerting downward pressure on property values and reducing liquidity. These include:

Significant inflationary pressures have impacted the EU economy over the last two years and led the ECB to raise interest rates since July 2022, although rates have been stable since September 2023. Indications are that inflation has peaked but is slow to go down to the ECB expected normalized level. The market is suggesting that interest rates have probably reach their peak but still needs confirmation in the coming months.

The war in Ukraine shows no sign of ending and remains a risk to supply chains, energy supplies and prices throughout Europe and the UK. The ongoing conflict in Israel / Gaza has the potential to create additional uncertainty, especially in oil prices.

In recognition of the potential for market conditions to move rapidly in response to wider political and economic changes, we highlight the importance of the Valuation Date as it is important to understand the market context under which the valuation opinion was prepared. At this point we anticipate longer marketing periods being required to elicit bids.

Conclusion

We are of the opinion that the cumulative fair value of the freehold interest of the properties, as at the 31st December 2023, subject to the Assumptions and comments in this Report and the Appendices are:

Cumulative Fair Value

€ 36,610,000 exclusive of purchaser's costs

(Thirty-Six million Six hundred and one thousand Euros exclusive)

NB:

The figures detailed above are the sum of the individual values for each property interest in the portfolio.

1.9 Disclosure and confidentiality

The contents of this Valuation Report and Appendices are confidential to the party to whom they are addressed for the specific purpose to which they refer and are for their use only. Consequently, and in accordance with current practice, no responsibility is accepted to any party in respect of the whole or any part of their contents. Before this Valuation Report, or any part thereof, is reproduced or referred to, in any document, circular or statement, and before its contents, or any part thereof, are disclosed orally or otherwise to a third party, the valuer's written approval as to the form and context of such publication or disclosure must first be obtained.

Such publication or disclosure will not be permitted unless, where relevant, it incorporates adequate reference to the Special Assumptions and/or Departures from the RICS Valuation Standards referred to herein. For the avoidance of doubt, such approval is required whether or not Cushman & Wakefield or any related companies is referred to by name and whether or not the contents of our Report are combined with others.

Yours faithfully,

Marc Guillaume, MRICS, RICS Registered Valuer, International Partner Cushman & Wakefield Valuation France Valuation & Advisory

Mariacristina Laria, MRICS,

RICS Registered Valuer, Partner – Head of Valuation & Advisory Italy Cushman & Wakefield Valuation Italy Valuation & Advisory

2 -

2 Valuation of the Italian Portfolio

2.1 General Characteristics

The Italian portfolio of Eukedos comprised 10 assets located throughout the country.

This portfolio consists of

1 nursing home,
9 development projects (nursing homes)

2.2 Location

A majority of the properties are located in northern Italy:

One of them is located closed to Turin.
Two other assets are in the vicinity of Milan.
One asset is close to the Lake Como.
Two of them are located close to Genova and one close to La Spezia.
The two other assets are located in the vicinity of Venise and the other one between Livourne and Rome.

Asset	Number Asset name	Asset Type	Town	Completion date
66	RSA Poliziano	Retirement home	Settimo Torinese (TO)	Opening in 2022
69	Bovisio Masciago (MB)	Asset under construction Bovisio Masciago (MB)		Contractual building completion March 2023 - extended to 30/6/2024
70	Musile di Piave (VE)	Asset under construction Musile di Piave (VE)		Contractual building completion 31 October 2023 - extended to 30/6/2024
71	Colico (CO)	Construction not started	Colico (CO)	Works duration 430 days from opening of the construction site (14 months + 2 months)
72	Arenzano (GE)	Construction not started	Arenzano (GE)	Works duration 18 months from opening of the construction site (18 months + 2 months)
73	Genova (GE)	Construction not started	Genova (GE)	Works duration 16 months from opening of the construction site (16 months + 2 months)
74	Grosseto	Construction not started	Grosseto	Contractual building completion 31 October 2024
75	Bolano 1 (LS)	Construction not started	Bolano 1 (LS)	Works duration 16 months from opening of the construction site
76	Bolano 2 (LS)	Construction not started	Bolano 2 (LS)	Works duration 14 months from opening of the construction site
77	Cadorago	Asset under construction Cadorago (CO)		Works duration 16 months from opening of the construction site

2.3 Capacity – Authorised beds and optimisation of areas

The properties at that time (excluding major restructuring or renovation) are built to optimize areas without neglecting the comfort of patients and residents.

We consider that the areas of the nursing home and the development projects in the portfolio are optimized and allow the facilities to function properly.

Properties with more than 70 m² per bed, and therefore not optimized in terms of area, are often old buildings that have been renovated or restructured and for which the existing architecture has restricted the optimization of the area.

It is important to note that in Italy, the properties have a high percentage of double rooms.

66 RSA Poliziano Retirement home 160 7 355 46 69 Bovisio Masciago (MB) Asset under construction 120 5 943 50 70 Musile di Piave (VE) Asset under construction 120 3 855 32 71 Colico (CO) Construction not started 100 5 035 50 72 Arenzano (GE) Construction not started 160 6 352 40 73 Genova (GE) Construction not started 120 5 062 42 74 Grosseto Construction not started 120 4 896 41 75 Bolano 1 (LS) Construction not started 156 6 496 42 76 Bolano 2 (LS) Construction not started 120 5 546 46 77 Cadorago Asset under construction 160 9 575 60	Asset Number	Asset name	Asset Type	Number of beds	Area (m²)	Density (m²/bed)

Most of the properties comprises 100 to 160 beds with standard ratio per bed.

2.4 Ownership

The assets of the portfolio are held freehold.

We have also assumed that the property is free of any defects, rights or easements that might affect its use or value. If this is not the case, our valuation will have to be reviewed and could be subject to modifications.

2.5 Assumed rental condition

We remind here the main characteristics of the typical "investor" lease used as a particular hypothesis in our evaluation. These characteristics are described in a non-exhaustive manner.

We have assumed 18-year firm "investor" leases between La Villa "Operator" and a real estate company that owns the Properties, with the following characteristics:

Initial term of 18 years firm
The lease rent is equal to the normative rent retained for each establishment on the basis of the analysis made for the accounts as at 31st December 2023. The rent is assumed to be net of all charges,
Non recoverable charges borne by the landlord: Concerning the developments projects and the new asset, we retain Capital reserves (1%), rent collection fee (1%) and lease registration tax (0.5%).
Operator's group guarantee.

We have also assumed, in our valuation, that the designation of the leased property includes all the buildings forming the establishments as well as all the land serving as a basis for the buildings or accompanying them.

2.6 Normative rent

The normative rents were determined following the methodology detailed in Appendix A.

We have retained a percentage (%) of EBITDAR dedicated to real estate of between 55% and 60% of EBITDAR in a normative year, this ratio depends on the location of the asset.

We have retained normative rents between €5,243/beds and €6,629/beds, reflects high ratio in the portfolio. The highest rent was used for Musile di Piave located near Venise, while the lowest rent was used for RSA Bolano. It is important to note that, for all properties, we have retained the regime year corresponding to a normative occupancy ratio of each property due to the nature of the asset.

Asset Number	Asset name	Normative rent retained (€ excl./yr)	Normative rent retained - €/bed	Effort rate retained	Gross Margin Regime
66	RSA Poliziano	877 639	5 485	55%	31%
69	Bovisio Masciago (MB)	652 057	5 434	60%	31%
70	Musile di Piave (VE)	795 509	6 629	55%	31%
71	Colico (CO)	543 381	5 434	60%	31%
72	Arenzano (GE)	869 409	5 434	60%	31%
73	Genova (GE)	711 848	5 932	55%	32%
74	Grosseto	701 563	5 846	60%	31%
75	Bolano 1 (LS)	817 931	5 243	60%	30%
76	Bolano 2 (LS)	676 018	5 633	55%	32%
77	Cadorago	980 887	6 131	55%	23%

2.7 Works carried out on the subject properties and their current condition

We have received multi-year work budgets.

On a general basis, our valuation assumes that the required to achieve Eukedos's business plan will be completed by the time the normative rent can be achieved.
For the Development projects, we have retained the amount of works provided by La Villa and corresponding to the development cost of each site.

Some comments are specially added in each individual report regarding the state of repair.

2.8 Yields applied and market values

The choice of yields depends mainly on the type of establishments, the way they are held, their quality and the level of rent considered. We have retained yields of between 5.80% and 6.00% for this type of asset considering that the assets are newly built.

2.9 Comparables

Values per bed obtained from transactions of comparable establishments

The transactions presented below present an average ratio per bed of €112k.

			Italie
Nom du portefeuille	Localisation	Nombre d'actifs	Acquereur	Vendeur	Prix (€)	Nombre de lits	€/Lits
Grado, Gorizia - RSA	Grado	1	BNP Paribas	NC	12 500 000	NC	NC
RSA Castelnuovo Garfagnana	Castelnuovo Garfagnana	1	BNP Paribas	Numeria Sgr	Confidentiel	120	NC
4 RSA Gruppo Aurelia	Rome	4	GHC SpA	Private	47 000 000	NC	NC
RSA Torrazza Piemonte	Torrazza Piemonte	1	Kryalos SGR	Sereni Orizonti	13 500 000	120	112 500
RSA Zaffiro Ronchi	Ronchi dei Legionari	1	Primonial REIM	NC	10 500 000	120	87 500
	Lombardy, Tuscany and
NAMIRA portfolio (6 assets)	Piedmont	б	AXA IM	Confidentiel	Confidentie	1440	Confidentiel
Castelfiorentino	Castelfiorentino	1	Lifento	NC	18 000 000	160	112 500
Clinica Sedes Sapientiae	Torino	1	Humanitas	NC	15 000 000	150	100 000
Portion of Istituto Dermopatico dell'Immacolata ("IDI IRCCS")	Rome	1	Ream SGR	Fondazione Luigi Maria Monti	47 500 000	NC	NC
RSA Villa Fiorita Peveragno	Peveragno	1	Quinta Capital SGR	NC	12 000 000	120	100 000
RSA Lancia , RSA Cariglio	Turin	2	REAM SGR, Geras Fund	Gruppo Colisée	22 000 000	210	104 762
Kryalos	Lombardy and Piemont	Portfolio	Kryalos, Euryale	NC	20 000 000	289	69 204
Colisee	Piemont	Portfolio	Blue Sgr, Cofinimmo	Colisee	22 000 000	210	104 762
RSA - Clinica Della memoria San
Giovanni	Collegno, Turin	1	Primonial REIM	NA	28 000 000	120	233 333
RSA Cecina	Toscnana	1	Lifento	Carron SpA	17 000 000	160	106 250
RiverRock Brownfield	Guidonia Montecelio
Infrastructure Fund 1	(RM)	1	RiverRock	NC	60 000 000	480	125 000
RSA Mantegna	Campodarsego	1	ICADE	Numeria SGR	13 000 000	120	108 333
KOS ITA	Lombardie, Liguria, Marches	ટ	ICADE	KOS Partnes	51 000 000	514	99 222

To notice, Kryalos investment pipeline through the Euryale Healthcare Italia 2 fund which include a portfolio of 8 properties under construction (to be completed for the end of 2024). In total there will be available 1,280 beds, all in the north of Italy, already leased to identified tenants.

3 Appendices

A.	Methodological principles of evaluation 15
B.	Synthesis of the values 20
C.	Individuals reports 21
D.	Terms, Conditions and Assumptions 53
E.	Definition of bases of valuations 57

A. Methodological principles of evaluation

A. General methodology Principles

We have therefore retained the income approach for our valuation. The lease fixed period being long, the sustainability of the future tenant-operator on its facilities being important, and the rents being set at normative sustainable levels for the operator, net of all charges except for major works, we have not used the method by Discounted Cash-Flow, which is unlikely in these circumstances to add value to the valuation.

All the values estimated have been analyzed considering ratios per beds and per sq m generated. We have ensured the ratios generated were relevant in comparison with the market-observed prices.

General Principle

The specific approach to this valuation takes into account as well the approach regarding the long-term commercial lease signed with the tenant as well as an approach specific to health real estate.

Phase 1 : Determination of the normative rent

• We estimate the normative rent based on the EBITDAR from Eukedos Business Plan (assumed to be net of head office costs). This normative rent corresponds to a proportion of EBITDAR that can reasonably be devoted to the remuneration of real estate for this type of asset. Once this normative rent has been determined, we cross-check its consistency and relevance with the rules currently applied by the market. This consistency is checked against our knowledge of the market (comparable data: rent per sq.m, rent per bed, etc.).

Phase 2 : We apply a yield to the net normative rent

The yield takes into account the following points for each asset:

Its physical characteristics
Its geographical characteristics,
Its financial profitability,
A possible significant difference between the normative rent determined and our assessment of the market rent.
We then obtain a Market Value including transfer taxes for the property, from which we deduct purchase costs depending on the country (e.g. in France: 1.80% for assets subject to real estate

VAT (less than 5 years), and 6.90% for the others; Italy: 4.75%). The result is a Market Value excluding purchaser's costs.

Phase 1: Determination of the normative rent

We describe, in a non-exhaustive way, some of the characteristics of a typical "investor" lease and then explain the method of determining the normative rent applied for all the Eukedos assets studied.

The methodology explained below is applied in the same way for all countries.

Type of lease retained

In general, we have assumed an "investor" type lease in which all expenses are borne by the tenant except the charges borne by the landlord.

Determination of the normative rent

General Case

We estimated the normative rent from the normative EBITDAR for each location. In each case, we took into account past performance as well as potential revenue growth.

We relied on the financial data provided by Eukedos, in particular the financial data for the two years preceding the current financial year, the estimated current financial year and the budget for the next four years, for all the facilities.

For institutions that have reached their cruising speed at the time of the valuation, we consider the current year as normative.

For facilities that have recently been launched or have been affected by major works, our admissible rent is more likely to be paid when the facility reaches a stabilised activity: we used the EBITDAR of the first year for which the forecast operating data provided by Eukedos correspond to a cruising rate, which we discounted according to the projected long-term growth rate.

We deducted head office costs from the EBITDAR reported by Eukedos. We retained the corporate costs, checking that they were in line with what could be accepted for this type of operation.

If turnover is under 5 million, we retained 2.5% of said turnover for the corporate costs otherwise we retained 2.5% of a capped turnover at 5 million.

The normative rent, which is comparable to the rental value of the real estate of each establishment, has been determined on the basis of an effort rate applied to the EBITDAR net of corporate costs. This effort rate varies according to each country and the share that real estate represents in relation to the potential turnover that could be generated.

Then, we analysed this rent in order to verify its consistency and relevance in relation to the rules currently applied by the market. The relevance of this normative rent, or the ability of each establishment to contribute to the remuneration of the property, is checked according to our knowledge of the market (rent as a % of turnover excluding VAT, rent expressed per m², rent expressed per bed).

The normative rent used is assumed to be net of charges.

Phase 2: Determination of the market value of the asset

Methodology

In general, once the normative rent has been determined, we capitalise this rent to obtain the market value of the property. We take into account the specificities of each country.

Determination of cap rates

For each asset, the cap rate has been determined in accordance with:

Location of the facility: One of the main elements of the value of real estate is its location, the same goes for a retirement home or a nursing home.
Possible conversion of the facility: a building used as a retirement home or a care facility, is generally a real estate facility with a potential destination that is less monovalent than a cinema, a theater or a shopping mall, for example. It could be converted, in theory, quite often into a hotel, or even into housing, into a student residence, which is the most likely case for establishments located in the city center.
Potential for reconversion or alternative use in the future: the same is true for the site conversion potential. Indeed, in the case of a release of an exit of the operator, the possibility of considering an alternative exit such as a redevelopment of the site in residential real estate for example, is a significant factor of value or at least a reassuring element for the acquirer-investor that can thus consider an optimized vacant possession value. In the case where the local planning rules allow the construction of housing real estate, the purchaser should take it into account in its price and therefore in the cap rate.
Size and profitability of the facility: these criteria provide an indication of the sustainability and attractiveness of the facility and the level of rent that can be accepted, they are therefore very important. Given the financial information provided to us, the profitability of the institutions studied are satisfactory, even very satisfactory.
Ownership type: assets subjected to construction leases and concession agreements are, in general, less likely to be of interest to investors.
Quality of the signature: investors favor the signatures of operators of national or international scale, in particular the leading players on the market.
Residual fixed term period: investors favor assets with long fixed long terms and are therefore willing to pay more for these assets, and thus accept a lower initial yield than for assets with no significant fixed term.
Typical lease clauses: a premium is generally granted if the terms of the lease are considered safe for the buyer: including guaranteed renewals, fixed rents (non-volatile), "triple net" rents effectively discharging the landlord from major work. "Safe" clauses and a long-fixed term period also facilitate credit conditions for acquirers.
Size of the potential investment: the size of the potential investment is an important factor in terms of liquidity. Potential buyers are willing to accept lower returns than large assets, especially when these buyers are individuals or groups of natural persons.
Market context: the market is very aggressive on healthcare products, as indicated by the last deals recorded in Europe. Given this context and the appetite of certain potential purchasers, some of our values could be outperformed in case enhanced competition.

CAPEX Provisions

In accordance with your instructions, in our analysis we have not deducted the amount of work still remaining at the valuation date and have therefore valued the assets on the assumption that all the works in progress had been completed at the valuation date, except in special cases.

Extension works are in progress for some assets, and we retained them.

Transfer/Purchaser's costs

Lastly, in relation to the Gross Market Values, we have deducted some purchaser's costs in line with the local practices.

B. Synthesis of the values

		77 Cadorago	76 Bolano 2	75 Bolano 1	74 Grosseto	73 Genova (G	72 Arenzano	71 Colico (CO	70 Musile di	69 Bovisio M	Asset #			66 RSA Poliz	Asset #
			(LS)	(LS)		E)	(GE)	)	Piave (VE )	asciago (M B)	Asset			iano	Asset
OVERALL TOTAL	TOTAL	Cadorago (CO)	Bolano 2 (L S)	Bolano 1 (L S)	Grosseto	Genova (G E)	Arenzano (GE)	Colico (CO )	Musile di P iave (VE)	Bovisio Ma sciago (MB )	Location		TOTAL	Settimo To rinese (TO )	Location
		EUKEDOS	EUKEDOS	EUKEDOS	EUKEDOS	EUKEDOS	EUKEDOS	EUKEDOS	EUKEDOS	EUKEDOS	Landlord			EUKEDOS	Landlord
		ASSETS U NDER CO	CONSTRU CTION NO	CONSTRU CTION NO	CONSTRU CTION NO	CONSTRU CTION NO	CONSTRU CTION NO	CONSTRU CTION NO	ASSETS U NDER CO	ASSETS U NDER CO	Typology			Retiremen t home	Typology
		NSTRUCT ION	T STARTE D	T STARTE D	T STARTE D	T STARTE D	T STARTE D	T STARTE D	NSTRUCT ION	NSTRUCT ION	Environ ment			10036	Code ZIP
		constructio Works dur ation 16 m n site onths from	constructio Works dur ation 14 m n site onths from	constructio Works dur ation 16 m n site onths from	Contractua l building co	constructio Works dur ation 16 m n site (16 m onths from	constructio Works dur ation 18 m n site (18 m onths from	constructio Works dur ation 430 d n site (14 m ays from o	- extende Contractua d to 30/6/2 l building co 024	extended t Contractua o 30/6/202 l building co 4 mpletion M	Completion			Urban	Environme nt
		opening o f the	opening o f the	opening o f the	mpletion 31 October 2 024	onths + 2 m opening o onths) f the	onths + 2 m opening o onths) f the	onths + 2 m pening of t onths) he	mpletion 31 October 2 023 -	arch 2023 -	date			2022 / 202 2	Refurbishe Year ment	Constructio n /
3202	1176	160	120	156	120	120	160	100	120	120	Authorised Number of Beds Flats		160 -	160 0	Authorised Number of Beds Flats
											%Twin rooms	General Data		82%	%Twin rooms	General Data
315 801 150 539	176 850 52 761	11 401 9 575	32 359 5 546	32 359 6 496	7 500 4 896	2 170 5 062	49 000 6 352	8 490 5 035	24 000 3 855	9 571 5 943	Plot area (sq m) Gross area (sq m)		13 325 7 355	13 325 7 355	Plot area (sq m) Gross area (sq m)
47	45	60	46	42	41	42	40	50	32	50	sq m / bed		46	46	sq m / bed
											Turnover 2026 k€ Turnover € /bed		3 393 21 207	3 393 21 207	Turnover 2019 k€ Turnover € /bed	Turnover
		8 840	4 167	4 957	4 476	4 387	5 084	3 178	5 075	3 813	Turnover Turnover Regime		5 475	5 475	Turnover Regime k€
		55 247	34 725	31 776	37 300	36 558	31 775	31 780	42 292	31 775	Turnover € /bed	Financia	34 220	34 220	Turnover € /bed	Financia
											EBITDAR 2026 (k€) EBITDAR €/bed	l Data as commun	493 3 084	493 3 084	EBITDAR 2019 (k€) EBITDAR €/bed	l Data as commun
		2 004	1 333	1 487	1 387	1 403	1 576	985	1 573	1 182	EBITDAR Regime (k€) EBITDAR	icated (k€ )	1 721	1 721	EBITDAR Regime (k€)	icated (k€ EBITDAR )
		12 528	11 111	9 533	11 558	11 692	9 850	9 850	13 108	9 850	EBITDAR €/bed & Margin Margin Gross 2026		10 756	10 756 26%	EBITDAR €/bed Margin Gross 2019	& Margin
											Margin Gross 2027 Regime Margin Gross			28% 28%	Margin Gross 2024 Regime Margin Gross
		55%	55%	60%	60%	55%	60%	60%	55%	60%	EBITDAR retained %			55%	EBITDAR retained	%	Summa
17 022 244	6 748 604	980 887	676 018	817 931	701 563	711 848	869 409	543 381	795 509	652 057	Theoretica €/year l Rent		877 639	877 639	Theoretica €/year Rent l		ry Table - Values
		11,10% 48,94%	16,22% 50,70%	16,50% 55,00%	15,67% 50,58%	16,23% 50,74%	17,10% 55,17%	17,10% 55,17%	15,68% 50,57%	17,10% 55,17%	Theoretica Turnover Régime l rent / Theoretica EBITDAR Regime rent /		16%	16,0% 51,0%	Theoretica l rent / Turnover Regime Theoretica l rent / EBITDAR Regime		as at 31 /12/2023
		2,50%	2,50%	2,50%	2,50%	2,50%	2,50%	2,50%	2,50%	2,50%	l Charges % NR	Normativ		2,50%	Charges % NR	Normativ
15 628 939	6 579 889	956 365	659 118	797 483	684 024	694 052	847 674	529 796	775 621	635 756	€/yr. Excl. % EBITDA R Regime	e Rent (€ )	-	855 698 50%	€/yr. Excl. % EBITDA R Regime	e Rent (€ )
49	37	100	119	123	140	137	133	105	201	107	Capitalised Net Rent €/sq. m/yr		-	116	€/sq. m/yr	Capitalised Net Rent
4 881	5 595	5 977	5 493	5 112	5 700	5 784	5 298	5 298	6 464	5 298	€/bed/yr		-	5 348	€/bed/yr
		5,80%	6,00%	6,00%	5,90%	5,90%	5,90%	5,80%	6,00%	5,80%	Yield applie d Theoretica Yield Net		0%	5,80% 5,80%	Yield applie d Theoretica Yield Net
		7,10% 16 489 052	7,32% 10 985 300	7,53% 13 291 384	8,05% 11 593 629	7,11% 11 763 586	7,12% 14 367 360	7,10% 9 134 421	9,45% 12 927 019	11,21% 10 961 305	l GDV € (inc l)				l Capex & In loss (€) come
		15 7 40 000	10 490 000	12 6 90 000	11 070 000	11 2 30 000	13 720 000	8 720 000	12 340 000	10 4 60 000	GDV € exc l.	Capital V	14 753 419	- 14 753 419	Capital Va € incl. lue	Capital V
		13 478 906	9 004 527	10 586 684	8 499 404	9 757 631	11 902 515	7 462 794	8 205 013	5 672 599	Profit & Co sts €	alue		4,75%	Purchaser Costs 's	alue
166 122 90 0	22 530 000	2 260 000	1 490 000	2 100 000	2 570 000	1 470 000	1 820 000	1 260 000	4 510 000	5 050 000	€ excl. Residual V		14 080 000 1	14 080 000	€ excl.	Capital val
526 51 881	127 19 158	198 14 125	46 12 417	65 13 462	343 21 417	677 12 250	37 11 375	148 12 600	188 37 583	528 42 083	€ excl. / sq . m alue € excl. / be		057 88 000	1 914 88 000	€ excl. / sq . m € excl. / be	ue ˪€ excl.
143 063 20 0	17 330 000		2 040 000	1 450 000	2 710 000	2 080 000	1 370 000	980 000	4 630 000	2 070 000	d Last Capita l Value € excl.		13 850 000	13 850 000	d Last Capita l Value € excl.
9%	17%		-27% - 5	45%	-5% - 1	-29% - 6	33%	29%	-3% - 1	144%	%		2%	2%	%
12 069 700	2 940 000		50 000	650 000	40 000	10 000	450 000	280 000	20 000	2 980 000	€		-	230 000	€
40	40		5,60% 40	5,60% 40	5,50% 40	5,50% 40	5,50% 40	5,40% 40	5,60% 40	5,40% 40	Yield % Yield varia		40	5,40% 40	Yield % Yield varia
13 576 228	5 283 701		653 204	732 913	661 627	687 792	751 706	469 816	762 863	563 779	tion Rent €/yr. Excl.	Variation c ompared to	793 915	793 915	tion Rent €/yr. Excl.	Variation c ompared to
8,6%	6,4%		1% -	9% - 4	3% - 2	1% - 1	13%	13%	2% - 5	13% - 2 2	Rent variation %	31/12/202 2	8%	8% - 1	Rent variation %	31/12/202 2
7 121 150 -	3 351 878 -		98 268	50 607	67 621	04 895	227 054	132 472	65 743	24 270	Delta Cape x Delta - % N		187 283 -	87 283	Delta Cape x Delta - % N
											R			-	R
											Comments on variatio				Comments on variatio
											ns				ns

Italy - EUKEDOS Portfolio - Valuation

C. Individuals reports

Property Address	Via Monte Rosa, Bovisio Masciago (MB), 45.61379116581934, 9.156165409002133
Property Type	Nursing Home Development
Inspection	Inspected on 26 January 2023 by Alessandra Giorgi
Type of Inspection	Drive-by – Desktop as at 31 December 2023
Valuation Date	31 December 2023

Location	The Property is located in Bovisio Masciago, a municipality in the south-eastern part of the province of Monza Brianza, in the North of Milan and West of Monza. It is located in the center of the municipality which forms a very large urban conglomerate together with the other municipalities of the area. This land is in a residential area bordering with an industrial one. The closest bus stop is some 200 meters away linking Cesano Maderno with Desio, Lissone and Muggiò. The Bovisio Masciago railway station is about 1.5 km from the Property and provides S2 and
	S4 trains to Milan.

Location

The Property is located in Bovisio Masciago, a municipality in the south-eastern
part of the province of Monza Brianza, in the North of Milan and West of Monza. It
is located in the center of the municipality which forms a very large urban
conglomerate together with the other municipalities of the area. This land is in a
residential area bordering with an industrial one. The closest bus stop is some 200
meters away linking Cesano Maderno with Desio, Lissone and Muggiò. The Bovisio
Masciago railway station is about 1.5 km from the Property and provides S2 and

S4 trains to Milan.

Population	POPULATION MONZA E BRIANZA
		ITALY	PROVINCE
	POPULATION (2023)	58,997,201	871,546
	POPULATION > 75Y	7,267,605	105,494
	%	12%	12%

	POPULATION (2021)	59,236,213	870,113
	POPULATION > 75Y	7,026,027	100,312
	%	12%	11%
	EVOLUTION SINCE 2021	-	-

Property Description and Use	From the information in our possession, the Property will be composed of three parallel rectangular blocks joined transversally by a rectangular block in the centre. The Property will be developed over three floors above ground and will have its main entrance on Via Monte Rosa. All around the building will have a garden and parking spaces.
	On the ground floor there will be various deposits, changing rooms, the kitchen, technical rooms, the reception, the management offices and the mortuary. In addition to these there will also be a gymnasium with its annexed rooms and a place of worship.
	On the upper floors, there will be the bedrooms, the living spaces for socializing, some rooms serving the staff and assisted bathrooms as well as ambulatory rooms.
	The 6,000 sq m nursing home will have a total of 120 beds divided into 60 double rooms.

General State of Repair and Maintenance	Based on our inspection and on the information provided as at 31/12/2023, construction works are underway and the procurement contract has been signed.
	We have not carried out technical surveys of the Property and our valuation is on the basis that there will be no latent defects, wants of repair or other matters which would materially affect our valuation.
	Similarly, we assume that no hazardous or suspect materials and techniques will be used in the construction and that there will be no problems related to any previous industrial activities conducted on the site or any adverse considerations relating to aspects such as the water table level, seismic risks or other ground conditions.

Environmental Issues	We have not investigated ground conditions/stability or for the presence of pollution
	or contamination in the Property or any other land (including any ground water) and
	neither you nor your consultants have informed us of any reason to suspect such
	contamination.

Our valuation is on the assumption that there are no such matters that would materially affect our valuation.

Tenure	Freehold

Floor Areas	We have been provided with information regarding the floors and land size and the number of beds.
	We have not carried out a measurement survey of the Property and have relied upon the information supplied to us in respect of floor areas, as reported in the following table:









Town Planning	For the purposes of the subject valuation, we have made the assumption that the current zoning permits the proposed use.
	Our valuation is on the basis that the Property will be erected in accordance with a valid planning permission and will be occupied and used without any contravention.
	We also assume the Property is not affected by proposals for road widening or compulsory purchase and that it will be erected in accordance with a valid planning permission.
	According to the information on the P.G.T. (Piano di Governo del Territorio) of the city of Arenzano which was updated on October 2010, the Property falls into the ambiti soggetti a trasformazione urbanistica T16 (areas subject to urban transformation) ui1.2 inside the ambiti soggetti a trasformazione urbanistica.
	Based on the information provided, the procurement contract has been signed and construction should be underway.

Cadastral Data	According to the information provided, the Property is registered at the Land Registry (Catasto Terreni) of the Municipality of Bovisio Masciago (MB) as follows:
	• Sheet 8, Parcel 416


Competition	The closest competition in the surrounding is made by the nursing home (RSA) Don Emilio Meani, in Cesano Maderno Via Cesare Cantù 10, 2.6 km far from the Property; the nursing home L'Arca, in Desio, Via Canonico Villa, 108, 5.3 km away; and the nursing home San Francesco Monza e Brianza, in Nova Milanese, Via Prealpi, 1, 6.3 km away. These structures provide health and social assistance services to elderly people who are no longer completely self-sufficient and, therefore, can no longer reside at their home or with their families. The first has 90 beds; the second 124 and 20 for Alzheimer people; the third 150.

Market commentary	In 2023, 24.1% of the total population in Italy was 65 years and older. According to data, the share of elderly people in the Italian society has been growing constantly in recent years. Consequently, the share of young population experienced a decrease in the last years. As a result, the average age of Italians has risen.
	Moreover, in 2050 the share of people aged more than 65 years old is expected to grow to 35%. Also in terms of dependency ratio, the indicator is also forecasted to increase to 61.5% by 2050, thus standing well above the European average, with a gap expected to reach 10 pts by 2050. There however are important discrepancies between regions as a large part of the current 390,000 bed supply is located in the northern region.
	The assisted living in Italy is a new asset class, a new investment frontier with a growing and well-identifiable demand. Italian developers therefore are very interested in this growing trend, even in a country with a very deeply-rooted family culture. According to a research issued by Nomisma in 2020, the expectations for private capital investments in senior housing developments in Italy are growing because:
	- the percentage of elderly population is increasing throughout Europe and, at the same time, households are shrinking: this generates a growth in demand for services and housing solutions for elderly people;
	- the investment responds to asset diversification strategies;
	- it is a countercyclical segment, because it is not strictly linked to the economic situation and to the medium-long term, therefore it is capable of ensuring stable profitability over time.
	The Italian market, like other southern European countries, is becoming increasingly attractive to pan-European buyers interested in diversifying their investments.
	Healthcare regulation in particular is on regional basis within a National framework. We are aware that each regional system is tackling the "healthcare weaknesses" emerged during the C-19 Pandemic with the aim of strengthening the infrastructures and quality of the services, leveraging the European Funds.
	Investors in Italy are mainly focused on high-quality assets in good locations (especially in the northern regions) that benefit from good tenants and long-term lease agreements.
	There is outstanding demand but Healthcare sector in Italy remaining a nice market driven, mainly, by operators. Most part of the deals are off market as an agreement between investors and operators on existing assets and / or developments. Main investors are French investors and domestic investors (Italian SGR backed by pension funds money) and, some German specialized investor.
	In 2021, investment volume continued growing, reaching around €370 M. This increase has been mainly driven by the Vega Portfolio purchased by Cofinimmo and the Seniors Housing Portfolio (5 assets) purchased by Icade in October 2021, which together accounted for circa €230M.
	In 2022 we registered a decrease with €250M. We do believe that the investors in the sector in Italy are full equity buyers (due to the size of the deals and the type of the investors). In any case, despite the turbolent moment of the market, we are of the opinion that the financing for this type of deal is still available on the market. Italian healthcare investment surged in 2023 (+54% on 2022), mainly driven by the €1.4bn Icade Santé sale to Primonial REIM, that we estimated around €280 M for the italian assets. Currenly, the Italian portfolio of Icade Sante comprises 22 RSA (Care Homes) + 2 Clinics + 2 Specialised Clinic. Primonial is setting to become the major care home operators in Italy and we'll see some further activity in 2024 (We are expecting part of their portfolio to be sold over 2024). The total investment volume in year 2023 was equal to €451M, showing an increase compared to year
	2022.

	Based on the latest transactional activity in Italy, prime assets continued to gain interest from a growing number of foreign investors, attracted by the low equipment rate of the country and betting on further yield compression. The prime yields for nursing homes leased by major operators through long fixed period leases decreased to sub-5.00% in Italy in 2021. In 2022 the prime yield for nursing homes by major operators through long fixed period leases increased to above-5.00% and continued to rise in 2023 at 5.60%. For secondary assets, yields could rise to 6.00%-8.50% depending on the property and location. Even if increasing, the level of yield observed in Italy is still attractive for pan-European investors in comparison with other European mature markets.
	Market is quite small and driven, maily, by the operators and the agreement between operators and investors on portfolios and add - on assets. Volumes are small but some investors is starting to agree with operators a development pipeline.
	Healthcare is less sensitive to inflation and economic downturn than other asset classes (like all the sectors linked to the "living"). Indeed, the Healthcare sector will be more resilient to the financial market turbulence due to both demand and supply dynamics and to the current yields level which is still competitive compared to the other assets classes. Regarding the first reason, current demographic trends are leading to an increase in healthcare demand: an aging population is increasingly exposed to chronic disease, to lack of self-sufficiency and to various functional limitations. This is leading to an increase in the healthcare expenditure (both private and public).

Gross Development Value as at 31/12/2023	We have assumed a total Gross Development Value at the completion of the construction works equal to approximately €10,460,000.
	To determine the Gross Development Value at the completion of the refurbishment works, we have adopted the Income Approach.
	The Market Value of nursing home properties or clinics is traditionally assessed by capitalizing the lease rent. In the case, where the Property is held and will be operated by the Client, we undertake the valuation of the Property under the Special Assumption of a sale & lease back operation, assuming the signature by the tenant of a long-fixed period commercial lease. The Market Rent (or Normative Rent) is determined in accordance with the future level of the profitability of the business. In other terms, this is the sustainable rent for the tenant-operator, reflecting its ability to pay for real estate. It is determined as a percentage (%) of its potential EBITDAR. The percentage is assed based on local market practices and is generally between 50 and 60%.
	We have fully relied on the business plans prepared by (XNHGRV. We have not audited the business plan provided.
	The business plan indicates the following amounts at stabilization:
	- No. beds 120
	- Occupancy: 95%
	- Revenues: 3,813,199 €
	- Costs: 2,631,108 €
	- EBITDAR: 1,182,092 €
	We have assumed corporate costs at 2.5% of the revenues. Therefore, the EBITDAR after corporate costs is 1,086,762 €. We have retained 60% of the EBITDAR to determine the affordable Normative Rent.
	We summarize below the main assumptions and calculation:
	We have capitalized the Net Normative Rent after a deduction for Non Recoverable Costs. In line with the market trend for this type of operations (sale&lease back to

the operator), we have assumed that IMU and Insurance are borne by the tenant and the landlord's costs would amount to 2.5% including only:
- Lease registration tax (0.5%);
- Rent collection fee (1.0%);

Capital reserves (1.0%).

We adopted a net cap rate of 5.40%, in line with current market level for similar assets in comparable locations, taking into account this is a completely new structure. We have deducted purchaser's costs at 4.75%.

The values estimated (rental and capital values) have then been analyzed considering ratios per bed and per sqm generated.

GROSS DEVELOPMENT VALUE (GDV)
	%	€	€/sqm	€/bed
Normative Rent		652,057	110	5,434
Operating expenses	2.5%	(16,301)
NOI		635,756
Cap rate		5.8%
GDV		10,961,305	-
Purchaser's costs	4.75%	10,464,253
	rounded	10,460,000	1,760	87,167

Valuation Methodology and Rationale Considering the status of the Property, that should be completed on 30 June 2024, we have valued the Property in its current situation deducting from the value on completion the costs still to be sustained and the void period (8 months, 6 for the construction and two for the opening).

We considered the following costs:

• Capex still to be sustained (hard costs, soft costs, FF&E, contingencies, and urbanization costs): €5,036,843 (as provided)

Below the summary of the calculations:

MARKET VALUE
	%	€	€/sqm	€/bed
Normative Rent		652,057	13,727,518	5,434
Less Operating expenses	2.5%	(16,301)
NOI		635,756
Cap Rate		5.8%
GDV		10,961,305	-
Less Remaining Development Costs		(5,036,843)
Less Void Period		(635,756)
		5,288,706
Net of Purchaser's costs	4.75%	5,048,884
	rounded	5,050,000	106,315,789	42,083

Market Value as at	Subject to the contents of this Report, our opinion of the Market Value of the
31 December 2023	freehold interest in the Property as at the Valuation Date is:
	€5,050,000 (Five million and fifty thousand euro)

SWOT Analysis	Strengths • The Property will benefit from Milan's catchment area; • Serviced residential area; • Close to city's parks.	Weaknesses • Close to an industrial area and an energy transformation area.
	Opportunities • Obtainment of contractualized beds.	Threats • Global economic uncertainty. • Difficulties in finding personnel

Property Address	Via A. Podestà, Genova (GE), 44.432491, 8.767452
Property Type	Nursing Home Development
Inspection	Inspected on 10 January 2023 by Riccardo Bomben
Type of Inspection	Drive-by – Desktop as at 31 December 2023
Valuation Date	31 December 2023

Location The Property is located in via A. Podestà 2 in the north-west part of the city of Genova. The Property borders with Via Gaetano Salvemini to the north, Via Martiri Del Turchino to the south, Via Andrea Podestà to the east and to the west with a green area. Thanks to its vicinity to SS1, this area is easily reachable from the center of Genova that is 26 km far away. The most important roads are the statal road SS1 and the highway E25 and E80 which are respectively 850 meters and 5 km away which connect respectively to the A7 and A10 highway. The port, Railway station and airport are respectively 16 km, 1.7 km and 14 km far away.

Population	POPULATION GENOA
		ITALY	PROVINCE
	POPULATION (2023)	58,997,201	813,626
	POPULATION > 75Y	7,267,605	132,205
	%	12%	16%

	POPULATION (2021)	59,236,213	823,612
	POPULATION > 75Y	7,026,027	129,519
	%	12%	16%

	EVOLUTION SINCE 2021	-	-

Property Description and Use	According to information available the Property consists of a single building of 6 floors above ground, developed in a "S" shape.
	On the ground floor there will be a big common area, the management offices, ambulatories and some other spaces like the kitchen, morgue, changing rooms, laundry etc. On the upper floors a central corridor will give access to all the rooms on both its sides (24 rooms each floor), in addition to the rooms each floor will present two living rooms, some assisted bathrooms and a gym.
	In total the 5,062 sqm building will host 120 guests in single rooms.


General State of Repair and Maintenance	Based on our inspection and on the information provided as at 31.12.2023, works for the Property have still not begun.
	We have not carried out technical surveys of the Property and our valuation is on the basis that there will be no latent defects, wants of repair or other matters which would materially affect our valuation.
	Similarly, we assume that no hazardous or suspect materials and techniques will be used in the construction and that there will be no problems related to any previous industrial activities conducted on the site or any adverse considerations relating to aspects such as the water table level, seismic risks or other ground conditions.

Environmental Issues	contamination.	We have not investigated ground conditions/stability or for the presence of pollution or contamination in the Property or any other land (including any ground water) and neither you nor your consultants have informed us of any reason to suspect such
	Our valuation is on the assumption that there are no such matters that would materially affect our valuation.

Tenure	Freehold

Floor Areas	We have been provided with information regarding the area and the number of
		rooms for each floor and the land area.
		We have relied on these floor areas and have not carried out a measurement survey of the Property and have relied upon the information supplied to us in respect of floor areas, as reported in the following table:








Town Planning		For the purposes of the subject valuation, we have made the assumption that the current zoning permits the current use.
	Our valuation is on the basis that the Property will be erected in accordance with a valid planning permission and will be occupied and used without any contravention.
	We also assume the Property is not affected by proposals for road widening or compulsory purchase and that it will be erected in accordance with a valid planning permission.
	According to the information on the P.U.C. (Piano Urbanistico Comunale) of the city of Genova, which was updated on February 2018, the Property falls into the servizi pubblici (public services) SIS-S servizi pubblici territoriali e di quartieri e parcheggi pubblici (local public services and public car parks).
	We have been informed by the Client that the project was submitted to the Municipality and the Building Permit is withdrawable in 2 months.
	We have been informed that there is no risk to obtain the required authorizations for the development.

Cadastral Data	According to the information provided, the Property is registered at the Building Registry (Catasto Fabbricati) of the Municipality of Genoa (GE) as follows:
	• Sheet 10, Parcel 752.

Competition	The competition Residenza Protetta Casa Cardinal Boetto. Rsa San Carlo is located in Piazzale Giannasso 4, about 4 km from the property and provides health and social assistance services to elderly people who are no longer completely self-sufficient who, therefore, can no longer reside at their home or with their families. It has 14 beds. Villa San Fortunato is located in Lungomare di Pegli 67 / B, 7.7 km from the property. It benefits of a great position in front of the sea and provides assistant to self-sufficient elderly people. Residenza Fortunata casa Cardinal Boetto is located in Via dei Reggio about 6 km from the property, which has recently been renovated, and it is intended for self-sufficient and non-self-sufficient elderly people. Thanks to its privileged position, it offers its guests the opportunity to spend many days outdoors during the year. It has 34 beds.	is represented by RSA San Carlo, Villa San Fortunato and

In 2023, 24.1% of the total population in Italy was 65 years and older. According to data, the share of elderly people in the Italian society has been growing constantly in recent years. Consequently, the share of young population experienced a decrease in the last years. As a result, the average age of Italians has risen.
Moreover, in 2050 the share of people aged more than 65 years old is expected to grow to 35%. Also in terms of dependency ratio, the indicator is also forecasted to increase to 61.5% by 2050, thus standing well above the European average, with a gap expected to reach 10 pts by 2050. There however are important discrepancies between regions as a large part of the current 390,000 bed supply is located in the northern region.
The assisted living in Italy is a new asset class, a new investment frontier with a growing and well-identifiable demand. Italian developers therefore are very interested in this growing trend, even in a country with a very deeply-rooted family culture. According to a research issued by Nomisma in 2020, the expectations for private capital investments in senior housing developments in Italy are growing because:
- the percentage of elderly population is increasing throughout Europe and, at the same time, households are shrinking: this generates a growth in demand for services and housing solutions for elderly people;
- the investment responds to asset diversification strategies;
- it is a countercyclical segment, because it is not strictly linked to the economic situation and to the medium-long term, therefore it is capable of ensuring stable profitability over time.
The Italian market, like other southern European countries, is becoming increasingly attractive to pan-European buyers interested in diversifying their investments.
Healthcare regulation in particular is on regional basis whithin a National framework. We are aware that each regional system is tackeling the "healthcare weakenesses" emerged during the C-19 Pandemic with the aim of strenghtening the infrastructures and quality of the services, leveraging the European Funds.
Investors in Italy are mainly focused on high-quality assets in good locations (especially in the northern regions) that benefit from good tenants and long-term lease agreements.
There is outstanding demand but Healthcare sector in Italy remaining a nice market driven, mainly, by operators. Most part of the deals are off market as an agreement between investors and operators on existing asstes and / or developments. Main investors are French investors and domestic investors (italian SGR backed by pension funds money) and, some German specialized investor.
In 2021, investment volume continued growing, reaching around €370 M. This increase has been mainly driven by the Vega Portfolio purchased by Cofinimmo and the Seniors Housing Portfolio (5 assets) purchased by Icade in October 2021, which together accounted for circa €230M.
In 2022 we registered a decrease with €250M. We do believe that the investors in the sector in Italy are full equity buyers (due to the size of the deals and the type of the investors). In any case, despite the turbolent moment of the market, we are of the opinion that the financing for this type of deal is still available on the market. Italian healthcare investment surged in 2023 (+54% on 2022), mainly driven by the €1.4bn Icade Santé sale to Primonial REIM, that we estimated around €280 M for the italian assets. Currenly, the Italian portfolio of Icade Sante comprises 22 RSA (Care Homes) + 2 Clinics + 2 Specialised Clinic. Primonial is setting to become the major care home operatore in Italy and we'll see some further activity in 2024 (We are expecting part of their portfolio to be sold over 2024). The total investment volume in year 2023 was equal to €451M, showing an increase compared to year 2022.

	Based on the latest transactional activity in Italy, prime assets continued to gain interest from a growing number of foreign investors, attracted by the low equipment rate of the country and betting on further yield compression. The prime yields for nursing homes leased by major operators through long fixed period leases decreased to sub-5.00% in Italy in 2021. In 2022 the prime yield for nursing homes by major operators through long fixed period leases increased to above-5.00% and continued to rise in 2023 at 5.60%. For secondary assets, yields could rise to 6.00%-8.50% depending on the property and location. Even if increasing, the level of yield observed in Italy is still attractive
	for pan-European investors in comparison with other European mature markets. Market is quite small and driven, maily, by the operators and the agreement between operators and investors on portfolios and add - on assets. Volumes are small but some investors is starting to agree with operators a development pipeline.
	Healthcare is less sensitive to inflation and economic downturn than other asset classes (like all the sectors linked to the "living"). Indeed, the Healthcare sector will be more resilient to the financial market turbolence due to both demand and supply dynamics and to the current yields level which is still competitive compared to the other assets classes. Regarding the first reason, current demographic trends are leading to an increase in healthcare demand: an aging population is increasingly exposed to chronic disease, to lack of self-sufficiency and to various functional limitations. This is leading to an increase in the healthcare expenditure (both private and public).

Gross Development Value as at 31/12/2023	We have assumed a total Gross Development Value at the completion of the construction works equal to approximately €11,230,000.
	To determine the Gross Development Value at the completion of the refurbishment works, we have adopted the Income Approach.
	The Market Value of nursing home properties or clinics is traditionally assessed by capitalizing the lease rent. In the case, where the Property is held and will be operated by the Client, we undertake the valuation of the Property under the Special Assumption of a sale & lease back operation, assuming the signature by the tenant of a long-fixed period commercial lease. The Market Rent (or Normative Rent) is determined in accordance with the future level of the profitability of the business. In other terms, this is the sustainable rent for the tenant-operator, reflecting its ability to pay for real estate. It is determined as a percentage (%) of its potential Ebitdar. The percentage is assed based on local market practices and is generally between 50 and 60%.
	We have fully relied on the business plans prepared by (XNHGRV. We have not audited the business plan provided.

	The business plan indicates the following amounts at stabilization: - No. beds 120
	- Occupancy: 95%
	- Revenues: 4,387,351 €
	- Costs: 2,983,399 €
	- EBITDAR: 1,403,952 €

	We have assumed corporate costs at 2.5% of the revenues. Therefore, the EBITDAR after corporate costs is 1,294,269 €. We have retained 55% of the EBITDAR to determine the affordable Normative Rent.

We summarize below the main assumptions and calculation:

NORMATIVE RENT (BASED ON CLIENT'S BP AT STABILIZATION)

Days	365
Beds	120
Occupancy%	95%
Ramp-up period	4 years
Daily fee	104

Revenues	4,387,351 €

Total Costs	2,983,399 €	68%

EBITDAR	1,403,952 €	32%
Corporate costs	2.50%
EBITDAR (net of corporate costs)	1,294,269 €

Normative Rent	711,848 €	55%
	5,932 €/bed

We have capitalized the Net Normative Rent after a deduction for Non Recoverable Costs. In line with the market trend for this type of operations (sale&lease back to the operator), we have assumed that IMU and Insurance are borne by the tenant and the landlord's costs would amount to 2.5% including only:

Lease registration tax (0.5%);
Rent collection fee (1.0%);
Capital reserves (1.0%).

We adopted a net cap rate of 5.90%, in line with current market level for similar assets in comparable locations, taking into account this is a completely new structure. We have deducted purchaser's costs at 4.75%.

The values estimated (rental and capital values) have then been analyzed considering ratios per bed and per sqm generated.

GROSS DEVELOPMENT VALUE (GDV)
	%	€	€/sqm	€/bed
Normative Rent		711,848	141	5,932
Operating expenses	2.50%	(17,796)
NOI		694,052
Cap rate		5.90%
GDV		11,763,586	-
Purchaser's costs	4.75%	11,230,153
	rounded	11,230,000	2,218	93,583

Valuation Methodology
and Rationale	Considering the status of the Property, we adopted a Residual method. It is so called because it indicates the residual amount after deducting all known or anticipated costs required to complete the development from the anticipated value of the project when completed (Gross Development Value) after consideration of the risks associated with completion of the project.
	Given the type of property (developed by the occupier) we have considered that the profit margin is fully acquired at the start of the construction. Considering the current stage, and that there is no authorization risk, we adopted 8% profit margin, to be recognized to a potential buyer of the development project at this stage.
	We considered the following costs:
	•	Capex still to be sustained (hard costs, soft costs, FF&E, contingencies, and urbanization costs): €8,140,180 (as provided)
	• of capex provided.	Contingency: we have been informed that it is already included in the budget
	• Sale costs: 1.0% of the GDV
	• Profit: 8%
	• Financial costs: 7.0%
	• Purchase costs: 1.0%
	• Timing: 18 months
	For the purpose of the valuation, we have used and relied on the specification and floor plans of the proposed development, as well as information relating to construction and associated costs, as provided to us by the Client in respect of the proposed development. We have assumed these costs to be correct and realistic. We reserve the right to alter this valuation if subsequently the information provided is found to be wrong.
	We summarize below the calculation:

	COSTS	per sqm		TOTAL
		€	%	€
	Remaining Development	1,608		8,140,180
	Costs Soft Costs		0.0%	0
	Contingencies		0%	0
	Sales costs		1.00%	112,300
	TOTAL COSTS			8,252,480
	Profit on GDV		8.00%	898,400
	Profit on Costs		8.71%
	Financial Costs Purchaser's costs		7.00% 1.00%	592,027 14,724
	PROFIT & COSTS			9,757,631
	RESIDUAL VALUE			1,470,000


Market Value as at 31 December 2023	Subject to the contents of this Report, our opinion of the Market Value of the freehold interest in the Property as at the Valuation Date is: €1,470,000

SWOT Analysis	Strengths • The Property will benefit from sea view; • Within a densely populated city.	Weaknesses • Higher costs due to demolitions.
	Opportunities • The location could be interesting also for people coming from other regions. • Obtainment of contractualised beds.	Threats • Global economic uncertainty.

EUKEDOS-CO-CADORAGO-VIAFRANCESCOBARACCA-REPORT-231231-NG

Property Address	Via Francesco Baracca, Cadorago (CO), 45,714347 – 9,041238
Property Type	Nursing Home Development
Inspection	Not inspected
Type of Inspection	Desktop as at 31 December 2023
Valuation Date	31 December 2023

municipality of Cadorago. The land is ordered to the west by the railway, to the
north and south by third parties and to the east y green areas. Thanks to its vicinity
to SP30, this area is easily reachable from the center of Lomazzo that is 2.2 km far
away. The most important roads are the highways A9 and A36 which are
respectively 2.6 kilometres and 6 km away which connect to the A8 highway
(Autostrada dei Laghi) serving the lakes and Milan, capital of the Lombardy region.

Population	POPULATION COMO
		ITALY	PROVINCE
	POPULATION (2023)	58,997,201	596,456
	POPULATION > 75Y	7,267,605	69,664
	%	12%	12%

	POPULATION (2021)	59,236,213	595,513
	POPULATION > 75Y	7,026,027	73,243
	%	12%	12%
	EVOLUTION SINCE 2021	-	-

Property Description and Use	According to information available the Property consists of a single building of 3 levels above ground, developed in a "Y" shape.
	On the ground floor, in the central part, there will be the reception, a bar the management offices, while along the 3 corridors are the storages/ deposits, ambulatories and some other spaces like the kitchen, morgue, changing rooms, laundry, as well as 20 double rooms etc. On the upper floors a central corridor will give access to all the rooms on both its sides (54 rooms each floor), in addition to the rooms each floor will present two living rooms, a lunch room, some assisted bathrooms and a gym.
	In total the 9,575 sqm building will host 128 guests in double (32) and single rooms (96).

General State of Repair and Maintenance	Based on the information provided as at 31.12.2023, works for the Property have still not begun. The project has been submitted to the authorities and the building permit are expected to be obtained in 2 months.
	We have not carried out technical surveys of the Property and our valuation is on the basis that there will be no latent defects, wants of repair or other matters which would materially affect our valuation.
	conditions.	Similarly, we assume that no hazardous or suspect materials and techniques will be used in the construction and that there will be no problems related to any previous industrial activities conducted on the site or any adverse considerations relating to aspects such as the water table level, seismic risks or other ground

Environmental Issues	We have not investigated ground conditions/stability or for the presence of pollution or contamination in the Property or any other land (including any ground water) and neither you nor your consultants have informed us of any reason to suspect such contamination.
	Our valuation is on the assumption that there are no such matters that would materially affect our valuation.

Tenure	Freehold

Floor Areas		We have been provided with information regarding the area and the number of rooms for each floor and the land area.
		We have relied on these floor areas and have not carried out a measurement survey of the Property and have relied upon the information supplied to us in respect of floor areas, as reported in the following table:
	GROSS AREAS - ROOMS - BEDS
	Floor	sqm	Double rooms	Single rooms	no. Beds
	Ground Floor	3,605	20	-	40
	First Floor	2,985	6	48	60
	Second Floor	2,985	6	48	60
	TOTAL BUILDING	9,575	32	96	160
	LAND SIZE	11,401


Town Planning	For the purposes of the subject valuation, we have made the assumption that the current zoning permits the current use.
	Our valuation is on the basis that the Property will be erected in accordance with a valid planning permission and will be occupied and used without any contravention. We also assume the Property is not affected by proposals for road widening or compulsory purchase and that it will be erected in accordance with a valid planning permission.

	We were informed that the Property Intended use for socio-welfare urban planning (Destinazione d'uso urbanistica socio assistenziale).
	We have been informed that there is no risk to obtain the required authorizations for the development.

Cadastral Data	Based on the information provided, we understand that the property is registered at the cadastral land building of the Municipality of Cadorago as follow:
	• Sheet 903, map 485, 990, 695, 1928 and 1927.


Competition	The competition is represented by RSA Case di Riposo Riunite di Bregnano e Lomazzo, Rsa Foscolo Gruppo La Villa, Casa di Riposo Intercomunale per persone Anziane Onlus and Casa di Riposo – Casa del Sole. Rsa Case di Riposo Riunite di Bregnano e Lomazzo is located in Via Laghetto, 9 about 2 km from the property and provides health and social assistance services to is intended for self-sufficient and non-self-sufficient elderly people. It has 159 beds. Rsa Foscolo Gruppo La Villa is located in Via San Lorenzo 10 in Guanzate (CO), 3.6 km from the property. It provides health and social assistance services to elderly people who are no longer completely self-sufficient who, therefore, can no longer reside at their home or with their families assistant to self-sufficient elderly people (68 beds). Casa di Riposo Intercomunale per persone Anziane Onlus and Casa di Riposo – Casa del Sole is in Bregnano, at some 5.5 km from the property. It is part of the same group as RSA Case di Riposo Riunite di Bregnano e Lomazzo is intended for self-sufficient and non-self-sufficient elderly people. It accommodates 70 beds.

Market commentary	In 2023, 24.1% of the total population in Italy was 65 years and older. According to data, the share of elderly people in the Italian society has been growing constantly in recent years. Consequently, the share of young population experienced a decrease in the last years. As a result, the average age of Italians has risen.
	Moreover, in 2050 the share of people aged more than 65 years old is expected to grow to 35%. Also in terms of dependency ratio, the indicator is also forecasted to increase to 61.5% by 2050, thus standing well above the European average, with a gap expected to reach 10 pts by 2050. There however are important discrepancies between regions as a large part of the current 390,000 bed supply is located in the northern region.
	The assisted living in Italy is a new asset class, a new investment frontier with a growing and well-identifiable demand. Italian developers therefore are very interested in this growing trend, even in a country with a very deeply-rooted family culture. According to a research issued by Nomisma in 2020, the expectations for private capital investments in senior housing developments in Italy are growing because:
	- the percentage of elderly population is increasing throughout Europe and, at the same time, households are shrinking: this generates a growth in demand for services and housing solutions for elderly people;
	- the investment responds to asset diversification strategies;
	- it is a countercyclical segment, because it is not strictly linked to the economic situation and to the medium-long term, therefore it is capable of ensuring stable profitability over time.
	The Italian market, like other southern European countries, is becoming increasingly attractive to pan-European buyers interested in diversifying their investments.
	Healthcare regulation in particular is on regional basis within a National framework. We are aware that each regional system is tackling the "healthcare weaknesses" emerged during the C-19 Pandemic with the aim of strengthening the infrastructures and quality of the services, leveraging the European Funds.
	Investors in Italy are mainly focused on high-quality assets in good locations (especially in the northern regions) that benefit from good tenants and long-term lease agreements.
	There is outstanding demand but Healthcare sector in Italy remaining a nice market driven, mainly, by operators. Most part of the deals are off market as an agreement between investors and operators on existing assets and / or developments. Main investors are French investors and domestic investors (Italian SGR backed by pension funds money) and, some German specialized investor.
	In 2021, investment volume continued growing, reaching around €370 M. This increase has been mainly driven by the Vega Portfolio purchased by Cofinimmo and the Seniors Housing Portfolio (5 assets) purchased by Icade in October 2021, which together accounted for circa €230M.
	In 2022 we registered a decrease with €250M. We do believe that the investors in the sector in Italy are full equity buyers (due to the size of the deals and the type of the investors). In any case, despite the turbolent moment of the market, we are of the opinion that the financing for this type of deal is still available on the market. Italian healthcare investment surged in 2023 (+54% on 2022), mainly driven by the €1.4bn Icade Santé sale to Primonial REIM, that we estimated around €280 M for the Italian assets. Currenly, the Italian portfolio of Icade Sante comprises 22 RSA (Care Homes) + 2 Clinics + 2 Specialised Clinic. Primonial is setting to become the major care home operators in Italy and we'll see some further activity in 2024 (We are expecting part of their portfolio to be sold over 2024). The total investment

EUKEDOS-CO-CADORAGO-VIAFRANCESCOBARACCA-REPORT-231231-NG

	volume in year 2023 was equal to €451M, showing an increase compared to year 2022.
	Based on the latest transactional activity in Italy, prime assets continued to gain interest from a growing number of foreign investors, attracted by the low equipment rate of the country and betting on further yield compression. The prime yields for nursing homes leased by major operators through long fixed period leases decreased to sub-5.00% in Italy in 2021. In 2022 the prime yield for nursing homes by major operators through long fixed period leases increased to above-5.00% and continued to rise in 2023 at 5.60%.
	For secondary assets, yields could rise to 6.00%-8.50% depending on the property and location. Even if increasing, the level of yield observed in Italy is still attractive for pan-European investors in comparison with other European mature markets.
	Market is quite small and driven, maily, by the operators and the agreement between operators and investors on portfolios and add - on assets. Volumes are small but some investors is starting to agree with operators a development pipeline.
	Healthcare is less sensitive to inflation and economic downturn than other asset classes (like all the sectors linked to the "living"). Indeed, the Healthcare sector will be more resilient to the financial market turbulence due to both demand and supply dynamics and to the current yields level which is still competitive compared to the other assets classes. Regarding the first reason, current demographic trends are leading to an increase in healthcare demand: an aging population is increasingly exposed to chronic disease, to lack of self-sufficiency and to various functional limitations. This is leading to an increase in the healthcare expenditure (both private and public).

Gross Development Value as at 31/12/2023	We have assumed a total Gross Development Value at the completion of the construction works equal to approximately €15,740,000.
	To determine the Gross Development Value at the completion of the refurbishment works, we have adopted the Income Approach.
	The Market Value of nursing home properties or clinics is traditionally assessed by capitalizing the lease rent. In the case, where the Property is held and will be operated by the Client, we undertake the valuation of the Property under the Special Assumption of a sale & lease back operation, assuming the signature by the tenant of a long-fixed period commercial lease. The Market Rent (or Normative Rent) is determined in accordance with the future level of the profitability of the business. In other terms, this is the sustainable rent for the tenant-operator, reflecting its ability to pay for real estate. It is determined as a percentage (%) of its potential Ebitdar. The percentage is assed based on local market practices and is generally between 50 and 60%.
	We have fully relied on the business plans prepared by (XNHGRV We have not audited the business plan provided.
	The business plan indicates the following amounts at stabilization:
	- No. beds 160
	- Occupancy: 90%
	- Revenues: 8,839,503 €
	- Costs: 2,004,419 €
	- EBITDAR: 1,783,431 €
	We have assumed corporate costs at 2.5% of the revenues. Therefore, the EBITDAR after corporate costs is 1,783,431 €. We have retained 55% of the EBITDAR to determine the affordable Normative Rent.

We summarize below the main assumptions and calculation:

NORMATIVE RENT (BASED ON CLIENT'S BP AT STABILIZATION)

Days	365
Beds	160
Occupancy%	90%
Ramp-up period	4 years
Daily fee	167
Revenues	8,839,503 €
Total Costs	6,835,084 €	77%
EBITDAR	2,004,419 €	23%
Corporate costs	2.50%
EBITDAR (net of corporate costs)	1,783,431 €
Normative Rent	980,887 €	55%
	6,131 €/bed

Lease registration tax (0.5%);
Rent collection fee (1.0%);
Capital reserves (1.0%).

We adopted a net cap rate of 5.80%, in line with current market level for similar assets in comparable locations, taking into account this is a completely new structure. We have deducted purchaser's costs at 4.75%.

The values estimated (rental and capital values) have then been analyzed considering ratios per bed and per sqm generated.

GROSS DEVELOPMENT VALUE (GDV)
	%	€	€/sqm	€/bed
Normative Rent		980,887	102	6,131
Operating expenses	2.50%	(24,522)
NOI		956,365
Cap rate		5.80%
GDV		16,489,052	-
Purchaser's costs	4.75%	15,741,338
	rounded	15,740,000	1,644	98,375

Valuation Methodology and Rationale	Considering the status of the Property, we adopted a Residual method. It is so called because it indicates the residual amount after deducting all known or anticipated costs required to complete the development from the anticipated value of the project when completed (Gross Development Value) after consideration of the risks associated with completion of the project. Given the type of property (developed by the occupier) we have considered that the profit margin is fully acquired at the start of the construction. Considering the current stage, and that there is no authorization risk, we adopted 8% profit margin, to be recognized to a potential buyer of the development project at this stage. We considered the following costs: • Capex still to be sustained (hard costs, soft costs, FF&E, contingencies, and urbanization costs): €11,200,000 (as provided) • Contingency: we have been informed that it is already included in the budget of capex provided. • Sale costs: 1.0% of the GDV • Profit: 8% • Financial costs: 7.0% • Purchase costs: 1.0% • Timing: 18 months
	For the purpose of the valuation, we have used and relied on the specification and floor plans of the proposed development, as well as information relating to construction and associated costs, as provided to us by the Client in respect of the proposed development. We have assumed these costs to be correct and realistic. We reserve the right to alter this valuation if subsequently the information provided is found to be wrong. We summarize below the calculation:
	COSTS per sqm			TOTAL
		€	%	€
	Remaining Development Costs	1,170		11,200,000
	Soft Costs		0.0%	0
	Contingencies		0%	0
	Letting fees		0%	0
	Sales costs		1.00%	157,400
	TOTAL COSTS			11,357,400
	Profit on GDV		8.00%	1,259,200
	Profit on Costs Financial Costs		8.71% 7.00%	839,695


	Purchaser's costs		1.00%	22,611
	PROFIT & COSTS RESIDUAL VALUE			13,478,906 2,260,000
Market Value as at 31 December 2023	Subject to the contents of this Report, our opinion of the Market Value of the freehold interest in the Property as at the Valuation Date is: €2,260,000 (Two million and two hundred sixty thousand euro)

EUKEDOS-CO-CADORAGO-VIAFRANCESCOBARACCA-REPORT-231231-NG

SWOT Analysis	Strengths • Good location northern Italy, • Densely populated area.	Weaknesses • Time for development could be longer
	Opportunities	Threats
	• The location could be interesting also for people coming from other regions.	• Global economic uncertainty.
	• Obtainment of contractualised beds.

Property Address	Arenzano, (GE) 44°24'01.5"N 8°40'15.5"E
Property Type	Nursing Home Development
Inspection	Inspected on 10 January 2023 by Riccardo Bomben
Type of Inspection	Drive-by – Desktop as at 31 December 2023
Valuation Date	31/12/2023

Location

The Property is located in the fraction of Pineta which is part of the municipality of
Arenzano in the province of Genova. The Property is located in Via Aurelia, along
the Ligurian coast and it is situated to the west of Arenzano and Genova. The
Property borders with the Tennis Club Pineta to the south and with Arenzano Auto
to the north. Thanks to its vicinity to SS1, this area is easily reachable from the
center of Genova that is 26 km far away. The most important roads are the statal
road SS1 and the highway E25 and E80 which are respectively 850 meters and 5
km away which connect respectively to the A7 and A10 highway. The port, Railway

station and airport are respectively 16 km, 1.7 km and 14 km far away.

Population	POPULATION GENOA
		ITALY	PROVINCE
	POPULATION (2023)	58,997,201	813,626
	POPULATION > 75Y	7,267,605	132,205
	%	12%	16%

	POPULATION (2021)	59,236,213	823,612
	POPULATION > 75Y	7,026,027	129,519
	%	12%	16%

	EVOLUTION SINCE 2021	-	-

Property Description and Use	According to information available the Property will comprise 3 different buildings on the same land for a total of 8,600 sq m: two smaller buildings of one floor, one on the main road and the other on the back of the Property close to the tennis club, and a bigger one which will develop 4 floors above ground.
	The biggest building will develop on two wings connected by a central body. Here, will be situated all the rooms and management offices. All around there will be some parking spaces and some external green areas. On the roof level there will be some solar panels and the technical systems.
	In total, when fully operational there will be 160 beds distributed in 24 single rooms and 68 double rooms.

General State of Repair and Maintenance	Based on our inspection and on the information provided as at 31.12.2023, works for the Property have still not started.
	We have not carried out technical surveys of the Property and our valuation is on the basis that there will be no latent defects, wants of repair or other matters which would materially affect our valuation.
	Similarly, we assume that no hazardous or suspect materials and techniques will be used in the construction and that there will be no problems related to any previous industrial activities conducted on the site or any adverse considerations relating to aspects such as the water table level, seismic risks or other ground conditions.

Environmental Issues	We have not investigated ground conditions/stability or for the presence of pollution or contamination in the Property or any other land (including any ground water) and neither you nor your consultants have informed us of any reason to suspect such contamination.
	Our valuation is on the assumption that there are no such matters that would materially affect our valuation.

Tenure	Freehold

Floor Areas	We have been provided with information regarding the area and the number of rooms for each floor and the land area.
	We have relied on these floor areas and have not carried out a measurement survey of the Property and have relied upon the information supplied to us in respect of floor areas, as reported in the following table:

Town Planning	For the purposes of the subject valuation, we have made the assumption that the current zoning permits the current use.
	Our valuation is on the basis that the Property will be erected in accordance with a valid planning permission and will be occupied and used without any contravention.
	We also assume the Property is not affected by proposals for road widening or compulsory purchase and that it will be erected in accordance with a valid planning permission.
	According to the information on the P.U.C. (Piano Urbanistico Comunale) of the city of Arenzano which was updated on December 2017, the Property falls into the unità d'intervento (intervention unit) ui1.2 inside the Città in divenire in insediamento diffuso.
	According to the information provided, the development project has been submitted to the Municipality and the Building Permit which will be withdrawable in 2 months.
	Moreover, we have been informed that there is no risk to obtain the required authorizations for the development.

Cadastral Data	According to the information provided, the Property is registered at the Land Registry (Catasto Terreni) of the Municipality of Arenzano (GE) as follows:
	• Sheet 25, Parcel 7.

Competition	The competition is represented by Albergo Villa Veneto Rsa and by Pio Lascito Nino Baglietto. Albergo Villa Veneto Rsa is located in Via Vittorio Veneto 23 about 2 km from the Property and provides health and social assistance services to elderly people who are no longer completely self-sufficient and, therefore, can no longer reside at their home or at the their families'. It has 32 beds. Pio Lascito Nino Baglietto is located in Via Baglietto 3, 4 km from the property and has as its main

purpose the reception of elderly people who cannot be assisted at home or in ordinary health facilities. It offers residential health care services and general medicine, professional nursing, rehabilitation services for maintaining autonomy, tutelary nursing, entertainment and socialization activities as well as hotel services.

located in the northern region. because: profitability over time. investments. lease agreements.	Moreover, in 2050 the share of people aged more than 65 years old is expected to grow to 35%. Also in terms of dependency ratio, the indicator is also forecasted to increase to 61.5% by 2050, thus standing well above the European average, with a gap expected to reach 10 pts by 2050. There however are important discrepancies between regions as a large part of the current 390,000 bed supply is The assisted living in Italy is a new asset class, a new investment frontier with a growing and well-identifiable demand. Italian developers therefore are very interested in this growing trend, even in a country with a very deeply-rooted family culture. According to a research issued by Nomisma in 2020, the expectations for private capital investments in senior housing developments in Italy are growing - the percentage of elderly population is increasing throughout Europe and, at the same time, households are shrinking: this generates a growth in demand for services and housing solutions for elderly people; - the investment responds to asset diversification strategies; - it is a countercyclical segment, because it is not strictly linked to the economic situation and to the medium-long term, therefore it is capable of ensuring stable The Italian market, like other southern European countries, is becoming increasingly attractive to pan-European buyers interested in diversifying their






	Healthcare regulation in particular is on regional basis within a National framework. We are aware that each regional system is tackling the "healthcare weaknesses" emerged during the C-19 Pandemic with the aim of strengthening the infrastructures and quality of the services, leveraging the European Funds.
	Investors in Italy are mainly focused on high-quality assets in good locations (especially in the northern regions) that benefit from good tenants and long-term
	There is outstanding demand but Healthcare sector in Italy remaining a nice market driven, mainly, by operators. Most part of the deals are off market as an agreement between investors and operators on existing assets and / or developments. Main investors are French investors and domestic investors (Italian SGR backed by pension funds money) and, some German specialized investor.
	In 2021, investment volume continued growing, reaching around €370 M. This increase has been mainly driven by the Vega Portfolio purchased by Cofinimmo and the Seniors Housing Portfolio (5 assets) purchased by Icade in October 2021, which together accounted for circa €230M.
major care home operators in Italy and we'll see some further activity in 2024 (We are expecting part of their portfolio to be sold over 2024). The total investment volume in year 2023 was equal to €451M, showing an increase compared to year 2022.	In 2022 we registered a decrease with €250M. We do believe that the investors in the sector in Italy are full equity buyers (due to the size of the deals and the type of the investors). In any case, despite the turbolent moment of the market, we are of the opinion that the financing for this type of deal is still available on the market. Italian healthcare investment surged in 2023 (+54% on 2022), mainly driven by the €1.4bn Icade Santé sale to Primonial REIM, that we estimated around €280 M for the italian assets. Currenly, the Italian portfolio of Icade Sante comprises 22 RSA (Care Homes) + 2 Clinics + 2 Specialised Clinic. Primonial is setting to become the

	Based on the latest transactional activity in Italy, prime assets continued to gain interest from a growing number of foreign investors, attracted by the low equipment rate of the country and betting on further yield compression. The prime yields for nursing homes leased by major operators through long fixed period leases decreased to sub-5.00% in Italy in 2021. In 2022 the prime yield for nursing homes by major operators through long fixed period leases increased to above-5.00% and continued to rise in 2023 at 5.60%. For secondary assets, yields could rise to 6.00%-8.50% depending on the property and location. Even if increasing, the level of yield observed in Italy is still attractive for pan-European investors in comparison with other European mature markets. Market is quite small and driven, maily, by the operators and the agreement between operators and investors on portfolios and add - on assets. Volumes are small but some investors is starting to agree with operators a development pipeline. Healthcare is less sensitive to inflation and economic downturn than other asset
	classes (like all the sectors linked to the "living"). Indeed, the Healthcare sector will be more resilient to the financial market turbulence due to both demand and supply dynamics and to the current yields level which is still competitive compared to the other assets classes. Regarding the first reason, current demographic trends are leading to an increase in healthcare demand: an aging population is increasingly exposed to chronic disease, to lack of self-sufficiency and to various functional limitations. This is leading to an increase in the healthcare expenditure (both private and public).

Gross Development Value as at 31/12/2023	We have assumed a total Gross Development Value at the completion of the construction works equal to approximately €13,720,000.
	To determine the Gross Development Value at the completion of the refurbishment works, we have adopted the Income Approach.
	The Market Value of nursing home properties or clinics is traditionally assessed by capitalizing the lease rent. In the case, where the Property is held and will be operated by the Client, we undertake the valuation of the Property under the Special Assumption of a sale & lease back operation, assuming the signature by the tenant of a long-fixed period commercial lease. The Market Rent (or Normative Rent) is determined in accordance with the future level of the profitability of the business. In other terms, this is the sustainable rent for the tenant-operator, reflecting its ability to pay for real estate. It is determined as a percentage (%) of its potential Ebitdar. The percentage is assed based on local market practices and is generally between 50 and 60%.
	We have fully relied on the business plans prepared by (XNHGRV We have not
	audited the business plan provided.
	The business plan indicates the following amounts at stabilization: - No. beds 160
	- Occupancy: 95%
	- Revenues: 5,084,266 €
	- Costs: 3,508,144 €
	- EBITDAR: 1,576,122 €
	We have assumed corporate costs at 2.5% of the revenues. Therefore, the EBITDAR after corporate costs is 1,449,016 €. We have retained 60% of the EBITDAR to determine the affordable Normative Rent.

We summarize below the main assumptions and calculation:

NORMATIVE RENT (BASED ON CLIENT'S BP AT STABILIZATION)

Days	365
Beds	160
Occupancy%	95%
Ramp-up period	4 years
Daily fee	90 €

Revenues	5,084,266 €

Total Costs	3,508,144 €	69%


EBITDAR	1,576,122 €	31%
Corporate costs	2.50%
EBITDAR (net of corporate costs)	1,449,016 €

Normative Rent	869,409 €	60%
	5,434 €/bed

Lease registration tax (0.5%);
Rent collection fee (1.0%);
Capital reserves (1.0%).

The values estimated (rental and capital values) have then been analyzed considering ratios per bed and per sqm generated.

GROSS DEVELOPMENT VALUE (GDV)
%	€	€/sqm	€/bed
	869,409	137	5,434
2.5%	(21,735)
	847,674
	5.90%
	14,367,360	-
4.75%	13,715,857
rounded	13,720,000	2,160	85,750

Valuation Methodology and Rationale	Considering the status of the Property, we adopted a Residual method. It is so called because it indicates the residual amount after deducting all known or anticipated costs required to complete the development from the anticipated value of the project when completed (Gross Development Value) after consideration of the risks associated with completion of the project.
	Given the type of property (developed by the occupier) we have considered that the profit margin is fully acquired at the start of the construction. Considering the current stage, and that there is no authorization risk, we adopted 8% profit margin, to be recognized to a potential buyer of the development project at this stage.
	We considered the following costs:
	• Capex still to be sustained (hard costs, soft costs, FF&E, contingencies, and urbanization costs): €9,845,000 (as provided)
	• Contingency: we have been informed that it is already included in the budget of capex provided.
	• Sale costs: 1.0% of the GDV
	• Profit: 8%
	• Financial costs: 7.0%
	• Purchase costs: 1.0%
	• Timing: 20 months
	For the purpose of the valuation, we have used and relied on the specification and floor plans of the proposed development, as well as information relating to construction and associated costs, as provided to us by the Client in respect of the proposed development. We have assumed these costs to be correct and realistic. We reserve the right to alter this valuation if subsequently the information provided is found to be wrong.
	We summarize below the calculation:

	COSTS	per sqm €	%	TOTAL €
	Remaining Development Costs	1,550		9,845,000
	Soft Costs		0.0%	0
	Contingencies		0%	0
	Letting fees		0%	0
	Sales costs		1.00%	137,200
	TOTAL COSTS
				9,982,200
	Profit on GDV		8.00%	1,097,600
	Profit on Costs		8.71%
	Financial Costs		7.00%	804,540
	Purchaser's costs		1.00%	18,175
	PROFIT & COSTS			11,902,515
	RESIDUAL VALUE			1,820,000
	GDV (Gross Development Value) % of the land on GDV			13,720,000 13%
	Residual value per sqm			287
Market Value as at 31 December 2023	Subject to the contents of this Report, our opinion of the Market Value of the freehold interest in the Property as at the Valuation Date is: €1,820,000

SWOT Analysis	Strengths • Located in a calm and green residential area; • On the top of the hill; • Close to the main street.	Weaknesses • Sloped plot of land– higher development costs.
	Opportunities • Opportunity to have different buildings with also residencies for elderly people; • Obtainment of contractualized beds.	Threats • Local competition; • Global economic uncertainty.

Property Address	Via Fossetta, Musile di Piave (VE), 45°37'17.7"N 12°29'53.5"E
Property Type	Nursing Home Development
Inspection	Inspected on 13 January 2023 by Riccardo Bomben
Type of Inspection	Drive-by – Desktop as at 31 December 2023
Valuation Date	31 December 2023

Location The Property is located in via Fossetta in the north east of the Venice lagoon. The Property is located along a countryside road which links San Donà di Piave and Mestre. It sits at just 7 km south the entrance 'Meolo-Roncade' of the A4 highway, which links Trieste to Turin, and is just 17 km away from the Venezia Marco Polo airport. The closest railway station, just in front of the Property, is Fossalta di Piave FS, but in San Donà di Piave, 10 km away, there is also the closer stop of the high speed trains.

Population	POPULATION VENICE
		ITALY	PROVINCE
	POPULATION (2023)	58,997,201	833,703
	POPULATION > 75Y	7,267,605	113,828
	% 12%

	POPULATION (2021)	59,236,213	843,545
	POPULATION > 75Y	7,026,027	109,112
	%	12%	13%

	EVOLUTION SINCE 2021	-	-

Property Description and Use	According to information available the Property comprises a 2 different buildings. The first one is an old noble villa that is under refurbishment to host the management offices and ambulatories; the second one, in the villa backyard, will be a "C" shaped building.
	The villa (of around 4,200 sq m) will maintain its double high portico, which will be closed to become a reception area and will be relied to the new building through a double storey glass tunnel. The new building (of around 1,400 sq m) will have 56 double rooms and 8 single rooms divided equally onto two floors, for a total of 120 beds.
	In the new building, in addition to the rooms (each with its own bathroom), there will be also the kitchen, laundry, changing rooms, assisted bathrooms and all the living and socializing areas.

General State of Repair and Maintenance	Based on our inspection and on the information provided as at 31/12/2023, works for the Property have already started both for the refurbishment of the villa and for the new unit (where foundations had already been started). The procurement contract has been signed.
	We have not carried out technical surveys of the Property and our valuation is on the basis that there will be no latent defects, wants of repair or other matters which would materially affect our valuation.
	conditions.	Similarly, we assume that no hazardous or suspect materials and techniques will be used in the construction and that there will be no problems related to any previous industrial activities conducted on the site or any adverse considerations relating to aspects such as the water table level, seismic risks or other ground

Environmental Issues	We have not investigated ground conditions/stability or for the presence of pollution or contamination in the Property or any other land (including any ground water) and neither you nor your consultants have informed us of any reason to suspect such contamination.

	Our valuation is on the assumption that there are no such matters that would materially affect our valuation.
Tenure	Freehold
Floor Areas	We have been provided with information regarding the area and the number of
	rooms for each floor and the land area.
	We have relied on these floor areas and have not carried out a measurement survey of the Property and have relied upon the information supplied to us in respect of floor areas, as reported in the following table:





Town Planning	For the purposes of the subject valuation, we have made the assumption that the current zoning permits the proposed use.
	Our valuation is on the basis that the Property will be erected in accordance with a valid planning permission and will be occupied and used without any contravention.
	We also assume the Property is not affected by proposals for road widening or compulsory purchase and that it will be erected in accordance with a valid planning permission.
	According to the information on the P.A.T. (Piano di Assetto del Territorio) of the city of Musile di Piave which was updated on December 2017, the Property falls into the ambito di trasformabilità 04 (scope of transformation).
	We have been informed that the procurement contract has been signed and the construction in progress.

Cadastral Data	According to the information provided, the Property is registered at the Land Registry (Catasto Terreni) of the Municipality of Musile di Piave (VE) as follows:
	• Sheet 7, Parcel 10, 63, 64 71, 72, 74, 105, 111, 113;
	• Sheet 7, Parcel 32, 34 and 65.

Competition	The closest competitors of the Property are the retirement home Monumento ai Caduti di Guerra, in San Donà di Piave Via San Francesco 11, just 9 km away from the Property; Service Center for the Elderly I Tigli, in Meolo, via Ca' Corner Sud 5, around 6 km away; and the stayhouse Villa delle Magnolie in Monastier di Treviso, Via Giovanni XXIII 5, 10 km away. The first is a rest home made up of a single site, divided into two complexes, and accommodates 171 non self-sufficient elderly people, divided by level of assistance. The second is a residential service center

for the elderly with a capacity of 120 beds organized in 4 specialized residential units. It welcomes elderly people who are not self-sufficient by offering personalized

	interventions, oriented to the well-being of the elderly person to respond to different needs. The Centro Diurno I Tigli service has a capacity of 15 seats and is aimed mainly at elderly people over 65 years of age. The third is a residential complex consisting of eight units that welcome elderly people in a familiar and highly professional environment, and a specialist centre that offers assistance to people living in their own homes.

Market commentary	In 2023, 24.1% of the total population in Italy was 65 years and older. According to data, the share of elderly people in the Italian society has been growing constantly in recent years. Consequently, the share of young population experienced a decrease in the last years. As a result, the average age of Italians has risen.
	Moreover, in 2050 the share of people aged more than 65 years old is expected to grow to 35%. Also in terms of dependency ratio, the indicator is also forecasted to increase to 61.5% by 2050, thus standing well above the European average, with a gap expected to reach 10 pts by 2050. There however are important discrepancies between regions as a large part of the current 390,000 bed supply is located in the northern region.
	The assisted living in Italy is a new asset class, a new investment frontier with a growing and well-identifiable demand. Italian developers therefore are very interested in this growing trend, even in a country with a very deeply-rooted family culture. According to a research issued by Nomisma in 2020, the expectations for private capital investments in senior housing developments in Italy are growing because:
	- the percentage of elderly population is increasing throughout Europe and, at the same time, households are shrinking: this generates a growth in demand for services and housing solutions for elderly people;
	- the investment responds to asset diversification strategies;
	- it is a countercyclical segment, because it is not strictly linked to the economic situation and to the medium-long term, therefore it is capable of ensuring stable profitability over time.
	The Italian market, like other southern European countries, is becoming increasingly attractive to pan-European buyers interested in diversifying their investments.
	Investors in Italy are mainly focused on high-quality assets in good locations (especially in the northern regions) that benefit from good tenants and long-term lease agreements. In 2021, investment volume continued growing, reaching around €370 M. This increase has been mainly driven by the Vega Portfolio purchased by Cofinimmo and the Seniors Housing Portfolio (5 assets) purchased by Icade in October 2021, which together accounted for circa €230M. In 2022 we registered a decrease with €250M. We do believe that the investors in the sector in Italy are full equity buyers (due to the size of the deals and the type of the investors). In any case, despite the turbolent moment of the market, we are of the opinion that the financing for this type of deal is still available on the market. Italian healthcare investment surged in 2023 (+54% on 2022), mainly driven by the €1.4bn Icade Santé sale to Primonial REIM, that we estimated around €280 M for the italian assets. Currenly, the Italian portfolio of Icade Sante comprises 22 RSA (Care Homes) + 2 Clinics + 2 Specialised Clinic. Primonial is setting to become the major care home operators in Italy and we'll see some further activity in 2024 (We are expecting part of their portfolio to be sold over 2024). The total investment volume in year 2023 was equal to €451M, showing an increase compared to year 2022.
	Based on the latest transactional activity in Italy, prime assets continued to gain interest from a growing number of foreign investors, attracted by the low equipment rate of the country and betting on further yield compression. The prime yields for nursing homes leased by major operators through long fixed period leases decreased to sub-5.00% in Italy in 2021. In 2022 the prime yield for nursing homes

	by major operators through long fixed period leases increased to above-5.00% and continued to rise in 2023 at 5.60%.
	Even if decreasing, the level of yield observed in Italy is still attractive for pan European investors in comparison with other European mature markets. For secondary assets, yields could rise to 6.00%-8.50% depending on the property and location.
	Market is quite small and driven, maily, by the operators and the agreement between operators and investors on portfolios and add - on assets. Volumes are small but some investors is starting to agree with operators a development pipeline.
	Healthcare is less sensitive to inflation and economic downturn than other asset classes (like all the sectors linked to the "living"). Indeed, the Healthcare sector will be more resilient to the financial market turbulence due to both demand and supply dynamics and to the current yields level which is still competitive compared to the other assets classes. Regarding the first reason, current demographic trends are leading to an increase in healthcare demand: an aging population is increasingly exposed to chronic disease, to lack of self-sufficiency and to various functional limitations. This is leading to an increase in the healthcare expenditure (both private and public).

Gross Development Value as at 31/12/2023	We have assumed a total Gross Development Value at the completion of the construction works equal to approximately €12,340,000.
	To determine the Gross Development Value at the completion of the refurbishment works, we have adopted the Income Approach.
	The Market Value of nursing home properties or clinics is traditionally assessed by capitalizing the lease rent. In the case, where the Property is held and will be operated by the Client, we undertake the valuation of the Property under the Special Assumption of a sale & lease back operation, assuming the signature by the tenant of a long-fixed period commercial lease. The Market Rent (or Normative Rent) is determined in accordance with the future level of the profitability of the business. In other terms, this is the sustainable rent for the tenant-operator, reflecting its ability to pay for real estate. It is determined as a percentage (%) of its potential EBITDAR. The percentage is assed based on local market practices and is generally between 50 and 60%.
	We have fully relied on the business plans prepared by (XNHGRV. We have not audited the business plan provided.
	The business plan indicates the following amounts at stabilization:
	- No. beds 120
	- Occupancy: 95%
	- Revenues: 5,075,016 €
	- Costs: 3,501,761 €
	- EBITDAR: 1,573,255€
	We have assumed corporate costs at 2.5% of the revenues. Therefore, the EBITDAR after corporate costs is 1,573,255 €. We have retained 55% of the EBITDAR to determine the affordable Normative Rent.
	We summarize below the main assumptions and calculation:

NORMATIVE RENT (BASED ON CLIENT'S BP AT STABILIZATION)

Days	365
Beds	120
Occupancy%	95%
Ramp-up period	4 years
Daily fee	121

Revenues	5,075,016 €

Total Costs	3,501,761 €	69%

EBITDAR	1,573,255 €	31%
Corporate costs	2.50%
EBITDAR (net of corporate costs)	1,446,380 €

Normative Rent	795,509 €	55%
	6,629 €/bed

Lease registration tax (0.5%);
Rent collection fee (1.0%);
Capital reserves (1.0%).

We adopted a net cap rate of 6.00%, in line with current market level for similar assets in comparable locations, taking into account this is a completely new structure. We have deducted purchaser's costs at 4.75%.

The values estimated (rental and capital values) have then been analyzed considering ratios per bed and per sqm generated.

GROSS DEVELOPMENT VALUE
	%	€	€/sqm	€/bed
Normative Rent		795,509	131	6,629
Less Operating expenses	3%	(19,888)
NOI		775,621
Cap Rate		6.00%
Market Value Incl. Purchase Costs		12,927,019
Net of Purchaser's costs	4.75%	12,340,829
	rounded	12,340,000	2,034	102,833

Valuation Methodology and Rationale	Considering the status of the Property, that should be completed on 30 June 2024, we have valued the Property in its current situation deducting from the value on completion the costs still to be sustained and the void period (8 months, 6 for the construction and two for the opening).
	We considered the following costs:
	• Capex still to be sustained (hard costs, soft costs, FF&E, contingencies, and urbanization costs): €8,007,893 (as provided)
	For the purpose of the valuation, we have used and relied on the specification and floor plans of the proposed development, as well as information relating to construction and associated costs, as provided to us by the Client in respect of the proposed development. We have assumed these costs to be correct and realistic.

Below the summary of the calculations:
MARKET VALUE
	%	€	€/sqm	€/bed
Normative Rent		795,509	131	6,629
Less Operating expenses	2.5%	(19,888)
NOI		775,621
Cap Rate		6.0%
GDV		12,927,019	-
Less Remaining Development Costs		(7,429,392)
Less Void Period		(775,621)
		4,722,005
Net of Purchaser's costs	4.75%	4,507,881
	rounded	4,510,000	743	37,583

Market Value as at 31	Subject to the contents of this Report, our opinion of the Market Value of the
December 2023	freehold interest in the Property as at the Valuation Date is:
	€4,510,000 (Four million five hundred and ten thousand euro)

SWOT Analysis	Strengths	Weaknesses
	• Well connected to Venice's metropolitan area;	• Partly an historic villa;
	• Located in front of a train station;
	• Good level of privacy;
	• Personnel will be more easily findable thanks to the close train station.
	Opportunities	Threats
	• Wider catchment area thanks to the train station just in front of the Property's entrance.	• Global economic uncertainty.

Property Address	Via Genova, Bolano (SP), 44.17228, 9.88151, Strada Provinciale Madrignano, località Ceparana
Property Type	Nursing Home Development
Inspection	Inspected on 9 January 2023 by Riccardo Bomben
Type of Inspection	Drive-by – Desktop as at 31 December 2023
Valuation Date	31 December 2023

Location

The Property is located in the fraction of Ceparana which is part of the municipality
of Bolano in the province of La Spezia. The Property is located in Via Genova, in
the Ligurian hills, and it is located north of La Spezia and east of Genova. The
Property borders with Via Genova on its south side and some fields on its other
sides. Thanks to its proximity with the E80 highway, this area is easily reachable
from all the main cities in Liguria and Tuscany too. La Spezia it's just 10 km away
from the Property while Genova is some 100 km away. La Spezia's port, and railway
station are respectively 10 and 12 km away from the Property; the airport of Genova

is 110 km away.

Population	POPULATION LA SPEZIA
		ITALY	PROVINCE
	POPULATION (2023)	58,997,201	214,279
	POPULATION > 75Y	7,267,605	33,018
	%	12%	15%

	POPULATION (2021)	59,236,213	215,887
	POPULATION > 75Y	7,026,027	32,448
	%	12%	15%
	EVOLUTION SINCE 2021	-	-

Property Description and Use	According to information available the Property will be a 2 floors over the ground building made of three parallel blocks perpendicular to the road, linked one another by a transversal block in the middle of the three.
	This building will be behind the first building sitting farther to the road.
	The construction will have a service road surrounding it giving access to parking spaces on the front and on the rear of the building. All around there will also be many threes.
	In total the construction will have 120 single rooms. Single rooms can either have shared bathrooms between two rooms or private ones.
	The entrance will be positioned on the eastern part where there will be the laundry, deposits, the changing rooms, the morgue, the administration offices, ambulatories, and the kitchen. Proceeding towards the inner part of the Property there will be the bedroom area with some rooms for the personnel, living rooms, the gyms and some assisted bathrooms.
	The first floor is entirely dedicated to guests rooms with rooms for assistants, living areas and assisted bathrooms.

General State of Repair and Maintenance	Based on our inspection and on the information provided as at 31/12/2023, works for the Property have still not started. The agreement has been approved and the project is done.
	We have not carried out technical surveys of the Property and our valuation is on the basis that there will be no latent defects, wants of repair or other matters which would materially affect our valuation.
	Similarly, we assume that no hazardous or suspect materials and techniques will be used in the construction and that there will be no problems related to any previous industrial activities conducted on the site or any adverse considerations

	relating to aspects such as the water table level, seismic risks or other ground conditions.
Environmental Issues	We have not investigated ground conditions/stability or for the presence of pollution or contamination in the Property or any other land (including any ground water) and neither you nor your consultants have informed us of any reason to suspect such contamination. Our valuation is on the assumption that there are no such matters that would materially affect our valuation.

Tenure	Freehold

Floor Areas	We have been provided with information regarding the area and the number of rooms for each floor and the land area.
	We have relied on these floor areas and have not carried out a measurement survey of the Property and have relied upon the information supplied to us in respect of floor areas, as reported in the following table:

Town Planning	For the purposes of the subject valuation, we have made the assumption that the current zoning permits the proposed use.
	Our valuation is on the basis that the Property will be erected in accordance with a valid planning permission and will be occupied and used without any contravention.
	We also assume the Property is not affected by proposals for road widening or compulsory purchase and that it will be erected in accordance with a valid planning permission.
	According to the information on the P.U.C. (Piano Urbanistico Comunale) of the city of Arenzano which was updated on December 2017, the Property falls into the unità d'intervento (intervention unit) ui1.2 inside the Città in divenire in insediamento diffuso.
	According to the information provided the project of the Property has been carried out and there is an agreement with the Municipality to start the construction of the Bolano 1 and Bolano 2 structures at the same time.
	Moreover, we have been informed that there is no risk to obtain the required authorizations for the development.

Cadastral Data	According to the information provided, the Property is registered at the Land
	Registry (Catasto Terreni) of the Municipality of Bolano (LS) as follows:

• Sheet 13, Parcel 519, 520, 2122, 2124, 2126, 2128.

Competition	The competition is represented by Rsa Sabbadini, by the Residenza Protetta Alma Mater and Casa San Vincenzo. Rsa Sabbadini is located in Sarzana in Via Falcinello 1 about 17 km from the Property; it is organized into 4 nuclei arranged over two floors while on the ground floor there are spaces reserved for meetings and personal care such as a living room, a dining room, a gym, an infirmary and a doctor's surgery. The single, double and triple rooms are equipped with en-suite bathrooms and are set up for the installation of a TV. The structure is able to guarantee: health and rehabilitation services, social welfare services, administrative services, psychological assistance, entertainment service, hotel service, ancillary services, assistance and spiritual comfort. Alma Mater Protected Residence is located in Corso Nazionale in La Spezia, 12 km from the Property and provides health and social assistance services to elderly people who are no longer completely self-sufficient. It has 27 beds. Casa San Vincenzo is located in Via San Bartolomeo in La Spezia about 13 km from the property, and does also provide health and social assistance services to elderly people who are no longer completely self-sufficient.
Market commentary	In 2023, 24.1% of the total population in Italy was 65 years and older. According to data, the share of elderly people in the Italian society has been growing constantly in recent years. Consequently, the share of young population experienced a decrease in the last years. As a result, the average age of Italians has risen.
	Moreover, in 2050 the share of people aged more than 65 years old is expected to grow to 35%. Also in terms of dependency ratio, the indicator is also forecasted to increase to 61.5% by 2050, thus standing well above the European average, with a gap expected to reach 10 pts by 2050. There however are important discrepancies between regions as a large part of the current 390,000 bed supply is located in the northern region.
	The assisted living in Italy is a new asset class, a new investment frontier with a growing and well-identifiable demand. Italian developers therefore are very interested in this growing trend, even in a country with a very deeply-rooted family culture. According to a research issued by Nomisma in 2020, the expectations for private capital investments in senior housing developments in Italy are growing because:
	- the percentage of elderly population is increasing throughout Europe and, at the same time, households are shrinking: this generates a growth in demand for services and housing solutions for elderly people;
	- the investment responds to asset diversification strategies;
	- it is a countercyclical segment, because it is not strictly linked to the economic situation and to the medium-long term, therefore it is capable of ensuring stable profitability over time.
	The Italian market, like other southern European countries, is becoming increasingly attractive to pan-European buyers interested in diversifying their investments.
	Healthcare regulation in particular is on regional basis whithin a National framework. We are aware that each regional system is tackeling the "healthcare weaknesses" emerged during the C-19 Pandemic with the aim of strengthening the infrastructures and quality of the services, leveraging the European Funds.

Investors in Italy are mainly focused on high-quality assets in good locations (especially in the northern regions) that benefit from good tenants and long-term lease agreements.

There is outstanding demand but Healthcare sector in Italy remaining a nice market driven, mainly, by operators. Most part of the deals are off market as an agreement between investors and operators on existing assets and / or developments. Main investors are French investors and domestic investors (Italian SGR backed by pension funds money) and, some German specialized investor.

In 2021, investment volume continued growing, reaching around €370 M. This increase has been mainly driven by the Vega Portfolio purchased by Cofinimmo and the Seniors Housing Portfolio (5 assets) purchased by Icade in October 2021, which together accounted for circa €230M.

In 2022 we registered a decrease with €250M. We do believe that the investors in the sector in Italy are full equity buyers (due to the size of the deals and the type of the investors). In any case, despite the turbolent moment of the market, we are of the opinion that the financing for this type of deal is still available on the market. Italian healthcare investment surged in 2023 (+54% on 2022), mainly driven by the €1.4bn Icade Santé sale to Primonial REIM, that we estimated around €280 M for the italian assets. Currenly, the Italian portfolio of Icade Sante comprises 22 RSA (Care Homes) + 2 Clinics + 2 Specialized Clinic. Primonial is setting to become the major care home operators in Italy and we'll see some further activity in 2024 (We are expecting part of their portfolio to be sold over 2024). The total investment volume in year 2023 was equal to €451M, showing an increase compared to year 2022.

Based on the latest transactional activity in Italy, prime assets continued to gain interest from a growing number of foreign investors, attracted by the low equipment rate of the country and betting on further yield compression. The prime yields for nursing homes leased by major operators through long fixed period leases decreased to sub-5.00% in Italy in 2021. In 2022 the prime yield for nursing homes by major operators through long fixed period leases increased to above-5.00% and continued to rise in 2023 at 5.60%.

For secondary assets, yields could rise to 6.00%-8.50% depending on the property and location. Even if increasing, the level of yield observed in Italy is still attractive for pan-European investors in comparison with other European mature markets.

Market is quite small and driven, maily, by the operators and the agreement between operators and investors on portfolios and add - on assets. Volumes are small but some investors is starting to agree with operators a development pipeline.

Healthcare is less sensitive to inflation and economic downturn than other asset classes (like all the sectors linked to the "living"). Indeed, the Healthcare sector will be more resilient to the financial market turbulence due to both demand and supply dynamics and to the current yields level which is still competitive compared to the other assets classes. Regarding the first reason, current demographic trends are leading to an increase in healthcare demand: an aging population is increasingly exposed to chronic disease, to lack of self-sufficiency and to various functional limitations. This is leading to an increase in the healthcare expenditure (both private and public).

Gross Development
Value as at 31/12/2023

We have assumed a total Gross Development Value at the completion of the
construction works equal to approximately €10,490,000.

To determine the Gross Development Value at the completion of the refurbishment
works, we have adopted the Income Approach.

The Market Value of nursing home properties or clinics is traditionally assessed by
capitalizing the lease rent. In the case, where the Property is held and will be
operated by the Client, we undertake the valuation of the Property under the Special
Assumption of a sale & lease back operation, assuming the signature by the tenant
of a long-fixed period commercial lease. The Market Rent (or Normative Rent) is

determined in accordance with the future level of the profitability of the business. In other terms, this is the sustainable rent for the tenant-operator, reflecting its ability to pay for real estate. It is determined as a percentage (%) of its potential Ebitdar. The percentage is assed based on local market practices and is generally between 50 and 60%.

We have fully relied on the business plans prepared by (XNHGRV. We have not audited the business plan provided.

The business plan indicates the following amounts at stabilization:

No. beds 120
Occupancy: 95%
Revenues: 4,166,524 €
Costs: 2,833,236 €
EBITDAR: 1,333,288 €

We have assumed corporate costs at 2.5% of the revenues. Therefore, the EBITDAR after corporate costs is 1,229,124 €. We have retained 55% of the EBITDAR to determine the affordable Normative Rent.

We summarize below the main assumptions and calculation:

NORMATIVE RENT (BASED ON CLIENT'S BP AT STABILIZATION)
Days Beds Occupancy% Ramp-up period	365 120 95.0% 4 years
Daily fee	99
Revenues Total Costs	4,166,524 € 2,833,236 €
EBITDAR Corporate costs EBITDAR (net of corporate costs)	1,333,288 € 2.50% 1,229,124 €	32%
Normative Rent	676,018 € 5,633 €/bed	55%

Lease registration tax (0.5%);
Rent collection fee (1.0%);
Capital reserves (1.0%).

We adopted a net cap rate of 6.0%, in line with current market level for similar assets in comparable locations, taking into account this is a completely new structure. We have deducted purchaser's costs at 4.75%.

The values estimated (rental and capital values) have then been analyzed considering ratios per bed and per sqm generated.

	GROSS DEVELOPMENT VALUE (GDV)
		%	€	€/sqm	€/bed
	Normative Rent		676,018	122	5,633
	Operating expenses	2.50%	(16,900)
	NOI		659,118
	Cap rate		6.00%
	GDV		10,985,300	-
	Purchaser's costs	4.75%	10,487,160
		rounded	10,490,000	1,891	87,417

Valuation Methodology and Rationale	Considering the status of the Property, we adopted a Residual method. It is so called because it indicates the residual amount after deducting all known or anticipated costs required to complete the development from the anticipated value of the project when completed (Gross Development Value) after consideration of the risks associated with completion of the project.
	Given the type of property (developed by the occupier) we have considered that the profit margin is fully acquired at the start of the construction. Considering the current stage, and that there is no authorization risk, we adopted 8% profit margin, to be recognized to a potential buyer of the development project at this stage.
	We considered the following costs:
	• Capex still to be sustained (hard costs, soft costs, FF&E, contingencies, and
	urbanization costs): €7,549,000 (as provided) • Contingency: we have been informed that it is already included in the budget of capex provided.
	• Sale costs: 1.0% of the GDV
	• Profit: 8%

	• Financial costs: 7.0%
	• Purchase costs: 1.0%
	• Timing: 16 months
	For the purpose of the valuation, we have used and relied on the specification and floor plans of the proposed development, as well as information relating to construction and associated costs, as provided to us by the Client in respect of the proposed development. We have assumed these costs to be correct and realistic. We reserve the right to alter this valuation if subsequently the information provided is found to be wrong.
	We summarize below the calculation:
	COSTS	per sqm			TOTAL

			€	%	€
	Remaining Development Costs		1,361		7,549,000
	Soft Costs					0
	Contingencies			0%		0
	Sales costs			1.00%	104,900
	TOTAL COSTS				7,653,900
	Profit on GDV			8.00%	839,200
	Profit on Costs			8.71%
	Financial Costs			7.00%	496,572
	Purchaser's costs			1.00%	14,855
	PROFIT & COSTS				9,004,527
	RESIDUAL VALUE				1,490,000

Market Value as at	Subject to the contents of this Report, our opinion of the Market Value of the
31 December 2023	freehold interest in the Property as at the Valuation Date is:
	€1,490,000 (One million four hundred and ninety thousand euro)

SWOT Analysis	Strengths • Located close to the coastal cities; • All single rooms;	Weaknesses
	• The Property will benefit from large demand at the moment not satisfied. • Synergy with the adjacent structure
	Opportunities • The La Spezia ATS has less beds than needed and is sending patients to Tuscany region.	Threats • Global economic uncertainty; • Difficulties in finding personnel.

Property Address	Via Genova, Bolano (SP), 44.17228, 9.88151, Strada Provinciale Madrignano, località Ceparana
Property Type	Nursing Home Development
Inspection	Inspected on 9 January 2023 by Riccardo Bomben
Type of Inspection	Drive-by
Valuation Date	31 December 2023 - Desktop as at 31 December 2023

Location

is 110 km away.

Population	POPULATION LA SPEZIA
		ITALY	PROVINCE
	POPULATION (2023)	58,997,201	214,279
	POPULATION > 75Y	7,267,605	33,018
	%	12%	15%

	POPULATION (2021)	59,236,213	215,887
	POPULATION > 75Y	7,026,027	32,448
	%	12%	15%

	EVOLUTION SINCE 2021	-	-

Property Description	According to information available the Property will be a 3 floors over the ground

and Use	building made of three parallels blocks perpendicular to the road, linked one another by a transversal block in the middle of the three.
	This building will be the closest to the road of the two building which will be raised on this land.
	The construction will have a service road on its east side and will be surrounded by car parks and trees. On its roof there will be present some solar panels.
	In total the construction will have 36 double rooms and 84 single rooms for a total of 156 beds. Single rooms can either have shared bathrooms between two single rooms or private ones.
	The entrance will be positioned on the eastern part and will lead to a waiting area. On its sides there will be the laundry, deposits, and the changing rooms, the morgue and a cart depot. On the ground floor there will also be the administration offices, ambulatories, the gym, someday areas and the rooms with the assisted bathrooms.
	On the first and second floors, identical, there will be another gym, day areas and the rooms with assisted bathrooms in addition to all the staff areas.

General State of Repair and Maintenance	Based on our inspection, works for the Property have still not started. However, the agreement has been approved and the building permit is now obtainable.
	We have not carried out technical surveys of the Property and our valuation is on the basis that there will be no latent defects, wants of repair or other matters which would materially affect our valuation.
	Similarly, we assume that no hazardous or suspect materials and techniques will be used in the construction and that there will be no problems related to any previous industrial activities conducted on the site or any adverse considerations relating to aspects such as the water table level, seismic risks or other ground conditions.

Environmental Issues We have not investigated ground conditions/stability or for the presence of pollution or contamination in the Property or any other land (including any ground water) and neither you nor your consultants have informed us of any reason to suspect such contamination. Our valuation is on the assumption that there are no such matters that would materially affect our valuation. Tenure Freehold Floor Areas We have been provided with information regarding the area for each floor, the land area and the number of rooms in total. We have relied on these floor areas and have not carried out a measurement survey of the Property and have relied upon the information supplied to us in respect of floor areas, as reported in the following table: Town Planning For the purposes of the subject valuation, we have made the assumption that the current zoning permits the proposed use. Our valuation is on the basis that the Property will be erected in accordance with a valid planning permission and will be occupied and used without any contravention. We also assume the Property is not affected by proposals for road widening or compulsory purchase and that it will be erected in accordance with a valid planning permission. According to the information on the P.U.C. (Piano Urbanistico Comunale) of the city of Arenzano which was updated on December 2017, the Property falls into the unità d'intervento (intervention unit) ui1.2 inside the Città in divenire in insediamento diffuso. According to the information provided the Agreement has been already approved and the Building Permit has been obtained. Moreover, we have been informed that there is no further risks to obtain the required authorizations for the development. Cadastral Data According to the information provided, the Property is registered at the Land Registry (Catasto Terreni) of the Municipality of Bolano (LS) as follows: • Sheet 13, Parcel 519, 520, 2122, 2124, 2126, 2128. Competition The competition is represented by Rsa Sabbadini, by the Residenza Protetta Alma Mater and Casa San Vincenzo. Rsa Sabbadini is located in Sarzana in Via Falcinello 1 about 17 km from the Property; it is organized into 4 nuclei arranged over two floors while on the ground floor there are spaces reserved for meetings and personal care such as a living room, a dining room, a gym, an infirmary and a doctor's surgery. The single, double and triple rooms are equipped with en-suite
























	3 EUKEDOS S.P.A. CUSHMAN & WAKEFIELD

	bathrooms and are set up for the installation of a TV. The structure is able to guarantee: health and rehabilitation services, social welfare services, administrative services, psychological assistance, entertainment service, hotel service, ancillary services, assistance and spiritual comfort. Alma Mater Protected Residence is located in Corso Nazionale in La Spezia, 12 km from the Property and provides health and social assistance services to elderly people who are no longer completely self-sufficient. It has 27 beds. Casa San Vincenzo is located in Via San Bartolomeo in La Spezia about 13 km from the property, and does also provide health and social assistance services to elderly people who are no longer completely self-sufficient.

Market commentary	In 2023, 24.1% of the total population in Italy was 65 years and older. According to data, the share of elderly people in the Italian society has been growing constantly in recent years. Consequently, the share of young population experienced a decrease in the last years. As a result, the average age of Italians has risen.
	Moreover, in 2050 the share of people aged more than 65 years old is expected to grow to 35%. Also in terms of dependency ratio, the indicator is also forecasted to increase to 61.5% by 2050, thus standing well above the European average, with a gap expected to reach 10 pts by 2050. There however are important discrepancies between regions as a large part of the current 390,000 bed supply is located in the northern region.
	The assisted living in Italy is a new asset class, a new investment frontier with a growing and well-identifiable demand. Italian developers therefore are very interested in this growing trend, even in a country with a very deeply-rooted family culture. According to a research issued by Nomisma in 2020, the expectations for private capital investments in senior housing developments in Italy are growing because:
	- the percentage of elderly population is increasing throughout Europe and, at the same time, households are shrinking: this generates a growth in demand for services and housing solutions for elderly people;
	- the investment responds to asset diversification strategies;
	- it is a countercyclical segment, because it is not strictly linked to the economic situation and to the medium-long term, therefore it is capable of ensuring stable profitability over time.
	The Italian market, like other southern European countries, is becoming increasingly attractive to pan-European buyers interested in diversifying their investments.
	Healthcare regulation in particular is on regional basis whithin a National framework. We are aware that each regional system is tackeling the "healthcare weaknesses" emerged during the C-19 Pandemic with the aim of strengthening the infrastructures and quality of the services, leveraging the European Funds.
	Investors in Italy are mainly focused on high-quality assets in good locations (especially in the northern regions) that benefit from good tenants and long-term lease agreements.
	There is outstanding demand but Healthcare sector in Italy remaining a nice market driven, mainly, by operators. Most part of the deals are off market as an agreement between investors and operators on existing assets and / or developments. Main investors are French investors and domestic investors (italian SGR backed by pension funds money) and, some German specialized investor.
	In 2021, investment volume continued growing, reaching around €370 M. This increase has been mainly driven by the Vega Portfolio purchased by Cofinimmo and the Seniors Housing Portfolio (5 assets) purchased by Icade in October 2021, which together accounted for circa €230M.
	In 2022 we registered a decrease with €250M. We do believe that the investors in the sector in Italy are full equity buyers (due to the size of the deals and the type of

	the investors). In any case, despite the turbolent moment of the market, we are of the opinion that the financing for this type of deal is still available on the market. Italian healthcare investment surged in 2023 (+54% on 2022), mainly driven by the €1.4bn Icade Santé sale to Primonial REIM, that we estimated around €280 M for the italian assets. Currenly, the Italian portfolio of Icade Sante comprises 22 RSA (Care Homes) + 2 Clinics + 2 Specialised Clinic. Primonial is setting to become the major care home operators in Italy and we'll see some further activity in 2024 (We are expecting part of their portfolio to be sold over 2024). The total investment volume in year 2023 was equal to €451M, showing an increase compared to year 2022.
	Based on the latest transactional activity in Italy, prime assets continued to gain interest from a growing number of foreign investors, attracted by the low equipment rate of the country and betting on further yield compression. The prime yields for nursing homes leased by major operators through long fixed period leases decreased to sub-5.00% in Italy in 2021. In 2022 the prime yield for nursing homes by major operators through long fixed period leases increased to above-5.00% and continued to rise in 2023 at 5.60%.
	For secondary assets, yields could rise to 6.00%-8.50% depending on the property and location. Even if increasing, the level of yield observed in Italy is still attractive for pan-European investors in comparison with other European mature markets.
	Market is quite small and driven, maily, by the operators and the agreement between operators and investors on portfolios and add - on assets. Volumes are small but some investors is starting to agree with operators a development pipeline.
	Healthcare is less sensitive to inflation and economic downturn than other asset classes (like all the sectors linked to the "living"). Indeed, the Healthcare sector will be more resilient to the financial market turbulence due to both demand and supply dynamics and to the current yields level which is still competitive compared to the other assets classes. Regarding the first reason, current demographic trends are leading to an increase in healthcare demand: an aging population is increasingly exposed to chronic disease, to lack of self-sufficiency and to various functional limitations. This is leading to an increase in the healthcare expenditure (both private and public).

Gross Development Value as at 31/12/2023	We have assumed a total Gross Development Value at the completion of the construction works equal to approximately €12,690,000.
	To determine the Gross Development Value at the completion of the refurbishment works, we have adopted the Income Approach.
	The Market Value of nursing home properties or clinics is traditionally assessed by capitalizing the lease rent. In the case, where the Property is held and will be operated by the Client, we undertake the valuation of the Property under the Special Assumption of a sale & lease back operation, assuming the signature by the tenant of a long-fixed period commercial lease. The Market Rent (or Normative Rent) is determined in accordance with the future level of the profitability of the business. In other terms, this is the sustainable rent for the tenant-operator, reflecting its ability to pay for real estate. It is determined as a percentage (%) of its potential Ebitdar. The percentage is assed based on local market practices and is generally between 50 and 60%.
	We have fully relied on the business plans prepared by (XNHGRV. We have not audited the business plan provided.
	The business plan indicates the following amounts at stabilization:
	- No. beds 156
	- Occupancy: 95%
	- Revenues: 4,957,159 €
	- Costs: 3,470,159 €
	- EBITDAR: 1,487,148 €

We have assumed corporate costs at 2.5% of the revenues. Therefore, the EBITDAR after corporate costs is 1,363,219 €. We have retained 60% of the EBITDAR to determine the affordable Normative Rent.

We summarize below the main assumptions and calculation:

NORMATIVE RENT (BASED ON CLIENT'S BP AT STABILIZATION)

Days	365
Beds	156
Occupancy%	95.0%
Ramp-up period	4 years
Daily fee	90

Revenues	4,957,159 €

Total Costs	3,470,012 €

EBITDAR	1,487,148 €	30%
Corporate costs	2.50%
EBITDAR (net of corporate costs)	1,363,219 €

Normative Rent	817,931 €	60%
	5,243 €/bed

Lease registration tax (0.5%);
Rent collection fee (1.0%);
Capital reserves (1.0%).

The values estimated (rental and capital values) have then been analyzed considering ratios per bed and per sqm generated.

GROSS DEVELOPMENT VALUE (GDV)
	%	€	€/sqm	€/bed
Normative Rent		817,931	126	5,243
Operating expenses	2.50%	(20,448)
NOI		797,483
Cap rate		6.00%
GDV		13,291,384	-
Purchaser's costs	4.75%	12,688,672
	rounded	12,690,000	1,953	81,346

Valuation Methodology and Rationale	Considering the status of the Property, we adopted a Residual method. It is so called because it indicates the residual amount after deducting all known or anticipated costs required to complete the development from the anticipated value of the project when completed (Gross Development Value) after consideration of the risks associated with completion of the project.
	Given the type of property (developed by the occupier) we have considered that the profit margin is fully acquired at the start of the construction. Considering the current stage (the building permit has already been obtained and the procurement contract signed), we adopted 5% profit margin, to be recognized to a potential buyer of the development project at this stage.
	We considered the following costs:
	• Capex still to be sustained (hard costs, soft costs, FF&E, contingencies, and urbanization costs): € 9,093,892 (as provided)
	• Sale costs: 1.0% of the GDV
	• Profit: 5%
	• Financial costs: 7.0%
	• Purchase costs: 1.0%
	• Timing: 18 months
	For the purpose of the valuation, we have used and relied on the specification and floor plans of the proposed development, as well as information relating to construction and associated costs, as provided to us by the Client in respect of the proposed development. We have assumed these costs to be correct and realistic. We reserve the right to alter this valuation if subsequently the information provided is found to be wrong.
	We summarize below the calculation:
	COSTS	per sqm		TOTAL
	Remaining Development Costs	€ 1,400	%	€ 9,093,892
	Soft Costs			0
	Contingencies		0%	0
	Sales costs		1.00%	126,900
	TOTAL COSTS			9,220,792
	Profit on GDV Profit on Costs		5.00% 5.27%	634,500
	Financial Costs		7.00%	710,358
	Purchaser's costs		1.00%	21,033
	PROFIT & COSTS			10,586,684
	RESIDUAL VALUE			2,100,000


Market Value as at 31 December 2023	Subject to the contents of this Report, our opinion of the Market Value of the freehold interest in the Property as at the Valuation Date is: €2,100,000 (Two million one hundred thousand euro)

SWOT Analysis	Strengths • Located close to the coastal cities; • Will benefit from large demand at the moment not satisfied; • Presence of many single rooms.	Weaknesses • Lack of internal kitchen.
	Opportunities • The La Spezia ATS has less beds than needed and is sending patients to Tuscany region; • Possibility of having synergies between the two adjacent structures.	Threats • Global economic uncertainty; • Difficulties in finding personnel.

Property Address	Via Cimabue, Grosseto (GR), 42.75559778311437, 11.099891776270505
Property Type	Nursing Home Development
Inspection	Inspected on 12 January 2023 by Mauro Liberatore
Type of Inspection	Drive-by -desktop as 31 December 2023
Valuation Date	31 December 2023

Location The Property is located in via G. Cimabue in the south-west part of the center of Grosseto. The Property borders with two parks, Villa Pizzetti and Sandro Pertini parks, respectively on west side and south side, with other residential buildings to the north and east. Thanks to its vicinity to SP154, which connects to the E80 highway which is about 5.8 km away, this area is easily reachable from the other cities. The most important roads are the provincial road SP154 and the highway, E80 and the statal roadSS223 which are respectively 1.9 km, 5.8 km and 6.9 km away . The railway station and airport are respectively 2.3 km and 3.1 km far away.

Population	POPULATION GROSSETO
		ITALY	PROVINCE
	POPULATION (2023)	58,997,201	215,973
	POPULATION > 75Y	7,267,605	32,982
	%	12%	15%

	POPULATION (2021)	59,236,213	217,846
	POPULATION > 75Y	7,026,027	31,778
	%	12%	15%
	EVOLUTION SINCE 2021	-	-

Property Description and Use	The Property will consist of a central pentagonal block, developed over four floors above ground, and two side wings, arranged over 3 floors above ground, for a total area of a total of around 4,900 sq m.
	On the ground floor, in the central block, the reception will be preceded by a loggia. In the two lateral blocks there will be technical rooms, warehouses, changing rooms, offices, the kitchen, the laundry, the mortuary, a worship hall, a multi sensory room and various deposits.
	On the first and second floors instead, in the central block there will be a living area for guests, staff rooms and assisted bathrooms while in the two wings the 28 double rooms and 4 single guest rooms will develop to the right and left of a central corridor for each floor.
	On the third floor instead, in the central block, there is going to be the gym and its various pertinent rooms.
	In total the property will count for 120 beds distributed in 56 double rooms and 8 single rooms.

General State of Repair and Maintenance	Based on our inspection and from the information provided as 31 December 2023, works for the Property have still not started, however the building permit has been issued and the procurement contract has been signed.
	We have not carried out technical surveys of the Property and our valuation is on the basis that there will be no latent defects, wants of repair or other matters which would materially affect our valuation.
	Similarly, we assume that no hazardous or suspect materials and techniques will be used in the construction and that there will be no problems related to any previous industrial activities conducted on the site or any adverse considerations relating to aspects such as the water table level, seismic risks or other ground

conditions.

Environmental Issues	We have not investigated ground conditions/stability or for the presence of pollution or contamination in the Property or any other land (including any ground water) and neither you nor your consultants have informed us of any reason to suspect such contamination. Our valuation is on the assumption that there are no such matters that would materially affect our valuation.
Tenure	Freehold
Floor Areas	We have been provided with information reporting the areas and the number of rooms for each floor in addition to the land area. We have not carried out a measurement survey of the Property and have relied upon the information supplied to us in respect of floor areas, as reported in the following table:


Town Planning	For the purposes of the subject valuation, we have made the assumption that the current zoning permits the current use. Our valuation is on the basis that the Property will be erected in accordance with a valid planning permission and will be occupied and used without any contravention. We also assume the Property is not affected by proposals for road widening or compulsory purchase and that it will be erected in accordance with a valid planning permission. According to the information on the P.R.U. (Piano Regolamento Urbanistico) of the city of Grosseto which was updated on February 2020, the Property falls into the zona AIC Sanitario. According to the information provided the building permit has been issued and the procurement contract has already been signed.
Cadastral Data	According to the information provided, the Property is registered at the Land Registry (Catasto Terreni) of the Municipality of Grosseto (GR) as follows: • Sheet 87, Parcel 3074, 3076.
Competition	The competition is represented by Rsa Villa Pizzetti and Ferrucci retirement home. Rsa Villa Pezzetti is located in Via Cimabue 109 about 500 meters from the Property is a residential health care facility (RSA) that offers health services, medical, nursing and rehabilitative interventions aimed at preventing and treating chronic diseases and their possible exacerbations. The RSA offers the elderly residential accommodation with a domestic imprint as much as possible, at the same time stimulating socialization among the guests. In addition, individualized assistance is provided, aimed at protecting and improving levels of autonomy, maintaining personal interests and promoting well-being. It is a retirement home for at least partially self-sufficient guests. There are also day centre services. It also

	offers services for Alzheimer's patients. Ferrucci retirement home is located in Via Ferrucci about 2 km from the Property. It is a residential facility for the elderly and includes: a nursing home (R.S.A.), which provides social assistance and high social-health integration services; a residential center for self-sufficient elderly people; a day center for self-sufficient seniors. Completely renovated in recent years, it consists of three pavilions. The first, the Gobbini pavilion, welcomes 20 self-sufficient guests and 10 semi-residential users. The Alfieri pavilion, consisting of two floors, is suitable for housing 40 non self sufficient users, while the Central pavilion can accommodate 20 users. In the Central pavilion, moreover, there are the common areas: kitchen, pantry, dining room and multipurpose room. A large garden extends around the "Ferrucci" retirement home.

Market commentary	In 2023, 24.1% of the total population in Italy was 65 years and older. According to data, the share of elderly people in the Italian society has been growing constantly in recent years. Consequently, the share of young population experienced a decrease in the last years. As a result, the average age of Italians has risen.
	Moreover, in 2050 the share of people aged more than 65 years old is expected to grow to 35%. Also in terms of dependency ratio, the indicator is also forecasted to increase to 61.5% by 2050, thus standing well above the European average, with a gap expected to reach 10 pts by 2050. There however are important discrepancies between regions as a large part of the current 390,000 bed supply is located in the northern region.
	The assisted living in Italy is a new asset class, a new investment frontier with a growing and well-identifiable demand. Italian developers therefore are very interested in this growing trend, even in a country with a very deeply-rooted family culture. According to a research issued by Nomisma in 2020, the expectations for private capital investments in senior housing developments in Italy are growing because:
	- the percentage of elderly population is increasing throughout Europe and, at the same time, households are shrinking: this generates a growth in demand for services and housing solutions for elderly people;
	- the investment responds to asset diversification strategies;
	- it is a countercyclical segment, because it is not strictly linked to the economic situation and to the medium-long term, therefore it is capable of ensuring stable profitability over time.
	The Italian market, like other southern European countries, is becoming increasingly attractive to pan-European buyers interested in diversifying their investments.
	Healthcare regulation in particular is on regional basis within a National framework. We are aware that each regional system is tackling the "healthcare weaknesses" emerged during the C-19 Pandemic with the aim of strengthening the infrastructures and quality of the services, leveraging the European Funds.
	Investors in Italy are mainly focused on high-quality assets in good locations (especially in the northern regions) that benefit from good tenants and long-term lease agreements.
	There is outstanding demand but Healthcare sector in Italy remaining a nice market driven, mainly, by operators. Most part of the deals are off market as an agreement between investors and operators on existing assets and / or developments. Main investors are French investors and domestic investors (Italian SGR backed by pension funds money) and, some German specialized investor.
	In 2021, investment volume continued growing, reaching around €370 M. This increase has been mainly driven by the Vega Portfolio purchased by Cofinimmo and the Seniors Housing Portfolio (5 assets) purchased by Icade in October 2021, which together accounted for circa €230M.

	In 2022 we registered a decrease with €250M. We do believe that the investors in the sector in Italy are full equity buyers (due to the size of the deals and the type of the investors). In any case, despite the turbolent moment of the market, we are of the opinion that the financing for this type of deal is still available on the market. Italian healthcare investment surged in 2023 (+54% on 2022), mainly driven by the €1.4bn Icade Santé sale to Primonial REIM, that we estimated around €280 M for the italian assets. Currenly, the Italian portfolio of Icade Sante comprises 22 RSA (Care Homes) + 2 Clinics + 2 Specialised Clinic. Primonial is setting to become the major care home operatore in Italy and we'll see some further activity in 2024 (We are expecting part of their portfolio to be sold over 2024). The total investment volume in year 2023 was equal to €451M, showing an increase compared to year 2022.
	Based on the latest transactional activity in Italy, prime assets continued to gain interest from a growing number of foreign investors, attracted by the low equipment rate of the country and betting on further yield compression. The prime yields for nursing homes leased by major operators through long fixed period leases decreased to sub-5.00% in Italy in 2021. In 2022 the prime yield for nursing homes by major operators through long fixed period leases increased to above-5.00% and continued to rise in 2023 at 5.60%.
	For secondary assets, yields could rise to 6.00%-8.50% depending on the property and location. Even if increasing, the level of yield observed in Italy is still attractive for pan-European investors in comparison with other European mature markets.
	Market is quite small and driven, maily, by the operators and the agreement between operators and investors on portfolios and add - on assets. Volumes are small but some investors is starting to agree with operators a development pipeline.
	Healthcare is less sensitive to inflation and economic downturn than other asset classes (like all the sectors linked to the "living"). Indeed, the Healthcare sector will be more resilient to the financial market turbulence due to both demand and supply dynamics and to the current yields level which is still competitive compared to the other assets classes. Regarding the first reason, current demographic trends are leading to an increase in healthcare demand: an aging population is increasingly exposed to chronic disease, to lack of self-sufficiency and to various functional limitations. This is leading to an increase in the healthcare expenditure (both private and public).

Gross Development Value as at 31/12/2023	We have assumed a total Gross Development Value at the completion of the construction works equal to approximately €11,070,000.
	To determine the Gross Development Value at the completion of the refurbishment works, we have adopted the Income Approach.
	The Market Value of nursing home properties or clinics is traditionally assessed by capitalizing the lease rent. In the case, where the Property is held and will be operated by the Client, we undertake the valuation of the Property under the Special Assumption of a sale & lease back operation, assuming the signature by the tenant of a long-fixed period commercial lease. The Market Rent (or Normative Rent) is determined in accordance with the future level of the profitability of the business. In other terms, this is the sustainable rent for the tenant-operator, reflecting its ability to pay for real estate. It is determined as a percentage (%) of its potential Ebitdar. The percentage is assed based on local market practices and is generally between 50 and 60%.
	We have fully relied on the business plans prepared by (XNHGRV. We have not audited the business plan provided.
	The business plan indicates the following amounts at stabilization:
	- No. beds 120 - Occupancy: 95%
	- Revenues: 4,475,682 €

Costs: 3,088,221 €
EBITDAR: 1,387,462 €

We have assumed corporate costs at 2.5% of the revenues. Therefore, the EBITDAR after corporate costs is 1,387,462 €. We have retained 55% of the EBITDAR to determine the affordable Normative Rent.

We summarize below the main assumptions and calculation:

NORMATIVE RENT (BASED ON CLIENT'S BP AT STABILIZATION)

Days	365
Beds	120
Occupancy%	95%
Ramp-up period	4 years
Daily fee	106

Revenues	4,475,682 €

Total Costs	3,088,221 €

EBITDAR	1,387,462 €	31%
Corporate costs	2.50%
EBITDAR (net of corporate costs)	1,275,569 €

Normative Rent	701,563 €	55%
	5,846 €/bed

Lease registration tax (0.5%);
Rent collection fee (1.0%);
Capital reserves (1.0%).

The values estimated (rental and capital values) have then been analyzed considering ratios per bed and per sqm generated.

GROSS DEVELOPMENT VALUE (GDV)
	%	€	€/sqm	€/bed
Normative Rent		701,563	143	5,846
Operating expenses	2.50%	(17,539)
NOI		684,024
Cap rate		5.90%
GDV		11,593,629
Purchaser's costs	4.75%	11,067,904
	rounded	11,070,000	2,261	92,250

Valuation Methodology and Rationale	Considering the status of the Property, we adopted a Residual method. It is so called because it indicates the residual amount after deducting all known or anticipated costs required to complete the development from the anticipated value of the project when completed (Gross Development Value) after consideration of the risks associated with completion of the project.
	Given the type of property (developed by the occupier) we have considered that the profit margin is fully acquired at the start of the construction. Considering the current stage (the building permit has already been obtained and the procurement contract signed), we adopted 5% profit margin, to be recognized to a potential buyer of the development project at this stage.
	We considered the following costs:
	• Capex still to be sustained (hard costs, soft costs, FF&E, contingencies, and urbanization costs): €7,444,500 (as provided)
	• Sale costs: 1.0% of the GDV
	• Profit: 5%

	• Financial costs: 7.0%
	• Purchase costs: 1.0%
	• Timing: 10 months
	For the purpose of the valuation, we have used and relied on the specification and floor plans of the proposed development, as well as information relating to construction and associated costs, as provided to us by the Client in respect of the proposed development. We have assumed these costs to be correct and realistic. We reserve the right to alter this valuation if subsequently the information provided is found to be wrong.
	We summarize below the calculation:
	COSTS per sqm	TOTAL
	€	% €
	Remaining Development Costs 1,520 Soft Costs	7,444,500 0.0% 0
	Contingencies	0% 0
	Sales costs	1.00% 110,700
	TOTAL COSTS	7,555,200
	Profit on GDV	5.00% 553,500
	Profit on Costs	5.28%
	Financial Costs	7.00% 364,998
	Purchaser's costs	1.00% 25,706
	PROFIT & COSTS RESIDUAL VALUE	8,499,404 2,570,000

Market Value as at 31 December 2023	freehold interest in the Property as at the Valuation Date is:	Subject to the contents of this Report, our opinion of the Market Value of the
	€2,570,000
	(Two million five hundred and seventy thousand euro)

SWOT Analysis	Strengths	Weaknesses
	• Located in green calm area of the city of Grosseto;
	• Large external green area;
	• Close to the city centre.
	Opportunities	Threats
	• All beds are contractualised	• Global economic uncertainty.

Property Address	Via Nazionale Sud, Colico (LC), 46°07'23.8"N 9°21'08.0"E
Property Type	Nursing Home Development
Inspection	Inspected on 26 January 2023 by Alessandra Giorgi
Type of Inspection	Drive-by – Desktop as at 31/12/2023
Valuation Date	31 December 2023

Population	POPULATION LECCO
		ITALY	PROVINCE
	POPULATION (2023)	58,997,201	332,043
	POPULATION > 75Y	7,267,605	42,340
	%	12%	13%

	POPULATION (2021)	59,236,213	333,569
	POPULATION > 75Y	7,026,027	40,384
	%	12%	12%

	EVOLUTION SINCE 2021	-	-

Property Description and Use	According to information available the Property will be an "L" shaped building, surrounded by a garden and some car parking spaces. The car access will be from Via Laghetto.
	The building will be arranged over a basement and three floors above ground, as well as an attic.
	In the basement there will be deposits and technical rooms. On the ground floor there will be the reception, the management offices, some clinics, changing rooms, a gym, the mortuary, some bedrooms, with en-suite bathrooms and assisted bathrooms, and living areas for guests. On the first and second floors there will be other bedrooms with living areas and assisted bathrooms.


	The Property will have a total of 100 beds, distributed in 30 double rooms and 40 single rooms.

General State of Repair and Maintenance	Based on our inspection and on the information provided as at 31/12/2023, construction works for the Property have still not started however the municipality approved the agreement and the building permit is expected to be delivered within 2 months.
	We have not carried out technical surveys of the Property and our valuation is on the basis that there will be no latent defects, wants of repair or other matters which would materially affect our valuation.
	Similarly, we assume that no hazardous or suspect materials and techniques will be used in the construction and that there will be no problems related to any previous industrial activities conducted on the site or any adverse considerations relating to aspects such as the water table level, seismic risks or other ground conditions.

Environmental Issues	We have not investigated ground conditions/stability or for the presence of pollution or contamination in the Property or any other land (including any ground water) and neither you nor your consultants have informed us of any reason to suspect such contamination.
	Our valuation is on the assumption that there are no such matters that would materially affect our valuation.

Tenure	Freehold

Floor Areas	We have been provided with information regarding the area and the number of rooms for each floor and the land area.
	We have relied on these floor areas and have not carried out a measurement survey of the Property and have relied upon the information supplied to us in respect of floor areas, as reported in the following table:

Town Planning	For the purposes of the subject valuation, we have made the assumption that the current zoning permits the proposed use.
	Our valuation is on the basis that the Property will be erected in accordance with a valid planning permission and will be occupied and used without any contravention.
	We also assume the Property is not affected by proposals for road widening or compulsory purchase and that it will be erected in accordance with a valid planning permission.
	According to the information on the P.G.T. (Piano Governo Territoriale) of the city of Colico which was updated on October 2022, the Property falls into the Aree adibite a servizi ed impianti tecnologici (areas used for services and technological systems) inside the Ambiti del tessuto urbano consolidato.
	According to the information provided, the Client is awaiting approval of the Municipality agreement necessary for the withdrawal of the Building Permit.
	We have been informed that there is no risk to obtain the required authorizations for the development.

Cadastral Data	According to the information provided, the Property is registered at the Land Registry (Catasto Terreni) of the Municipality of Colico (LC) as follows:
	• Sheet 15, Parcel 16524.

Competition	The closest competitors are Retirement Home Foundation Talamona in Talamona, Via Gavazzeni 64/B, at 22 km of distance; nursing home (RSA) Regoledo di Perledo - Sacra Famiglia Institute, in Perledo, strada Del Verde, 11, 22 km away; and the nursing home (RSA) Madonna del Lavoro, in Dubino, Via Spluga, 24, around 7.5 km away. These structures provide health and social assistance services to elderly people who are no longer completely self-sufficient and, therefore, can no longer reside at their home or with their families. The first structure has 48 beds and is a residential facility, which operates on a non-profit basis, in which we welcome partially or totally non-self-sufficient elderly people in order to ensure that their social, relational, health, welfare and rehabilitation needs are met. The second 55 accredited beds, hosts residential services for the disabled and the elderly, intermediate care, and a daily nursing home. The third has 200 beds and provides non-profit health and social welfare services to elderly people who are no longer completely self-sufficient who, therefore, can no longer reside at home or with their families.

Market commentary	In 2023, 24.1% of the total population in Italy was 65 years and older. According to data, the share of elderly people in the Italian society has been growing constantly in recent years. Consequently, the share of young population experienced a decrease in the last years. As a result, the average age of Italians has risen.
	Moreover, in 2050 the share of people aged more than 65 years old is expected to grow to 35%. Also in terms of dependency ratio, the indicator is also forecasted to increase to 61.5% by 2050, thus standing well above the European average, with a gap expected to reach 10 pts by 2050. There however are important discrepancies between regions as a large part of the current 390,000 bed supply is located in the northern region.
	The assisted living in Italy is a new asset class, a new investment frontier with a growing and well-identifiable demand. Italian developers therefore are very interested in this growing trend, even in a country with a very deeply-rooted family culture. According to a research issued by Nomisma in 2020, the expectations for private capital investments in senior housing developments in Italy are growing because:
	- the percentage of elderly population is increasing throughout Europe and, at the same time, households are shrinking: this generates a growth in demand for services and housing solutions for elderly people;
	- the investment responds to asset diversification strategies;
	- it is a countercyclical segment, because it is not strictly linked to the economic situation and to the medium-long term, therefore it is capable of ensuring stable profitability over time.
	The Italian market, like other southern European countries, is becoming increasingly attractive to pan-European buyers interested in diversifying their investments.
	Healthcare regulation in particular is on regional basis within a National framework. We are aware that each regional system is tackling the "healthcare weaknesses" emerged during the C-19 Pandemic with the aim of strengthening the infrastructures and quality of the services, leveraging the European Funds.
	Investors in Italy are mainly focused on high-quality assets in good locations (especially in the northern regions) that benefit from good tenants and long-term lease agreements.
	There is outstanding demand but Healthcare sector in Italy remaining a nice market driven, mainly, by operators. Most part of the deals are off market as an agreement between investors and operators on existing assets and / or developments. Main investors are French investors and domestic investors (Italian SGR backed by pension funds money) and, some German specialized investor.

In 2022 we registered a decrease with €250M. We do believe that the investors in the sector in Italy are full equity buyers (due to the size of the deals and the type of the investors). In any case, despite the turbolent moment of the market, we are of the opinion that the financing for this type of deal is still available on the market. Italian healthcare investment surged in 2023 (+54% on 2022), mainly driven by the €1.4bn Icade Santé sale to Primonial REIM, that we estimated around €280 M for the italian assets. Currenly, the Italian portfolio of Icade Sante comprises 22 RSA (Care Homes) + 2 Clinics + 2 Specialised Clinic. Primonial is setting to become the major care home operatore in Italy and we'll see some further activity in 2024 (We are expecting part of their portfolio to be sold over 2024). The total investment volume in year 2023 was equal to €451M, showing an increase compared to year 2022.

Gross Development Value as at 31/12/2023	We have assumed a total Gross Development Value at the completion of the construction works equal to approximately €8,720,000.
	To determine the Gross Development Value at the completion of the refurbishment works, we have adopted the Income Approach.
	The Market Value of nursing home properties or clinics is traditionally assessed by capitalizing the lease rent. In the case, where the Property is held and will be operated by the Client, we undertake the valuation of the Property under the Special Assumption of a sale & lease back operation, assuming the signature by the tenant of a long-fixed period commercial lease. The Market Rent (or Normative Rent) is determined in accordance with the future level of the profitability of the business. In other terms, this is the sustainable rent for the tenant-operator, reflecting its ability to pay for real estate. It is determined as a percentage (%) of its potential Ebitdar. The percentage is assed based on local market practices and is generally between 50 and 60%.
	We have fully relied on the business plans prepared by (XNHGRV. We have not audited the business plan provided.

The business plan indicates the following amounts at stabilization:

No. beds 100
Occupancy: 95%
Revenues: 3,177,666 €
Costs: 2,192,590 €
EBITDAR: 985,077 €

We have assumed corporate costs at 2.5% of the revenues. Therefore, the EBITDAR after corporate costs is 985,077 €. We have retained 60% of the EBITDAR to determine the affordable Normative Rent.

We summarize below the main assumptions and calculation:

NORMATIVE RENT (BASED ON CLIENT'S BP AT STABILIZATION)

Days	365
Beds	100
Occupancy%	95.00%
Ramp-up period	4 years
Daily fee	90

Revenues	3,177,666 €

Total Costs	2,192,590 €	69%

EBITDAR	985,077 €	31%
Corporate costs	2.50%
EBITDAR (net of corporate costs)	905,635 €

Normative Rent	543,381 €	60%
	5,434 €/bed

Lease registration tax (0.5%);
Rent collection fee (1.0%);
Capital reserves (1.0%).

The values estimated (rental and capital values) have then been analyzed considering ratios per bed and per sqm generated.

GROSS DEVELOPMENT VALUE (GDV)
	%	€	€/sqm	€/bed
Normative Rent		543,381	108	5,434
Operating expenses	2.5%	(13,585)
NOI		529,796
Cap rate		5.8%
GDV		9,134,421	-
Purchaser's costs	4.75%	8,720,211
	rounded	8,720,000	1,732	87,200

Considering the status of the Property, we adopted a Residual method. It is so called because it indicates the residual amount after deducting all known or anticipated costs required to complete the development from the anticipated value of the project when completed (Gross Development Value) after consideration of the risks associated with completion of the project.
Given the type of property (developed by the occupier) we have considered that the profit margin is fully acquired at the start of the construction. Considering the current status of the development, and that there is no authorization risk, we adopted 8% profit margin, to be recognized to a potential buyer of the development project at this stage.
We considered the following costs:
• Capex still to be sustained (hard costs, soft costs, FF&E, contingencies, and urbanization costs): €6,200,000 (as provided)
• Contingency: we have been informed that it is already included in the budget of capex provided.
• Sale costs: 1.0% of the GDV
• Profit: 8%

• Financial costs: 7.0%
• Purchase costs: 1.0%
• Timing: 18 months
floor plans of the proposed development, as well as information relating to construction and associated costs, as provided to us by the Client in respect of the proposed development. We have assumed these costs to be correct and realistic. We reserve the right to alter this valuation if subsequently the information provided is found to be wrong. We summarize below the calculation:
COSTS	per sqm		TOTAL
	€	%	€
Remaining Development Costs	1,231		6,200,000
Soft Costs		0.0%	0
Contingencies		0%	0
Letting fees		0%	0
Sales costs		1.00%	87,200
TOTAL COSTS			6,287,200
Profit on GDV		8.00%	697,600
Profit on Costs		8.71%
Financial Costs		7.00%	465,422
Purchaser's costs		1.00%	12,572
PROFIT & COSTS			7,462,794
RESIDUAL VALUE			1,260,000
GDV (Gross Development Value)			8,720,000
% of the land on GDV Residual value per sqm			14% 250

Market Value as at	Subject to the contents of this Report, our opinion of the Market Value of the freehold
31 December 2023	interest in the Property as at the Valuation Date is:
	€1,260,000 (One Million two hundred and sixty thousand euro)

SWOT Analysis	Strengths • Located in one of the most touristic spots on lake Como. • Very close to the train station.	Weaknesses • The Property is not facing directly the lake.
	Opportunities • Opportunity to have guests coming from the close cities who'd like to stay in a quieter location. • Obtainment of contractualised beds.	Threats • Global economic uncertainty

D. Terms, Conditions and Assumptions

Cushman & Wakefield Terms, Conditions and Assumptions

These are the conditions and Assumptions upon which our valuations and reports are normally prepared and form an integral part of our appointment together with our related Engagement Letter and Cushman & Wakefield Terms and Conditions. These conditions and Assumptions apply to the valuation(s) that will be the subject of this instruction. We shall make certain Assumptions in relation to facts, conditions or situations affecting the subject of, or approach to, our valuations that we will not verify as part of the valuation process but rather, as per the Glossary to the RICS Valuation Standards (Red Book), will treat as "a supposition taken to be true". In the event that any of these Assumptions prove to be incorrect then our valuation(s) will need to be reviewed.

1. Basis/Bases of Valuation

The property will be valued on the basis/bases set out in the Engagement Letter as those terms are defined in the Schedule attached thereto.

2. Title

We will not have access to the title deeds of the property. Unless specifically advised to the contrary by you or your legal adviser, we shall make the Assumption that titles are good and marketable and are free from rights of way or easements, restrictive covenants, disputes or onerous or unusual outgoings. We shall also make the Assumption that the property is free from mortgages, charges or other encumbrances.

Where a Certificate of Title is available, we will reflect its contents in our valuation(s). Save as disclosed either in any such Certificate of Title or as referred to in our Report, we will make the Assumption that there is good and marketable title and that the property is free from rights of way or easements, restrictive covenants, disputes or onerous or unusual outgoings. We will also make the Assumption that the property is free from mortgages, charges or other encumbrances.

Where a Valuation Report is required to contain site plans these will be based on extracts of the Ordnance Survey or other maps showing, for identification purposes only, our understanding of the extent of title based on site inspections or copy title plans supplied to us. If verification of the accuracy of these plans is required the matter must be referred by you to your solicitors.

3. Condition of structure and services, deleterious materials

It is a condition of Cushman & Wakefield or any related company, or any qualified employee, providing advice and opinions as to value, that the client and/or third parties (whether notified to us or not) accept that the Valuation Report in no way relates to, or give warranties as to, the condition of the structure, foundations, soil and services.

Our valuation(s) will take account of the general condition of the property as observed from the valuation inspection. Where a separate condition or structural survey has been undertaken and made available to us, we shall reflect the contents of the survey report in our valuation(s), but may need to discuss the report with the originating surveyor.

Due regard will be paid to the apparent state of repair and condition of the property, but a condition survey will not be undertaken, nor will woodwork or other parts of the structure which are covered, unexposed or inaccessible, be inspected. Therefore, we will be unable to report that the property is structurally sound or is free from any defects. We will make an Assumption that the property is free from any rot, infestation, adverse toxic chemical treatments, and structural or design defects other than such as may be mentioned in our Valuation Report.

We will not arrange for investigations to be made to determine whether high alumina cement concrete, calcium chloride additive or any other deleterious material have been used in the construction or any alterations, and therefore we will not be able to confirm that the property is free from risk in this regard. For the purposes of our valuation(s), we will make an Assumption that any such investigation would not reveal the presence of such materials in any adverse condition.

We will not carry out an asbestos inspection and will not act as an asbestos inspector in completing the valuation inspection of properties. We advise that such enquiries be undertaken by a lawyer during normal pre-contract or pre-loan enquiries.

No mining, geological or other investigations will be undertaken to certify that the site is free from any defect as to foundations. We will make an Assumption that the load bearing qualities of the site of the property are sufficient to support the buildings constructed, or to be constructed thereon. We will also make an Assumption that there are no services on, or crossing the site in a position which would inhibit development or make it unduly expensive, and that there are no abnormal ground conditions, nor archaeological remains present, which might adversely affect the present or future occupation, development or value of the property.

No tests will be carried out as to electrical, electronic, heating, plant and machinery equipment or any other services nor will the drains be tested. However, we will make an Assumption that all services, including gas, water, electricity and sewerage, are provided and are functioning satisfactorily.

4. Plant and Machinery

No allowance will be made for any items of plant or machinery not forming part of the service installations of the building. We will specifically exclude all items of plant, machinery and equipment installed wholly or primarily in connection with any of the occupants' businesses. We will also exclude furniture and furnishings, fixtures, fittings, vehicles, stock and loose tools.

5. Goodwill

No account will be taken in our valuation(s) of any business goodwill that may arise from the present occupation of the property.

6. Floor areas and inspections

We will physically inspect the property but will apply floor areas provided by you. We shall make an Assumption that these areas have been measured and calculated in accordance with either the current Code of Measuring Practice prepared by the Royal Institution of Chartered Surveyors and/or by the French code of measuring practice contained in the Charte de l'Expertise en Evaluation Immobilière.

Inspections will be undertaken on an annual basis and is subject to the paragraph ''7. Inspection'' of the engagement letter.

Revaluations will be undertaken on a quarterly basis without re-inspection and subject to the paragraph ''1. Our Appointment'' of the engagement letter. For the purposes of the revaluations, unless you advise otherwise we shall make an Assumption (as defined in the Red Book) that no material changes to the physical attributes of the property and the area in which it is situated have occurred. Such statement will be included in our Valuation Report.

7. Environmental matters, including flooding

We will not make any enquiries of the relevant local authority (Mairie / Services des Prefectures for French local practice) regarding environmental matters. We will note make any enquiries of the relevant local environmental officers regarding environmental matters including contamination and flooding. We shall make enquiries of the environment agency website regarding flooding. We shall have regard to any environmental summary reports which may be produced. However, we shall not provide a formal environmental assessment.

However, if our enquiries or any reports indicate the existence of environmental problems without providing method statements and costings for remedial works, then we may not be able to issue a Valuation Report except on the Special Assumption that the subject property is assumed NOT to be affected by such environmental matters. In certain circumstances, the making of such a Special Assumption may be unrealistic and our Valuation Report may include a statement that we have made a Departure from the requirements of the RICS Valuation Standards. In these circumstances, our Valuation Report may include a recommendation that an investigation should be undertaken to quantify the costs and that subsequently our valuation(s) should be reviewed.

Where our enquiries lead us to believe that the property is unaffected by contamination or other environmental problems, including the risk of flooding, then, unless you instruct us otherwise, our valuation will be based on an Assumption that no contamination or other adverse environmental matters exist in relation to the property sufficient to affect value.

If the property lies within or close to a flood plain, or has a history of flooding, we shall make the Assumption that building insurance is in place and available to be renewed to the current or any subsequent owner of the property, without payment of an excessive premium or excess.

Depending on the nature of the investigations made, our Valuation Report may include a statement that, in practice, a purchaser might undertake further investigations and that if these revealed contamination or other environmental problems, then this might reduce the value reported.

8. Statutory requirements and planning

We will make verbal or written enquiries of the relevant planning authorities as to the possibility of highway proposals, comprehensive development schemes and other ancillary planning matters that could affect property values. We will also seek to ascertain whether any outstanding planning applications exist which may affect the property, and whether it is listed or included in a Conservation Area. We shall also attempt to verify the existing permitted use of the property, and endeavour to have sight of any copies of planning permissions.

Save as disclosed in a Certificate of Title or unless otherwise advised, we shall make the Assumption that the building has been constructed in full compliance with valid town planning and building regulations approvals. Similarly, we shall also make the Assumption that the property is not subject to any outstanding statutory notices as to its construction, use or occupation and that the existing use of the property is duly authorised or established and that no adverse planning conditions or restrictions apply.

We shall make the Assumption that the property complies with all relevant statutory requirements.

Please note the fact that employees of town planning departments now always give information on the basis that it should not be relied upon and that formal searches should be made if more certain information is required. We assume that, if you should need to rely upon the information given about town planning matters, your solicitors would be instructed to institute such formal searches.

Certain planning authorities will not provide verbal information and require a formal written application for information. Some authorities charge for the information supplied. In such cases we may discuss with you whether to obtain the information and also the extent to which a Valuation Report issued without the receipt of such information or prior to receipt of formal response should be qualified. We would look to you to recompense us for any costs levied upon us by the authority in this matter.

In instances where we are to value property with the benefit of a recently granted planning consent, or on the Special Assumption that planning consent is granted, we will make an assumption that it will not be challenged under Judicial Review.

If a planning consent is subject to Judicial Review, we must be informed and asked to reconsider our opinion of value. Advice would be required from your lawyer and a town planner, to obtain their opinion of the potential outcomes of such a Judicial Review, which we will reflect in our reconsideration of value.

9. Leasing

We will read all the leases and related documents provided to us. We will make an Assumption that copies of all relevant documents will be sent to us and that they are complete and up to date.

We will not undertake investigations into the financial strength of any tenant(s). Unless we have become aware by general knowledge, or we have been specifically advised to the contrary, we will make an Assumption that:

i. where a property is occupied under leases then the tenants are financially in a position to meet their obligations, and

ii.there are no material arrears of rent or service charges, breaches of covenant, current or anticipated tenant disputes.

However, our valuation(s) will reflect the market's general perception of the credit worthiness of the type of tenant(s) actually in occupation or responsible for meeting lease commitments, or likely to be in occupation.

We will also make an Assumption that wherever rent reviews or lease renewals are pending or impending, with anticipated reversionary increases, all notices have been served validly within the appropriate time limits.

10. Legal issues

Legal issues, and in particular the interpretation of matters relating to title and leases, may have a significant bearing on the value of an interest in property. No responsibility or liability will be accepted for the true interpretation of the legal position of our client or other parties. Where we express an opinion upon legal issues affecting the valuation, then such opinion should be subject to verification by the client with a suitable qualified lawyer. In these circumstances, we accept no responsibility or liability for the true interpretation of the legal position of the client or other parties in respect of the valuation of the property and our Valuation Report will include a statement to this effect.

11. Information

We shall make the Assumption that the information provided by you in respect of the property to be valued is both full and correct and our Valuation Report will contain a statement to this effect. We shall make the Assumption that details of all matters relevant to value within your collective knowledge, such as prospective lettings, rent reviews, outstanding requirements under legislation and planning decisions, have been made available to us, and that such information is up to date.

12. Estimated reinstatement cost assessment

If such assessment is required, we will consider the extent and nature of the building with an estimated reinstatement cost assessment being undertaken as part of our normal valuation exercise. We will not carry out a formal reinstatement cost assessment through our Building Consultancy Division. Our assessment should be treated as a guide only and should not be relied upon. It should be used for comparative purposes only against the borrower's proposed reinstatement cover. Should any discrepancies arise, a formal reinstatement cost assessment should be commissioned.

The figures set out in our Valuation Report will be our assessment of the cost of reconstructing the property at the date of valuation. They will include an allowance for demolition, removal of debris, temporary shoring, statutory and professional fees which are likely to be incurred on reconstruction, but will exclude any allowance for VAT. If you are unable to recover VAT, or can recover part only, you should advise your insurers and increase the Base Sum Insured appropriately. The figures will make no allowance for loss of rent during the rebuilding period, nor for inflation, nor the cost of dealing with any contamination which may be present and have to be dealt with prior to reconstruction. The assessment will not provide advice in respect of terrorist damage cover and you should consult with your insurers in respect of this.

We will assume that the reinstated building and its use will be similar to that existing, and the replacement building will be to the original design, in modern materials, using modern techniques to modern standards.

13. Deduction of national purchaser's costs

The Market Value which we will attribute to the property is the figure we consider would appear in a contract for sale, subject to the appropriate assumptions for this Basis of Value. Where appropriate, we will make an allowance in respect of stamp duty and purchaser's costs.

14. Taxation

No adjustment will be made to reflect any liability to taxation that may arise on disposal, nor for any costs associated with disposal incurred by the owner. Furthermore, no allowance will be made to reflect any liability to repay any government or other grants, taxation allowance or lottery funding that may arise on disposal.

Our valuation figure for each property will be that receivable by the willing seller excluding VAT, if applicable.

15. Properties in the course of development or requiring repair/refurbishment

Unless specifically agreed to the contrary, our fee assumes that we will be provided with information relating to construction and associated costs in respect of both the work completed and the work necessary for completion, together with a completion date. Normally such figures will be provided by the quantity surveyors involved in the construction programme. Unless specifically instructed to the contrary we will be relying upon these figures, and you should make this fact known to them. Alternatively, we can arrange for independent quantity surveyors to provide an assessment at an additional fee charge.

If the building is in the course of construction then our valuation of the completed building will be based on an Assumption that all works of construction have been satisfactorily carried out in accordance with the building contract and specification, current national Standards (where are located the subject properties) and any relevant codes of practice. We will also make an Assumption that a duty of care and all appropriate warranties will be available from the professional team and contractors, which will be assignable to third parties.

16. Rotation of valuation personnel

To ensure independency and objectivity of our valuation, Cushman & Wakefield Expertise SAS has a policy that ensures the rotation of the signatory in order to respect the standard RICS rules of deontology.

17. Monitoring

The valuation may be subject to monitoring by the RICS under its Conduct and Disciplinary regulations.

E. Definition of bases of valuations

Market Value

Market Value as defined in Practice Statement 3.2 of the RICS Valuation Standards ("the Red Book") and applying the conceptual framework which has been settled by the International Valuation Standards Committee (IVSC). Under PS 3.2, the term "Market Value" means "The estimated amount for which a property should exchange on the date of valuation between a willing buyer and a willing seller in an arm'slength transaction after proper marketing wherein the parties had each acted knowledgeably, prudently and without compulsion."

The conceptual framework settled by the IVSC is included in PS 3.2 and is reproduced below:

"3.2 The term property is used because the focus of these Standards is the valuation of property. Because these Standards encompass financial reporting, the term Asset may be substituted for general application of the definition. Each element of the definition has its own conceptual framework.
3.2.1'The estimated amount ...' Refers to a price expressed in terms of money (normally in the local currency) payable for the property in an arm's-length market transaction. Market Value is measured as the most probable price reasonably obtainable in the market at the date of valuation in keeping with the Market Value definition. It is the best price reasonably obtainable by the seller and the most advantageous price reasonably obtainable by the buyer. This estimate specifically excludes an estimated price inflated or deflated by special terms or circumstances such as atypical financing, sale and leaseback arrangements, special considerations or concessions granted by anyone associated with the sale, or any element of Special Value.
3.2.2'... a property should exchange ...' Refers to the fact that the value of an asset is an estimated amount rather than a predetermined or actual sale price. It is the price at which the market expects a transaction that meets all other elements of the Market Value definition should be completed on the date of valuation.
3.2.3'... on the date of valuation ...' Requires that the estimated Market Value is time-specific as of a given date. As markets and market conditions may change, the estimated value may be incorrect or inappropriate at another time. The valuation amount will reflect the actual market state and circumstances as of the effective valuation date, not as of either a past or future date. The definition also assumes simultaneous exchange and

completion of the contract for sale without any variation in price that might otherwise be made.

3.2.4'... Between a willing buyers ...' Refers to one who is motivated, but not compelled to buy. This buyer is neither over-eager nor determined to buy at any price. This buyer is also one who purchases in accordance with the realities of the current market and with current market expectations, rather than on an imaginary or hypothetical market which cannot be demonstrated or anticipated to exist. The assumed buyer would not pay a higher price than the market requires. The present property owner is included among those who constitute 'the market'. A valuer must not make unrealistic assumptions about market conditions or assume a level of Market Value above that which is reasonably obtainable.
3.2.5'... a willing seller ...' Is neither an over-eager nor a forced seller prepared to sell at any price, nor one prepared to hold out for a price not considered reasonable in the current market. The willing seller is motivated to sell the property at market terms for the best price attainable in the (open) market after proper marketing, whatever that price may be. The factual circumstances of the actual property owner are not a part of this consideration because the 'willing seller' is a hypothetical owner.
3.2.6'... in an arm's-length transaction ...' Is one between parties who do not have a particular or special relationship (for example, parent and subsidiary companies or landlord and tenant) which may make the price level uncharacteristic of the market or inflated because of an element of Special Value, (defined in IVSC Standard 2, para. 3.11). The Market Value transaction is presumed to be between unrelated parties each acting independently.
3.2.7'... after proper marketing ...' Means that the property would be exposed to the market in the most appropriate manner to effect its disposal at the best price reasonably obtainable in accordance with the Market Value definition. The length of exposure time may vary with market conditions, but must be sufficient to allow the property to be brought to the attention of an adequate number of potential purchasers. The exposure period occurs prior to the valuation date.
3.2.8'... wherein the parties had each acted knowledgeably, prudently ...' Presumes that both the willing buyer and the willing seller are reasonably informed about the nature and

characteristics of the property, its actual and potential uses and the state of the market as of the date of valuation. Each is further presumed to act for self-interest with that knowledge and prudently to seek the best price for their respective positions in the transaction. Prudence is assessed by referring to the state of the market at the date of valuation, not with benefit of hindsight at some later date. It is not necessarily imprudent for a seller to sell property in a market with falling prices at a price which is lower than previous market levels. In such cases, as is true for other purchase and sale situations in markets with changing prices, the prudent buyer or seller will act in accordance with the best market information available at the time.

3.2.9'... and without compulsion' Establishes that each party is motivated to undertake the transaction, but neither is forced or unduly coerced to complete it.
3.3 Market Value is understood as the value of a property estimated without regard to costs of sale or purchase and without offset of any associated taxes."

Market Rent

We have assessed Market Rent in accordance with Practice Statement 3.4. Under these provisions the term "Market Rent" means 'The estimated amount for which a property, or space within a property, should lease (let) on the date of valuation between a willing lessor and a willing lessee on appropriate lease terms in an arm's-length transaction after proper marketing wherein the parties had acted knowledgeably, prudently and without compulsion.'

The commentary is reproduced below.

"1. The definition of Market Rent is the Market Value (MV) definition modified by the substitution of a willing lessor and willing lessee for a willing buyer and willing seller, and an additional Assumption that the letting will be on 'appropriate lease terms'. This definition must be applied in accordance with the conceptual framework of MV at PS3.2, together with the following supplementary commentary:

'…willing lessor and willing lessee…'

The change in the description of the parties simply reflects the nature of the transaction. The willing lessor is possessed with the same characteristics as the willing seller, and the willing lessee with the same characteristics as the willing buyer, save that the word 'price' in the conceptual framework to MV should be changed to 'rent', the word 'sell' changed to 'let' and the word 'buy' changed to 'lease'.

MR will vary significantly according to the terms of the assumed lease contract. The appropriate lease terms will normally reflect current practice in the market in which the property is situated, although for certain purposes unusual terms may need to be stipulated. Matters such as the duration of the lease, the frequency of rent reviews, and the responsibilities of the parties for maintenance and outgoings, will all impact on MR. In certain States, statutory factors may either restrict the terms that may be agreed, or influence the impact of terms in the contract. These need to be taken into account where appropriate. Valuers must therefore take care to set out clearly the principal lease terms that are assumed when providing MR.

If it is the market norm for lettings to include a payment or concession by one party to the other as an incentive to enter into a lease, and this is reflected in the general level of rents agreed, the MR should also be expressed on this basis. The nature of the incentive assumed must be stated by the valuer, along with the assumed lease terms.

MR will normally be used to indicate the amount for which a vacant property may be let, or for which a let property may re-let when the existing lease terminates. Market Rent is not a suitable basis for settling the amount of rent payable under a rent review provision in a lease, where the actual definitions and Assumptions have to be used."

Equivalent yields

There are references in this Valuation Report to both NEY (Ann in arr) and TEY (Qly in adv). These terms are defined as follows:-

NEY (Ann in arr) = Nominal equivalent yield (annually in arrears). In order to calculate a NEY (Ann in arr) it is assumed that the rental is paid annually in arrears, even though this is not actually the case.

TEY (Qly in adv) = True equivalent yield (quarterly in advance). In order to calculate a TEY the actual timing of the rental payments is reflected, so that if rent is payable quarterly in advance the term TEY (Qly in adv) is used.

Valuation computer printouts – explanatory notes

Where we have provided copies of computer print outs produced by Argus Valuation - Capitalisation, you should note the following in order to understand the valuations:

Valuation summary print out

Gross rent

The current gross rent represents the total income receivable from the property at the date of valuation. In the case where a rent review is outstanding at the date of valuation and a reversionary increase in anticipated, the gross rent includes the reversionary increase as if it were payable at the date of valuation.

Similarly, if a lease has expired but for the purpose of the valuation it is assumed that the tenant will renew the lease at current rental value, the gross rent includes the rental value of that particular lease.

Net rent

The current net rent represents the current gross rent less any or all of the following:-

a Ground rent
b Irrecoverable revenue outgoings
c Loss of income due to a permanent void allowance.

Running yields

The running yield at any given point in time represents the return generated by the net rent as a percentage of the gross value before deduction of purchaser's costs. Where we have made capital deductions or additions to reflect matters such as the cost of works or letting fees, or premium receipts, yields are calculated against a sum equal to the net value plus purchaser's costs and any such capital deductions or minus any such capital receipts.

Rounding

The initial, running and equivalent yields are calculated against capital values prior to rounding. The variation in yields calculated before rounding compared with those calculated after rounding is not material.

See Tenancy details print out.

Gross income

The actual contracted gross income received at the date of valuation is shown at the foot of the tenancy schedule. This sum ignores potential increases further to outstanding reviews and lease renewals.

Rounded rent

The rounded rent for each tenancy is reflected in the valuation calculation

HIBERNA REGIS S.R.L.

Bilancio di esercizio al 31-12-2023

Dati anagrafici
Sede in	VIA BENEDETTO DA FOIANO 14 50125 FIRENZE (FI)
Codice Fiscale	06851200482
Numero Rea	FI 661121
P.I.	06851200482
Capitale Sociale Euro	100.000 i.v.
Forma giuridica	Societa' A Responsabilita' Limitata
Settore di attività prevalente (ATECO)	Compravendita di beni immobili effettuata su beni propri (68.10.00)
Società in liquidazione	no
Società con socio unico	si
Società sottoposta ad altrui attività di direzione e coordinamento	no
Appartenenza a un gruppo	si
Denominazione della società capogruppo	LA VILLA S.P.A.
Paese della capogruppo	ITALIA

Stato patrimoniale

	31-12-2023	31-12-2022
Stato patrimoniale
Attivo
B) Immobilizzazioni
I - Immobilizzazioni immateriali	505.372	-
II - Immobilizzazioni materiali	23.615.777	16.707.422
III - Immobilizzazioni finanziarie	-	1.522.039
Totale immobilizzazioni (B)	24.121.149	18.229.461
C) Attivo circolante
I - Rimanenze	30.761	30.761
II - Crediti
esigibili entro l'esercizio successivo	4.742.467	2.987.273
imposte anticipate	21.258	85
Totale crediti	4.763.725	2.987.358
III - Attività finanziarie che non costituiscono immobilizzazioni	20.767	-
IV - Disponibilità liquide	66.605	101.204
Totale attivo circolante (C)	4.881.858	3.119.323
D) Ratei e risconti	2.669.426	22.693
Totale attivo	31.672.433	21.371.477
Passivo
A) Patrimonio netto
I - Capitale	100.000	100.000
II - Riserva da soprapprezzo delle azioni	1.760.000	1.760.000
III - Riserve di rivalutazione	603.494	-
IV - Riserva legale	18.785	18.785
VI - Altre riserve	5.115.189	341.625
VII - Riserva per operazioni di copertura dei flussi finanziari attesi	15.783	-
VIII - Utili (perdite) portati a nuovo	(5.927.555)	(1.561.021)
IX - Utile (perdita) dell'esercizio	(790.881)	(319.826)
Totale patrimonio netto	894.815	339.563
B) Fondi per rischi e oneri	4.984	-
D) Debiti
esigibili entro l'esercizio successivo	24.127.057	4.098.447
esigibili oltre l'esercizio successivo	5.732.273	16.867.101
Totale debiti	29.859.330	20.965.548
E) Ratei e risconti	913.304	66.366
Totale passivo	31.672.433	21.371.477

Conto economico

Conto economico
A) Valore della produzione
1) ricavi delle vendite e delle prestazioni	37.500	0
2), 3) variazioni delle rimanenze di prodotti in corso di lavorazione, semilavorati e finiti e dei lavori in corso su ordinazione	-	30.761
3) variazioni dei lavori in corso su ordinazione	-	30.761
5) altri ricavi e proventi
altri	20.157	-
Totale altri ricavi e proventi	20.157	-
Totale valore della produzione	57.657	30.761
B) Costi della produzione
6) per materie prime, sussidiarie, di consumo e di merci	-	25
7) per servizi	149.224	51.376
8) per godimento di beni di terzi	51.012	610
9) per il personale
b) oneri sociali	83	-
Totale costi per il personale	83	-
10) ammortamenti e svalutazioni
a), b), c) ammortamento delle immobilizzazioni immateriali e materiali, altre svalutazioni delle immobilizzazioni	210.827	355
a) ammortamento delle immobilizzazioni immateriali	13.914	355
b) ammortamento delle immobilizzazioni materiali	196.913	-
Totale ammortamenti e svalutazioni	210.827	355
14) oneri diversi di gestione	214.849	121.541
Totale costi della produzione	625.995	173.907
Differenza tra valore e costi della produzione (A - B)	(568.338)	(143.146)
C) Proventi e oneri finanziari
16) altri proventi finanziari
d) proventi diversi dai precedenti
altri	730	22
Totale proventi diversi dai precedenti	730	22
Totale altri proventi finanziari	730	22
17) interessi e altri oneri finanziari
altri	412.546	265.908
Totale interessi e altri oneri finanziari	412.546	265.908
Totale proventi e oneri finanziari (15 + 16 - 17 + - 17-bis)	(411.816)	(265.886)
Risultato prima delle imposte (A - B + - C + - D)	(980.154)	(409.032)
20) Imposte sul reddito dell'esercizio, correnti, differite e anticipate
imposte relative a esercizi precedenti	5.500	(1.204)
imposte differite e anticipate	85	-
proventi (oneri) da adesione al regime di consolidato fiscale / trasparenza fiscale	194.858	88.002
Totale delle imposte sul reddito dell'esercizio, correnti, differite e anticipate	(189.273)	(89.206)
21) Utile (perdita) dell'esercizio	(790.881)	(319.826)

Nota integrativa al Bilancio di esercizio chiuso al 31-12-2023

Nota integrativa, parte iniziale

Il bilancio dell'esercizio chiuso al 31 dicembre 2023, sottoposto all'approvazione del Socio Unico, si chiude con una perdita di esercizio pari a euro 790.881,24.

Fatti di rilievo verificatisi nel corso dell'esercizio

In data 27/12/2023, con atto notarile, è avvenuta la scissione parziale di Pianeta Anziani Srl, la quale ha conferito un ramo d'azienda immobilire alla società Hiberna Regis Srl. Suddetto ramo è composto da un immobile sito in Bonea (BN) dove è collocata la struttura Rsa Donatello di proprietà della società scissa, e dai relativi beni strumentali commesso all'immobile.
In data 27/12/2023 con atto notarile si è realizzata la fusione per incorporazione in Hiberna Regis Srl delle società Cimabue Srl, PcmTre Srl e Magma Srl. Suddetta operazione ha incrementato:
- Immobilizzazioni materiali grazie al conferimento del terreno sito in Grosseto precedentemente di proprietà della società Cimabue Srl
- Immobilizzazioni in corso grazie al conferimento del fabbricato in costruzione sito in Grosseto precedentemente di proprietà della società Cimabue Srl e del fabbricato in costruzione sito in Bolano precedentemente di proprietà della società Magma srl.

La suddetta operazione straordinaria di Fusione ha generato un disavanzo pari a € 461.102.

Principi di redazione

Struttura e contenuto del bilancio

Il bilancio dell'esercizio chiuso al 31 dicembre 2023 è stato redatto in conformità alle vigenti disposizioni di legge, così come riformate dal D.Lgs. 139/2015 in attuazione della Direttiva Europea n. 2013/34/UE, ed è costituito dallo Stato Patrimoniale (predisposto in conformità allo schema previsto dagli artt. 2424 e 2424-bis del Codice Civile), dal Conto Economico (predisposto in conformità allo schema di cui agli artt. 2425 e 2425-bis del Codice Civile), e dalla presente Nota Integrativa.

Esso è stato redatto in forma abbreviata in quanto sussistono i requisiti richiesti dall'art. 2435-bis del Codice Civile.

La Nota Integrativa ha la funzione di fornire l'illustrazione, l'analisi e in taluni casi l'integrazione dei dati di bilancio e contiene le informazioni richieste dall'art. 2427 del Codice Civile (in linea con le modifiche introdotte dal D.Lgs. 139/2015), da leggi di rivalutazione, da altre disposizioni del decreto legislativo 9 aprile 1991 n. 127, o da altre leggi precedenti. Ai sensi dell'art. 2423, 3° comma del codice civile, qualora le informazioni richieste da specifiche disposizioni di legge non siano sufficienti a dare una rappresentazione veritiera e corretta della situazione aziendale, nella presente Nota Integrativa sono inoltre fornite le informazioni complementari ritenute necessarie allo scopo. Nel presente documento sono inoltre fornite, ove applicabili, le informazioni richieste dai numeri 3 e 4 dell'art. 2428 Codice Civile, in quanto, come consentito dall'art. 2435-bis del Codice Civile, non è stata redatta la relazione sulla gestione.

Le informazioni della presente Nota integrativa sono esposte secondo l'ordine delle voci indicate nello Stato patrimoniale e nel Conto Economico.

Le voci non espressamente riportate in bilancio s'intendono a saldo zero, sia nel presente bilancio che nel bilancio relativo all'esercizio precedente.

Ai sensi dell'art. 2435-bis la Società è esonerata dalla redazione del Rendiconto Finanziario.

Comparabilità delle voci di bilancio

In ossequio al quinto comma dell'art. 2423-ter del Codice Civile si è provveduto per ogni voce dello Stato Patrimoniale e del Conto Economico a indicare il valore al 31 dicembre 2023 (data di chiusura dell'esercizio) e quello al 31 dicembre 2022 (data di chiusura dell'esercizio precedente).

Tutte le voci di bilancio sono risultate perfettamente comparabili con l'esercizio precedente e non si sono rese necessarie riclassifiche.

Arrotondamento all'Euro

Si segnala che per entrambi gli esercizi si è provveduto a esporre gli importi dello Stato Patrimoniale e del Conto Economico arrotondati all'unità di euro.

Principi di redazione

Come previsto dall'art. 2423-bis del Codice Civile, la valutazione delle voci di bilancio è stata effettuata in conformità ai principi generali della prudenza e della competenza, nella prospettiva della continuazione dell'attività, tenendo conto della funzione economica degli elementi dell'attivo e del passivo considerati.

Ai sensi dell'art. 2423-bis comma 1 n. 1-bis del Codice Civile, la rilevazione e la presentazione delle voci è effettuata tenendo conto della sostanza dell'operazione o del contratto.

Nella redazione del bilancio d'esercizio gli oneri e i proventi sono stati iscritti secondo il principio di competenza indipendentemente dal momento della loro manifestazione numeraria. Si è peraltro tenuto conto dei rischi e delle perdite di competenza dell'esercizio, anche se conosciuti dopo la chiusura di questo.

irrilevanti sulla rappresentazione veritiera e corretta del bilancio, le motivazioni sono illustrate nella presente Nota Integrativa.

Valutazione degli amministratori rispetto ai requisiti di continuità aziendale

Il bilancio è redatto sul presupposto della continuità aziendale.

In considerazione dell'andamento economico della Società gli Amministratori ritengono che i flussi di cassa prodotti dalla gestione corrente sommati alle risorse finanziarie già disponibili oltre all'eventuale supporto da parte dei soci, come dimostrato in passato, siano sufficienti a far fronte al fabbisogno finanziario per i prossimi 12 mesi..

Criteri di valutazione applicati

Di seguito si evidenziano i principali criteri di valutazione adottati in conformità a quanto disposto dall'art. 2426 del Codice Civile. I criteri applicati nella valutazione delle voci di bilancio e nelle rettifiche di valore sono conformi alle disposizioni del Codice Civile e alle indicazioni contenute nei principi contabili emanati dall'Organismo Italiano di Contabilità.

Immobilizzazioni immateriali

Le immobilizzazioni immateriali sono iscritte al costo originario di acquisto, al netto delle quote di ammortamento accantonate e calcolate sistematicamente sulla base della loro prevista utilità futura.

I criteri di imputazione delle quote di ammortamento sono riportati nella sezione relativa alle note di commento dell'attivo.

Nel caso in cui, indipendentemente dall'ammortamento già contabilizzato, risulti una perdita durevole di valore, l'immobilizzazione viene corrispondentemente svalutata; se in esercizi successivi vengono meno i presupposti della svalutazione, viene ripristinato il valore originario, rettificato dei soli ammortamenti.

Immobilizzazioni materiali

Le immobilizzazioni materiali sono valutate al loro costo di acquisto o di produzione, comprensivo degli oneri accessori di diretta imputazione e del costo di eventuali lavori incrementativi, al netto delle quote di ammortamento accantonate.

Le immobilizzazioni materiali sono sistematicamente ammortizzate in ogni esercizio a quote costanti sulla base di aliquote economico-tecniche determinate in relazione alla residua possibilità di utilizzo dei beni. Le aliquote applicate sono riportate nella sezione relativa alle note di commento dell'attivo.

I costi di manutenzione, aventi natura ordinaria, sono addebitati integralmente al Conto Economico.

I costi di manutenzione, aventi natura incrementativa, sono attributi ai cespiti cui si riferiscono ed ammortizzati in relazione alle aggiornate possibilità di utilizzo degli stessi.

Valore recuperabile delle immobilizzazioni

La Società valuta a ogni data di riferimento del bilancio se esiste un indicatore attestante che un'immobilizzazione possa aver subìto una riduzione di valore. Se tale indicatore dovesse sussistere, la Società procede alla stima del valore recuperabile dell'immobilizzazione (maggiore tra valore d'uso e valore equo) ed effettua una svalutazione soltanto se questo risulta inferiore al corrispondente valore netto contabile. In assenza di indicatori di potenziali perdite di valore non si procede alla determinazione del valore recuperabile. Se e nella misura in cui, negli esercizi successivi, vengono meno i presupposti della svalutazione, viene ripristinato il valore originario rettificato degli ammortamenti non effettuati per effetto della svalutazione stessa, ad eccezione degli oneri pluriennali e dell'avviamento, per i quali non è possibile procedere con il ripristino.

Rimanenze

La valutazione delle rimanenze è stata effettuata al minore tra il costo specifico di fabbricazione ed il valore di realizzo desumibile dall'andamento di mercato.

Le rimanenze sono oggetto di svalutazione in bilancio quando il valore di realizzazione desumibile dall'andamento del mercato è minore del relativo valore contabile. Se vengono meno, in tutto o in parte, i presupposti della svalutazione per effetto dell'aumento del valore di realizzazione desumibile dal mercato, la rettifica di valore effettuata è annullata nei limiti del costo originariamente sostenuto.

Crediti

La Società, redigendo il bilancio in forma abbreviata, si è avvalsa della facoltà prevista dall'articolo 2435- bis comma 8 del Codice Civile di valutare i crediti al valore di presumibile realizzo, in deroga a quanto previsto dall'articolo 2426 del Codice Civile.

Si segnala inoltre che a seguito del confronto fra i tassi d'interesse desumibili dalle condizioni contrattuali e quelli di mercato, non è stato ritenuto necessario procedere all'attualizzazione dei crediti, stante la differenza poco significativa fra i tassi stessi.

I crediti sono quindi esposti al valore nominale, che si ritiene corrispondere al valore di presunto realizzo.

I crediti sono cancellati dal bilancio solo nel caso di estinzione dei diritti contrattuali sui flussi finanziari o nel caso in cui la titolarità degli stessi diritti sia stata trasferita insieme sostanzialmente a tutti i rischi connessi al credito.

Quando il credito è cancellato dal bilancio a seguito di un'operazione di cessione che comporta il trasferimento sostanziale di tutti i rischi, la differenza tra corrispettivo e valore di rilevazione del credito al momento della cessione è rilevata come perdita da cessione da iscriversi alla voce B14 del Conto Economico, salvo che il contratto non consenta di individuare componenti economiche di diversa natura, anche finanziaria.

Disponibilità liquide

I depositi bancari, i depositi postali e gli assegni (di conto corrente, circolari e assimilati) sono valutati secondo il principio generale del presumibile valore di realizzo che coincide col valore nominale in assenza di situazioni di difficile esigibilità.

Il denaro ed i valori bollati in cassa sono valutati al valore nominale.

Ratei e risconti

I ratei e risconti si riferiscono a ricavi e costi la cui competenza è anticipata o posticipata rispetto alla manifestazione finanziaria. Qualora le prestazioni contrattuali rese o ricevute abbiano un contenuto economico costante nel tempo la ripartizione è effettuata in proporzione del tempo. Qualora invece le prestazioni contrattuali rese o ricevute non abbiano un contenuto economico costante nel tempo, la ripartizione è effettuata in rapporto alle condizioni di svolgimento della gestione.

Patrimonio netto

Nella voce sono iscritti gli apporti eseguiti dai soci all'atto della costituzione e successivamente, gli utili di esercizi precedenti non distribuiti, accantonati in un'apposita riserva, e l'utile dell'esercizio, nonché le altre riserve eventualmente costituite; nella voce vengono anche iscritte, con segno negativo, le eventuali perdite dell'esercizio e di esercizi precedenti in attesa di copertura. Le riserve costituenti il Patrimonio Netto si distinguono a seconda della loro disponibilità (ad es. possibilità di utilizzazione per aumenti di capitale o copertura perdite) e distribuibilità (possibilità di utilizzarle per erogare dividendi ai soci).

I debiti originati da acquisizioni di beni sono iscritti nello Stato Patrimoniale quando rischi, oneri e

Debiti

I debiti originati da acquisizioni di beni sono iscritti nello Stato Patrimoniale quando rischi, oneri e benefici significativi connessi alla proprietà sono stati trasferiti sotto il profilo sostanziale. I debiti relativi a servizi sono rilevati quando i servizi sono stati resi, ossia la prestazione è stata effettuata.

I debiti finanziari sorti per operazioni di finanziamento e i debiti sorti per ragioni diverse dall'acquisizione di beni e servizi sono rilevati quando esiste l'obbligazione dell'impresa verso la controparte, individuata sulla base delle norme legali e contrattuali.

Redigendo il bilancio in forma abbreviata ai sensi dell'art. 2435-bis del Codice Civile, la Società si è avvalsa della facoltà di valutare i debiti al valore nominale, senza applicare il criterio del costo ammortizzato e l'attualizzazione.

I debiti sono eliminati dal bilancio quando l'obbligazione contrattuale e/o legale risulta estinta per adempimento o altra causa oppure è trasferita.

Riconoscimento dei costi e dei ricavi

I ricavi per la vendita di prodotti sono iscritti quando si è verificato il passaggio sostanziale e non formale del titolo di proprietà assumendo quale parametro di riferimento, per il passaggio sostanziale, il trasferimento dei rischi e benefici.

I ricavi delle prestazioni di servizi sono riconosciuti alla data in cui le prestazioni sono effettuate ovvero, per quelle dipendenti da contratti con corrispettivi periodici, alla data di maturazione dei corrispettivi.

I costi e gli oneri sono imputati per competenza e secondo natura nel rispetto del principio di correlazione con i ricavi, ed iscritti nelle rispettive voci secondo quanto previsto dal principio contabile OIC 12. Per quanto riguarda gli acquisti di beni, i relativi costi sono iscritti quando si è verificato il passaggio sostanziale e non formale del titolo di proprietà assumendo quale parametro di riferimento, per il passaggio sostanziale, il trasferimento dei rischi e benefici. Nel caso di acquisto di servizi, i relativi costi sono iscritti quando il servizio è stato ricevuto, ovvero quando la prestazione si è conclusa, mentre, in presenza di prestazioni di servizi continuative, i relativi costi sono iscritti per la quota maturata. Il Conto Economico espone costi e ricavi al netto di resi, sconti e abbuoni.

Imposte dell'esercizio correnti - adesione al consolidato nazionale ex art. 117 e seguenti del DPR 917/1986

Si segnala che la Società, congiuntamente con la controllante La Villa S.p.A., ha esercitato l'opzione valevole per il triennio 2019-2021 e rinnovato per il triennio successivo - per l'adesione al regime fiscale del Consolidato Nazionale di cui agli artt. 117 e seguenti del DPR 917/1986. Detta opzione consente di determinare l'IRES su una base imponibile corrispondente alla somma algebrica degli imponibili positivi e negativi delle singole società che partecipano al consolidato. I rapporti economici, oltre che le responsabilità e gli obblighi reciproci, fra la società consolidante La Villa S.p. A. e le altre società del Gruppo che hanno aderito al consolidato, sono definiti nel "Regolamento consolidato fiscale di La Villa S.p.A.". Eventuali imposte correnti sul reddito dell'esercizio riferite all'IRES vengono rilevate con contropartita patrimoniale il debito verso la controllante per consolidato fiscale. Eventuali proventi derivanti dall'attribuzione delle perdite fiscali alla Consolidante vengono rilevate con contropartita patrimoniale il credito verso la controllante per consolidato fiscale.

I debiti per imposte sul reddito dell'esercizio, riferiti alla sola IRAP, sono determinati sulla base di una realistica previsione degli oneri di imposta da assolvere in applicazione della vigente normativa fiscale.

Imposte anticipate e imposte differite

In relazione alle disposizioni previste dal Principio Contabile n. 25 emanato dall'OIC sul trattamento contabile delle imposte sul reddito, si evidenzia che vengono prese in considerazione le differenze temporanee tra i valori delle attività e passività ai fini civilistici e i corrispondenti valori ai fini fiscali. Su tali differenze vengono rilevate le imposte differite o anticipate, calcolate all'aliquota di prevedibile riversamento; le imposte differite sono iscritte in bilancio sempre a meno che il loro pagamento non sia ritenuto remoto, mentre le imposte anticipate sono iscritte solo se esiste la ragionevole certezza del loro recupero.

I crediti per imposte anticipate sono stati iscritti nella voce di competenza sub C II dell'Attivo dello Stato Patrimoniale.

L'effetto economico al 31 dicembre 2023, derivante dalla applicazione del principio contabile sopra menzionato, è stato esposto alla voce "Imposte differite e anticipate" sub 20 del Conto Economico.

Operazioni con obbligo di retrocessione a termine

La società, ai sensi dell'art. 2427 n. 6-ter, attesta che nel corso dell'esercizio non ha posto in essere alcuna operazione soggetta all'obbligo di retrocessione a termine.

Nota integrativa abbreviata, attivo

Immobilizzazioni

Movimenti delle immobilizzazioni

Viene fornito il dettaglio dei movimenti delle immobilizzazioni:

	Immobilizzazioni immateriali	Immobilizzazioni materiali	Immobilizzazioni finanziarie	Totale immobilizzazioni
Valore di inizio esercizio
Costo	-	16.707.422	1.522.039	18.229.461
Valore di bilancio	-	16.707.422	1.522.039	18.229.461
Variazioni nell'esercizio
Incrementi per acquisizioni	519.286	7.105.268	(1.522.039)	6.102.515
Ammortamento dell'esercizio	13.914	196.913		210.827
Totale variazioni	505.372	6.908.355	(1.522.039)	5.891.688
Valore di fine esercizio
Costo	534.344	24.833.783	-	25.368.127
Ammortamenti (Fondo ammortamento)	28.972	1.218.006		1.246.978
Valore di bilancio	505.372	23.615.777	-	24.121.149

Immobilizzazioni materiali

Le immobilizzazioni materiali ammontano a euro 23.615.777 (euro 16.707.422 nel precedente esercizio).

Ai sensi e per gli effetti dell'art.10 della legge 19 Marzo 1983, n.72, così come anche richiamato dalle successive leggi di rivalutazione monetaria, si precisa che per i beni materiali tuttora esistenti in patrimonio non è stata mai eseguita alcuna rivalutazione monetaria.

Si evidenzia che non è stato necessario operare svalutazioni ex art. 2426 comma 1 n. 3 del codice civile in quanto, come previsto dal principio contabile OIC 9, non sono stati riscontrati indicatori di potenziali perdite durevoli di valore delle immobilizzazioni materiali.

Fabbricati e Terreni

Nel corso dell'esercizio si sono conclusi i lavori del cantiere Settimo Torinese (TO), ciò ha portato alla riclassifica da Fabbricato in costruzione a Fabbricato Settimo Torinese. Essendo terminata la realizzazione della nuova Rsa, la gestione della stessa è stata affidata tramite contratto di locazione a La Villa Spa.

A seguito della scissione di Pianeta Anziani Srl, in Hiberna Regis sono stati conferiti il terreno e il fabbricato Donatello per un valore, al 31.12.2023, rispettivamente di euro 440.000 e di euro 1.659.286.

In data 26 luglio 2023 la società ha acquistato dall'Associazione Scuola Svizzara di Milano un terreno sito in Cadorago (CO) dal valore al 31.12.2023 di euro 383.283, che sarà destinato alla reazione di una RSA.

Fabbricati in costruzione

Nel corso dell'esercizio 2023 risulta ancora in fase di progettazione e realizzazione delle RSA che dovranno essere costruite sul terreno edificabile di proprietà della società in Arenzano (GE), sul terreno di Bovisio Masciago (MB) e risulta ancora in ristrutturazione l'immobile sito in Genova (GE).

A seguito della Fusione con la società Cimabue srl, in Hiberna Regis è stato conferito il cantiere sito in Grosseto (GR) comprensivo del terreno e del fabbricato in costruzione con un valore al 31.12.2023 rispettivamente di euro 850.000 e di euro 18.690, che sarà destinato alla realizazione di una RSA. La società è diventata proprietaria, grazie alla fusione con la società Magma Srl, del fabbricato in costruzione sito in Bolano (SP) il valore iscritto in bilancio al 31.12.2023 è di euro 3.419.076.

Immobilizzazioni finanziarie

Le immobilizzazioni finanziarie relative alla partecipazione è il credito per il finanziamento infruttifero entrambi verso Cimabue Srl in seguito alla fusione avvenuta in data 29/12/2023 sono venute meno.

Rimanenze

Le rimanenze, costituite da lavori in corso su ordinazione relative al cantiere di Borgo San Lorenzo (FI), al 31 dicembre 2023 ammontano a complessivi euro 30.761.

Attivo circolante

Crediti iscritti nell'attivo circolante

Saldo al 31/12/2023	Saldo al 31/12/2022	Variazioni
4.763.725	2.987.358	1.776.367

Variazioni e scadenza dei crediti iscritti nell'attivo circolante

	Valore di inizio esercizio	Variazione nell'esercizio	Valore di fine esercizio	Quota scadente entro l'esercizio
Crediti verso clienti iscritti nell'attivo circolante	371.930	10.167	382.097	382.097
Crediti verso imprese collegate iscritti nell'attivo circolante	-	611.504	611.504	611.504
Crediti verso imprese controllanti iscritti nell'attivo circolante	432.203	189.502	621.705	621.705
Crediti tributari iscritti nell'attivo circolante	1.660.015	(449.886)	1.210.129	1.210.129
Attività per imposte anticipate iscritte nell'attivo circolante	85	21.173	21.258
Crediti verso altri iscritti nell'attivo circolante	523.125	1.393.907	1.917.032	1.917.032
Totale crediti iscritti nell'attivo circolante	2.987.358	1.776.367	4.763.725	4.742.467

La voce "crediti verso clienti" riporta i crediti di natura commerciale;

LA voce "crediti verso collegate" riporta un credito di euro 611.504 verso Dmg consulting.

La voce "crediti verso imprese controllanti" riporta il credito per consolidamento fiscale verso LA VILLA SPA;

La voce "crediti tributari" riporta principalmente un credito IVA per euro 1.199.557 e un credito IRAP di euro 10.572;

La voce "Crediti per imposta anticipate" riporta un credito per euro 21.258 derivato dalle differenze temporane deducibili che si riverseranno negli essercizi successivi;

La voce "crediti verso altri" riporta i crediti per acconti verso i fornitori per i cantieni in costruzione.

Attività finanziarie che non costituiscono immobilizzazioni

Variazioni delle attività finanziarie che non costituiscono immobilizzazioni

	Variazioni nell'esercizio Valore di fine esercizio
Strumenti finanziari derivati attivi non immobilizzati	20.767	20.767
Totale attività finanziarie che non costituiscono immobilizzazioni	20.767	20.767

Suddetto valore è da attribuire al derivato che è confluito in Hiberna Regis srl a seguito della scissione di Pianeta Anziani, per ulteriori dettagli si rimanda alla sezione Informazioni relative agli strumenti finanziari derivati ex art. 2427-bis del Codice Civile della presente nota integrativa.

Disponibilità liquide

Saldo al 31/12/2023	Saldo al 31/12/2022	Variazioni
66.605	101.204	(34.599)

Ratei e risconti attivi

		Valore di inizio esercizio Variazione nell'esercizio Valore di fine esercizio
Ratei attivi	17	393	410
Risconti attivi	22.677	2.646.339	2.669.016
Totale ratei e risconti attivi	22.693	2.646.733	2.669.426

La voce risconti attivi pari ad euro 2.646.190 è relativa al maxicanone e agli oneri di prelocazione del leasing in costruendo stipulato con Alba leasing.

Nota integrativa abbreviata, passivo e patrimonio netto

Patrimonio netto

Il Patrimonio netto contabile risultante dal bilancio chiuso al 31 dicembre 2023 ammonta a complessivi euro 894.815 (euro 339.563 nel precedente esercizio).

Con riferimento all'esercizio in chiusura nella tabella seguente sono esposte le variazioni che hanno interessato le singole voci del Patrimonio Netto.

Descizione	Valore di inzio esercizio	Destinazione del risultato dell'eserc. Prec.	Altre Variazioni	Risultato d'esercizio	Valore di fine esercizio
Capitale	100.000				100.000
Riserva sovraprezzo	1.760.000				1.760.000
Riserva Legale	18.785				18.785
Riserva di rivalutazione ex DL. 104/2020			603.494		603.494
Riserva Straordinaria	341.624				341.624
Riserva utili da fusione			3.696.659		3.696.659
Riserva di capitale da scissione			180.437		180.437
Riserva di utili da scissione			896.468		896.468
Varie altre riserve	1				1
Totale altre Riserve	341.625	0	4.773.564	0	5.115.189
Riserva IRS O.C.I			15.783		15.783
Perdite esercizi precedenti sospese			(4.046.709)		(4.046.709)
Perdite esercizi precedenti	(1.561.021)	(319.826)			(1.880.847)
Utile (perdite) dell'esercizio	(319.826)	319.826		(790.881)	(790.881)
Totale	339.563	0	1.346.133	(790.881)	894.815

HIBERNA - RIVALUTAZIONE TERRENO
Struttura importo	importo 31.12.2019	ammortamenti 2020	delta da rivalutare	imposta sostitutiva	rilascio DTL	patrimonio netto da vincolare
Grosseto	227.841,00		622.159,00	18.664,77
TOTALE	227.841,00		622.159,00	18.664,77

Terreno valutato euro 850.00

HIBERNA - RISERVE

DESCRIZIONE			Patrimonio netto da bilancio 31 /12/2019	Patrimonio netto da bilancio 31/12 /2020
Riserva da rivalutazione ex DL 104/2020				603.494,23

Ai sensi di quanto previsto dal comma 2, articolo 110 del DL n. 104/2020 (c.d. Decreto Agosto), nonché in virtù del richiamo operato dal successivo comma 7, articolo 11, L. 342/2000 la società ha effettuato la rivalutazione del terreno sito nel Comune di Grosseto (GR) risultante dal bilancio in corso al 31 dicembre 2019.

La suddetta rivalutazione ha comportato l'iscrizione di una riserva di patrimonio netto iscritta alla voce A.III Riserve di rivalutazione al netto dell'imposta sostitutiva di rivalutazione pari al 3% calcolata sul maggior valore attribuito ai beni rivalutati. Detta riserva è da intendersi in sospensione d'imposta e potrà essere utilizzata per la copertura delle perdite

Il capitale sociale, pari a euro 100.000, risulta interamente sottoscritto e versato.

Il patrimonio netto riporta perdite degli anni precedenti sospese dalle società fuse per euro 4.046.709 ai sensi dell'art. 6 del Decreto Legge 8 aprile 2020 (c.d. DL Liquidità), così come modificato dall'art. 1 comma 266 della Legge di bilancio 2021 e dall'art 3 c. 9 DL 198/2022 c.d. decreto "Milleproroghe", di rinviare l'eventuale copertura delle perdite e la ricostituzione del capitale sociale all'esercizio 2027.

Disponibilità e utilizzo del patrimonio netto

	Importo	Possibilità di utilizzazione
Capitale	100.000	B
Riserva da soprapprezzo delle azioni	1.760.000	A,B,C,D
Riserve di rivalutazione	603.494	A,B
Riserva legale	18.785	A,B
Altre riserve
Riserva straordinaria	341.624	A,B,C,D
Varie altre riserve	4.773.566
Totale altre riserve	5.115.189
Riserva per operazioni di copertura dei flussi finanziari attesi	15.783	A,B,C,D
Utili portati a nuovo	(5.927.555)	A,B,C,D
Totale	1.685.696

Legenda: A: per aumento di capitale B: per copertura perdite C: per distribuzione ai soci D: per altri vincoli statutari E: altro

Fondi per rischi e oneri

	Fondo per imposte anche differite Totale fondi per rischi e oneri
Variazioni nell'esercizio
Altre variazioni	4.984	4.984
Totale variazioni	4.984	4.984
Valore di fine esercizio	4.984	4.984

Tra i fondi per imposte sono iscritte, inoltre, passività per imposte differite per Euro 4.984 relative a differenze temporanee tassabili.

Debiti

I debiti al termine dell'esercizio ammontano a euro 29.247.826 (euro 20.965.548 nel precedente esercizio), di cui 19.367.101 con scadenza oltre l'esercizio successivo. La composizione e i movimenti delle voci che compongono tale raggruppamento sono di seguito indicate.

Descizione	Valore di inzio esercizio	Variazione nell'esercizio	Valore di fine esercizio	Quota scadente entro l'esercizio	Quota scadento oltre l'esercizio
Debiti verso controllante	12.867.101	5.808.754	18.675.855	18.675.855
Debiti verso altri finanziatori		2.732.273	2.732.273		2.732.273
Debiti verso banche	6.500.000	(1.375.000)	5.125.000	2.125.000	3.000.000
Debiti verso fornitori	1.597.793	500.262	2.098.055	2.098.055
Debiti tributari	654	1.224.984	1.225.638	1.225.638
Debiti previdenziali		1.144	1.144	1.144
Debiti diversi		1.365	1.365	1.365
Totale	20.965.548	8.893.782	29.859.330	24.127.057	5.732.273

Debiti verso controllante

I debiti verso la controllante ammontano a euro 18.675.855 e si riferiscono a un finanziamento infruttifero d'interessi ricevuto dal Socio Unico La Villa Spa.

Debiti verso altri finanziatori

I debiti verso altri finanziatori ammontano a euro 2.732.273 e si riferiscono a debiti verso Trust Iuculano e debiti diversi incorporati da fusione.

Debiti verso banche

Trattasi del mutuo ipotecario sottoscritto con BNL garantito da ipoteca iscritta sull'immobile di Settimo Torinese sino ad un valore di 13.000.000 euro.

Al 31 dicembre 2023 il saldo è pari a euro 4.000.000, per euro 1.000.000 in scadenza nell'anno 2024 e il residuo, pari ad euro 3.000.000, esigibile nell'esercizio successivo.

Per la parte restante di euro 1.125.000, si fa riferimento al finanziamento erogato da Unicredit con la società scissa Pianeta anziani che sarà estinto con la scadenza del 31.05.2024.

Debiti verso fornitori

I debiti verso i fornitori si riferiscono interamente a rapporti di natura commerciale e le ritenute a garanzia dei cantieri in corso.

Debiti tributari, previdenziali e altri

Si riferiscono al debito verso l'Erario per ritenute d'acconto lavoratori autonomi, debiti per ritenute e onerisociale realtivi all'amministratore di Cimabue Srl, debito IRES, debiti verso IMU.

Ratei e risconti passivi

La voce in commento è costituita per euro 86.930 da ratei passivi, e per 826.374 da risconti passivi ques'ultimi sono da riferirsi alla plusvalenza del leasing in costruendo.

		Valore di inizio esercizio Variazione nell'esercizio Valore di fine esercizio
Ratei passivi	66.366	20.564	86.930
Risconti passivi	-	826.375	826.375
Totale ratei e risconti passivi	66.366	846.938	913.304

Nota integrativa abbreviata, conto economico

Il Conto Economico dell'esercizio chiuso al 31 dicembre 2023 evidenzia una perdita di esercizio pari a euro 790.881 alla cui formazione hanno contribuito:

Voce	Esercizio 2023	Esercizio 2022	Variaz. assolute
VALORE DELLA PRODUZIONE	57.657	30.761	26.896
- Consumi di materie prime	0	25	-25
- Spese generali	200.236	51.986	148.250
VALORE AGGIUNTO	-142.579	-21.250	-121.329
- Altri ricavi	20.157		20.157
- Costo del personale	83		83
MARGINE OPERATIVO LORDO	-162.819	-21.250	-141.569
- Ammortamenti e svalutazioni	210.827	356	210.471
RISULTATO OPERATIVO CARATTERISTICO (Margine Operativo Netto)	-373.646	-21.206	-352.440
+ Altri ricavi	20.157	0	20.157
- Oneri diversi di gestione	214.849	121.541	93.308
REDDITO ANTE GESTIONE FINANZIARIA	-568.338	-143.146	-425.192
+ Proventi finanziari	730	22	708
RISULTATO OPERATIVO (Margine Corrente ante oneri finanziari)	-567.608	-143.125	-424.483
+ Oneri finanziari	-412.546	-265.908	-146.638
REDDITO ANTE RETTFICHE DI ATTIVITA' E PASSIVITA' FINANZIARIE	-980.154	-409.032	-571.122
REDDITO ANTE IMPOSTE	-980.154	-409.032	-571.122
- Imposte sul reddito dell'esercizio	-189.273	-89.206	-100.067
REDDITO NETTO	-790.881	-319.826	-471.055

Importo e natura dei singoli elementi di ricavo/costo di entità o incidenza eccezionali

In ottemperanza al disposto di cui all'art. 2427, n. 13) del Codice Civile, così come modificato dal D. Lgs. 139/2015 si segnala che nel bilancio chiuso 31 dicembre 2023 non sono presenti elementi di ricavo e costo di entità o incidenza eccezionali.

Imposte sul reddito d'esercizio, correnti, differite e anticipate

La società ha provveduto allo stanziamento delle imposte dell'esercizio sulla base dell'applicazione delle norme tributarie vigenti. Si evidenzia che - in virtù dell'adesione al regime fiscale del Consolidato Nazionale di cui agli artt. 117 e seguenti del D.P.R. 917/198 - la società ha rilevato proventi da consolidamento, generati prevalentemente dall'attribuzione alla controllante delle perdite fiscali maturate fiscalmente per l'esercizio in commento.

Si omettono il prospetto analitico di raccordo che conduce alla determinazione del reddito imponibile ai fini IRES e ai fini IRAP e il prospetto di riconciliazione ai soli fini IRES tra aliquota ordinaria e aliquota effettiva in considerazione del fatto che il reddito fiscale risulta essere negativo.

Nota integrativa abbreviata, altre informazioni

Compensi, anticipazioni e crediti concessi ad amministratori e sindaci e impegni assunti per loro conto

In ottemperanza ai disposti di cui all'art. 2427, nn. 16) e 16)-bis del Codice Civile, si evidenzia che i compensi complessivi spettanti agli amministratori ammontano ad euro 20.00 e non esistono anticipazioni e crediti e non sono stati assunti impegni per conto dell'organo amministrativo per effetto delle garanzie di qualsiasi tipo prestate.

Impegni, garanzie e passività potenziali non risultanti dallo stato patrimoniale

Le garanzie risultano così composte:

(i) ipoteca iscritta sull'immobile di Settimo Torinese per complessivi euro 13.000.000 a garanzia del mutuo ipotecario ricevuto da BNL S.p.A.

Informazioni sulle operazioni con parti correlate

Nel corso dell'esercizio sono state poste in essere operazioni con parti correlate; si tratta di operazioni concluse a condizioni di mercato, pertanto, in base alla normativa vigente, non viene fornita alcuna informazione aggiuntiva.

Informazioni sugli accordi non risultanti dallo stato patrimoniale

In ottemperanza al disposto di cui all'art. 2427, n. 22-ter) del Codice Civile si segnala che non vi sono accordi non risultanti dallo stato patrimoniale con rischi e benefici significativi.

Informazioni sui fatti di rilievo avvenuti dopo la chiusura dell'esercizio

Non si evidenziano al momento della stesura della presente fatti di rilievo avvenuti dopo la chiusura dell'esercizio.

Imprese che redigono il bilancio consolidato dell'insieme più piccolo di imprese di cui si fa parte in quanto impresa controllata

Nel seguente prospetto, ai sensi dell'art. 2427 n. 22-sexies del codice civile, si riporta il nome e la sede legale dell'impresa che redige il bilancio consolidato dell'insieme più piccolo di imprese di cui l'impresa fa parte in quanto impresa consolidata. Nello stesso viene inoltre indicato il luogo in cui è disponibile la copia del bilancio consolidato.

	Insieme più piccolo
Nome dell'impresa	Group Maisons de Famille
Città (se in Italia) o stato estero	Francia
Luogo di deposito del bilancio consolidato	Place Victor Hugo 1 - Courbevoie

Informazioni relative agli strumenti finanziari derivati ex art. 2427-bis del Codice Civile

Gli strumenti finanziari derivati, anche se incorporati in altri strumenti finanziari, sono iscritti al fair value. Le variazioni del fair value sono imputate al conto economico oppure, se lo strumento copre il rischio di variazione dei flussi finanziari attesi di un altro strumento finanziario o di un'operazione programmata, direttamente ad una riserva positiva o negativa di patrimonio netto; tale riserva è imputata al conto economico nella misura e nei tempi corrispondenti al verificarsi o al modificarsi dei flussi di cassa dello strumento coperto o al verificarsi dell'operazione oggetto di copertura. Gli elementi oggetto di copertura contro il rischio di variazioni dei tassi di interesse sono valutati simmetricamente allo strumento derivato di copertura; si considera sussistente la copertura in presenza, fin dall'inizio, di stretta e documentata correlazione tra le caratteristiche dello strumento o dell'operazione coperti e quelle dello strumento di copertura. Di seguito le informazioni relative agli strumenti finanziari derivati.

Numero di riferimento operazione	Nozionale /quantità di riferimento Divisa operazione /Ammontare del nozionale nella divisa principale	Contratto	Data operazione	Data operazione Data scadenza	Importo MTM /Divisa MTM
MMX26692030	1.125.000,00	IRS Protetto	17/07/2020	31/07/2020	+ 20.766,83
549300TRUWO2CD2G5692	EUR	Payer		31/05/2024	EUR

Azioni proprie e di società controllanti

Ai sensi dell'art. 2435-bis e art. 2428, comma 3 nn. 3 e 4 del codice civile, si precisa che la Società, nel corso dell'esercizio, non ha in portafoglio quote di partecipazione al proprio capitale sociale o a quello di società controllanti, né ha eseguito operazioni di acquisto o di vendita di azioni o quote della società controllante.

Informazioni ex art. 1, comma 125, della legge 4 agosto 2017 n. 124

In relazione al disposto di cui all'art. 1, comma 125, della legge 124/2017, in merito all'obbligo di dare evidenza in nota integrativa delle somme di denaro eventualmente ricevute nell'esercizio a titolo di sovvenzioni, contributi, incarichi retribuiti e comunque vantaggi economici di qualunque genere dalle pubbliche amministrazioni e dai soggetti di cui al comma 125 del medesimo articolo, la Società attesta che nel corso dell'esercizio non si sono verificate le fattispecie previste dalla norma.

Proposta di destinazione degli utili o di copertura delle perdite

Alla luce di quanto sopra esposto, l'Organo Amministrativo propone di rinviare a nuovo la perdita di esercizio pari a euro 790.881,24.

Vi confermo che il presente bilancio, composto da stato patrimoniale, conto economico e nota integrativa rappresenta in modo veritiero e corretto la situazione patrimoniale e finanziaria della società, nonché il risultato economico dell'esercizio e corrisponde alle scritture contabili. Vi invito pertanto ad approvare il progetto di bilancio al 31/12/2023 unitamente con la proposta di destinazione del risultato d'esercizio, così come predisposto dall'Organo amministrativo.

Firenze, 29 marzo 2024 L'Amministratore Unico Carlo Iuculano.

Dichiarazione di conformità del bilancio

Il sottoscritto Ing. Carlo Iuculano, ai sensi dell'art. 31 comma 2-quinquies della legge 340/2000, dichiara che il presente documento è conforme all'originale depositato presso la società.

Firenze, 29 marzo 2024 L'Amministratore Unico Carlo Iuculano

HIBERNA REGIS S.R.L.

Bilancio di esercizio al 31/12/2022

Dati anagrafici
Denominazione	HIBERNA REGIS S.R.L.
Sede	VIA BENEDETTO DA FOIANO 14 50125 FIRENZE (FI)
Capitale sociale	100.000
Capitale sociale interamente versato	si
Codice CCIAA	FI
Partita IVA	06851200482
Codice fiscale	06851200482
Numero REA	661121
Forma giuridica	Societa' A Responsabilita' Limitata
Settore di attività prevalente (ATECO)	Compravendita di beni immobili effettuata su beni propri (68.10.00)
Società in liquidazione	no
Società con socio unico	si
Società sottoposta ad altrui attività di direzione e coordinamento	no
Appartenenza a un gruppo	si
Denominazione della società capogruppo	LA VILLA S.P.A.
Paese della capogruppo	ITALIA
Numero di iscrizione all'albo delle cooperative	0

	31/12/2022	31/12/2021
Stato patrimoniale
Attivo

B) Immobilizzazioni
I - Immobilizzazioni immateriali		355
II - Immobilizzazioni materiali	16.707.422	11.502.020
III - Immobilizzazioni finanziarie	1.522.039	886.539
Totale immobilizzazioni (B)	18.229.461	12.388.914
C) Attivo circolante
I - Rimanenze	30.761
II - Crediti
esigibili entro l'esercizio successivo	2.987.273	2.039.003
imposte anticipate	85	85
Totale crediti	2.987.358	2.039.088
IV - Disponibilità liquide	101.204	24.329
Totale attivo circolante (C)	3.119.323	2.063.417
D) Ratei e risconti	22.693	19.347
Totale attivo	21.371.477	14.471.678
Passivo
A) Patrimonio netto
I - Capitale	100.000	100.000
II - Riserva da soprapprezzo delle azioni	1.760.000	1.760.000
IV - Riserva legale	18.785	18.785
VI - Altre riserve	341.625	341.625
VIII - Utili (perdite) portati a nuovo	(1.561.021)	(1.444.042)
IX - Utile (perdita) dell'esercizio	(319.826)	(116.979)
Totale patrimonio netto	339.563	659.389
D) Debiti
esigibili entro l'esercizio successivo	4.098.447	932.989
esigibili oltre l'esercizio successivo	16.867.101	12.854.414
Totale debiti	20.965.548	13.787.403
E) Ratei e risconti	66.366	24.886
Totale passivo	21.371.477	14.471.678

	31/12/2022	31/12/2021
Conto economico
A) Valore della produzione
2), 3) variazioni delle rimanenze di prodotti in corso di lavorazione, semilavorati e finiti e dei lavori in corso su ordinazione	30.761
3) variazioni dei lavori in corso su ordinazione	30.761
5) altri ricavi e proventi
altri		1
Totale altri ricavi e proventi		1
Totale valore della produzione	30.761	1
B) Costi della produzione
6) per materie prime, sussidiarie, di consumo e di merci	25
7) per servizi	51.376	23.606
8) per godimento di beni di terzi	610
10) ammortamenti e svalutazioni
a), b), c) ammortamento delle immobilizzazioni immateriali e materiali, altre svalutazioni delle immobilizzazioni	355	355
a) ammortamento delle immobilizzazioni immateriali	355	355

Totale ammortamenti e svalutazioni	355	355
14) oneri diversi di gestione	121.541	48.741
Totale costi della produzione	173.907	72.702
Differenza tra valore e costi della produzione (A - B)	(143.146)	(72.701)
C) Proventi e oneri finanziari
16) altri proventi finanziari
d) proventi diversi dai precedenti
altri	22	61
Totale proventi diversi dai precedenti	22	61
Totale altri proventi finanziari	22	61
17) interessi e altri oneri finanziari
altri	265.908	73.036
Totale interessi e altri oneri finanziari	265.908	73.036
Totale proventi e oneri finanziari (15 + 16 - 17 + - 17-bis)	(265.886)	(72.975)
Risultato prima delle imposte (A - B + - C + - D)	(409.032)	(145.676)
20) Imposte sul reddito dell'esercizio, correnti, differite e anticipate
imposte relative a esercizi precedenti	(1.204)	62
proventi (oneri) da adesione al regime di consolidato fiscale / trasparenza fiscale	88.002	28.759
Totale delle imposte sul reddito dell'esercizio, correnti, differite e anticipate	(89.206)	(28.697)
21) Utile (perdita) dell'esercizio	(319.826)	(116.979)

Nota integrativa al Bilancio di esercizio chiuso al 31/12/2022

Nota integrativa, parte iniziale

Il bilancio dell'esercizio chiuso al 31 dicembre 2022, sottoposto all'approvazione del Socio Unico, si chiude con una perdita di esercizio pari a euro 319.826.

Principi di redazione

Struttura e contenuto del bilancio

Il bilancio dell'esercizio chiuso al 31 dicembre 2022 è stato redatto in conformità alle vigenti disposizioni di legge, così come riformate dal D.Lgs. 139/2015 in attuazione della Direttiva Europea n. 2013/34/UE, ed è costituito dallo Stato Patrimoniale (predisposto in conformità allo schema previsto dagli artt. 2424 e 2424-bis del Codice Civile), dal Conto Economico (predisposto in conformità allo schema di cui agli artt. 2425 e 2425-bis del Codice Civile), e dalla presente Nota Integrativa.

Esso è stato redatto in forma abbreviata in quanto sussistono i requisiti richiesti dall'art. 2435-bis del Codice Civile.

nella presente Nota Integrativa sono inoltre fornite le informazioni complementari ritenute necessarie allo scopo. Nel presente documento sono inoltre fornite, ove applicabili, le informazioni richieste dai numeri 3 e 4 dell'art. 2428 Codice Civile, in quanto, come consentito dall'art. 2435-bis del Codice Civile, non è stata redatta la relazione sulla gestione.

Le informazioni della presente Nota integrativa sono esposte secondo l'ordine delle voci indicate nello Stato patrimoniale e nel Conto Economico.

Le voci non espressamente riportate in bilancio s'intendono a saldo zero, sia nel presente bilancio che nel bilancio relativo all'esercizio precedente.

Ai sensi dell'art. 2435-bis la Società è esonerata dalla redazione del Rendiconto Finanziario.

Comparabilità delle voci di bilancio

In ossequio al quinto comma dell'art. 2423-ter del Codice Civile si è provveduto per ogni voce dello Stato Patrimoniale e del Conto Economico a indicare il valore al 31 dicembre 2022 (data di chiusura dell'esercizio) e quello al 31 dicembre 2021 (data di chiusura dell'esercizio precedente).

Tutte le voci di bilancio sono risultate perfettamente comparabili con l'esercizio precedente e non si sono rese necessarie riclassifiche.

Arrotondamento all'Euro

Si segnala che per entrambi gli esercizi si è provveduto a esporre gli importi dello Stato Patrimoniale e del Conto Economico arrotondati all'unità di euro.

Principi di redazione

Ai sensi dell'art. 2423-bis comma 1 n. 1-bis del Codice Civile, la rilevazione e la presentazione delle voci è effettuata tenendo conto della sostanza dell'operazione o del contratto.

Nel caso in cui, ai sensi dell'art. 2423 comma 4 del Codice Civile, non siano stati rispettati gli obblighi di rilevazione, presentazione e informativa, in quanto la loro osservanza avrebbe avuto effetti irrilevanti sulla rappresentazione veritiera e corretta del bilancio, le motivazioni sono illustrate nella presente Nota Integrativa.

Criteri di valutazione applicati

Immobilizzazioni immateriali

I criteri di imputazione delle quote di ammortamento sono riportati nella sezione relativa alle note di commento

dell'attivo.

Immobilizzazioni materiali

I costi di manutenzione, aventi natura ordinaria, sono addebitati integralmente al Conto Economico.

I costi di manutenzione, aventi natura incrementativa, sono attributi ai cespiti cui si riferiscono ed ammortizzati in relazione alle aggiornate possibilità di utilizzo degli stessi.

Valore recuperabile delle immobilizzazioni

Rimanenze

La valutazione delle rimanenze è stata effettuata al minore tra il costo specifico di fabbricazione ed il valore di realizzo desumibile dall'andamento di mercato.

Crediti

I crediti sono quindi esposti al valore nominale, che si ritiene corrispondere al valore di presunto realizzo.

Quando il credito è cancellato dal bilancio a seguito di un'operazione di cessione che comporta il trasferimento

sostanziale di tutti i rischi, la differenza tra corrispettivo e valore di rilevazione del credito al momento della cessione è rilevata come perdita da cessione da iscriversi alla voce B14 del Conto Economico, salvo che il contratto non consenta di individuare componenti economiche di diversa natura, anche finanziaria.

Disponibilità liquide

Il denaro ed i valori bollati in cassa sono valutati al valore nominale.

Ratei e risconti

Patrimonio netto

Debiti

I debiti sono eliminati dal bilancio quando l'obbligazione contrattuale e/o legale risulta estinta per adempimento o altra causa oppure è trasferita.

Riconoscimento dei costi e dei ricavi

benefici. Nel caso di acquisto di servizi, i relativi costi sono iscritti quando il servizio è stato ricevuto, ovvero quando la prestazione si è conclusa, mentre, in presenza di prestazioni di servizi continuative, i relativi costi sono iscritti per la quota maturata. Il Conto Economico espone costi e ricavi al netto di resi, sconti e abbuoni.

Imposte dell'esercizio correnti - adesione al consolidato nazionale ex art. 117 e seguenti del DPR 917/1986

Si segnala che la Società, congiuntamente con la controllante La Villa S.p.A., ha esercitato l'opzione - valevole per il triennio 2019-2021 e rinnovato per il triennio successivo - per l'adesione al regime fiscale del Consolidato Nazionale di cui agli artt. 117 e seguenti del DPR 917/1986. Detta opzione consente di determinare l'IRES su una base imponibile corrispondente alla somma algebrica degli imponibili positivi e negativi delle singole società che partecipano al consolidato. I rapporti economici, oltre che le responsabilità e gli obblighi reciproci, fra la società consolidante La Villa S.p.A. e le altre società del Gruppo che hanno aderito al consolidato, sono definiti nel "Regolamento consolidato fiscale di La Villa S.p.A.". Eventuali imposte correnti sul reddito dell'esercizio riferite all'IRES vengono rilevate con contropartita patrimoniale il debito verso la controllante per consolidato fiscale. Eventuali proventi derivanti dall'attribuzione delle perdite fiscali alla Consolidante vengono rilevate con contropartita patrimoniale il credito verso la controllante per consolidato fiscale.

Imposte anticipate e imposte differite

I crediti per imposte anticipate sono stati iscritti nella voce di competenza sub C II dell'Attivo dello Stato Patrimoniale.

L'effetto economico al 31 dicembre 2022, derivante dalla applicazione del principio contabile sopra menzionato, è stato esposto alla voce "Imposte differite e anticipate" sub 20 del Conto Economico.

Operazioni con obbligo di retrocessione a termine

La società, ai sensi dell'art. 2427 n. 6-ter, attesta che nel corso dell'esercizio non ha posto in essere alcuna operazione soggetta all'obbligo di retrocessione a termine.

Nota integrativa, attivo

Immobilizzazioni

Movimenti delle immobilizzazioni

Viene fornito il dettaglio dei movimenti delle immobilizzazioni:

	Immobilizzazioni immateriali	Immobilizzazioni materiali	Immobilizzazioni finanziarie	Totale immobilizzazioni
Valore di inizio esercizio
Costo	1.776	11.502.020	886.539	12.390.335
Ammortamenti (Fondo ammortamento)	1.421			1.421
Valore di bilancio	355	11.502.020	886.539	12.388.914
Variazioni nell'esercizio
Incrementi per acquisizioni		5.205.402	635.500	5.840.902
Ammortamento dell'esercizio	355			355
Totale variazioni	(355)	5.205.402	635.500	5.840.547
Valore di fine esercizio
Costo	1.776	16.707.422	1.522.039	18.231.237
Ammortamenti (Fondo ammortamento)	1.776			1.776
Valore di bilancio		16.707.422	1.522.039	18.229.461

Immobilizzazioni materiali

Le immobilizzazioni materiali ammontano a euro 16.707.422 (euro 11.502.200 nel precedente esercizio).

In data 9 marzo 2022 la società ha acquistato dalla società Immobiliare Primavera di Piccolo Edda & c. snc un compendio immobiliare sito nel Comune di Musile di Piave (VE) al prezzo di euro 1.330.000 destinato alla realizzazione di una RSA da 120 posti letto.

In data 24 maggio 2022 la società ha acquistato dal Comune di Genova un compendio immobiliare sito nel Comune di Genova (GE) al prezzo di euro 880.020 che sarà oggetto di ristrutturazione per la realizzazione di una RSA.

Nel corso dell'esercizio sono proseguiti i lavori presso i cantieri avviati a Bovisio Masciago (MB) e Settimo Torinese (TO) dove sono in corso la realizzazione di due nuove RSA.

Risulta inoltre ancora in fase di progettazione la RSA che dovrà essere costruita sul terreno edificabile di proprietà della società in Arenzano (GE).

Immobilizzazioni finanziarie

Le immobilizzazioni finanziarie sono relative a:

partecipazione in Cimabue S.r.l.: in data 12 maggio 2021 la società ha acquisito il 100% delle quote della società Cimabue S.r.l., società avente capitale sociale versato euro 10.000, al prezzo di euro 601.665. La Cimabue S.r.l. è proprietaria di un terreno sul quale verrà realizzata una struttura socio sanitaria assistenziale;
credito per finanziamento infruttifero verso Cimbaue S.r.l. per euro 920.374.

Rimanenze

Le rimanenze, costituite da lavori in corso su ordinazione relative al cantiere di Borgo San Lorenzo (FI), al 31 dicembre 2022 ammontano a complessivi euro 30.761.

Oneri finanziari capitalizzati

Ai fini dell'art. 2427, comma 1, n. 8 del Codice Civile si attesta che non sussistono capitalizzazioni di oneri finanziari.

Nota integrativa, passivo e patrimonio netto

Patrimonio netto

Il Patrimonio netto contabile risultante dal bilancio chiuso al 31 dicembre 2022 ammonta a complessivi euro 339.563 (euro 659.389 nel precedente esercizio).

Con riferimento all'esercizio in chiusura nella tabella seguente sono esposte le variazioni che hanno interessato le singole voci del Patrimonio Netto.

Descrizione	Valore di inizio esercizio	Destinazione del risultato dell'es. prec.	Altre variazioni	Risultato d'esercizio	Valore di fine esercizio
Capitale	100.000	0	0	0	100.000
Riserva da sopraprezzo azioni	1.760.000	0	0	0	1.760.000
Riserva legale	18.785		0	0	18.785
Riserva straordinaria	341.624				341.624
Varie altre riserve	1	0	0	0	1
Totale altre riserve	341.625		0	0	341.625
Utili (perdite) portate a nuovo	(1.444.042)	(116.979)		0	(1.561.021)
Utile (perdita) dell'esercizio	(116.979)	116.979	0	(319.826)	(319.826)
Totale	659.389	0	0	(319.826)	339.563

Il capitale sociale, pari a euro 100.000, risulta interamente sottoscritto e versato.

Disponibilità e utilizzo del patrimonio netto

Ai sensi dell'art. 2427, comma 1, n° 7-bis) del Codice Civile vengono indicate analiticamente le voci di patrimonio netto con specifica indicazione della loro origine, possibilità di utilizzazione, distribuibilità nonché della loro avvenuta utilizzazione nei precedenti esercizi.

Descrizione	Importo	Origine/Natura	Possibilità di utilizzazione	Quota disponibile
Capitale	100.000
Riserva da sopraprezzo azioni	1.760.000	Capitale	A;B
Riserva legale	18.785	Utili	A;B
Riserva straordinaria	341.624	Utili	A;B;C	341.624
Totale	2.220.410			341.624
Quota non distribuibile				341.624
Residua quota distribuibile				0
Legenda: A: per aumento di capitale; B: per copertura perdite; C: per distribuzione ai soci; D: per altri vincoli statutari; E: altro

Si segnala che, ai sensi dell'art. 2431 del Codice Civile, la riserva da soprapprezzo delle azioni non può essere distribuita fino a che la riserva legale non abbia raggiunto il quinto del capitale sociale. La stessa può essere utilizzata per la copertura perdite, per l'aumento gratuito del capitale sociale, nonché per l'aumento della riserva legale stessa.

Debiti

I debiti al termine dell'esercizio ammontano a euro 20.965.548 (euro 13.787.403 nel precedente esercizio), di cui 19.367.101 con scadenza oltre l'esercizio successivo. La composizione e i movimenti delle voci che compongono tale raggruppamento sono di seguito indicate.

Descrizione	Valore di inizio esercizio	Variazione nell'esercizio	Valore di fine esercizio	Quota scadente entro l'esercizio	Quota scadente oltre l'esercizio
Finanziamenti soci	8.414.444	4.452.657	12.867.101		12.867.101
Debiti verso banche	4.439.971	2.060.029	6.500.000	2.500.000	4.000.000
Debiti verso fornitori	932.989	664.804	1.597.793	1.597.793
Debiti tributari	-	654	654	654
Totale	13.787.403	7.178.145	20.965.548	4.098.447	16.867.101

Debiti verso soci per finanziamenti

I debiti verso soci per finanziamenti ammontano a euro 12.867.101 e si riferiscono a un finanziamento infruttifero d'interessi ricevuto dal Socio Unico La Villa Spa.

Debiti verso banche

Trattasi del mutuo ipotecario sottoscritto con BNL garantito da ipoteca iscritta sull'immobile di Settimo Torinese sino ad un valore di 13.000.000 euro.

Al 31 dicembre 2022 il saldo è pari a euro 6.500.000, per euro 2.500.000 in scadenza nell'anno 2023 e il residuo, pari ad euro 4.000.000, esigibile nell'esercizio successivo.

Debiti verso fornitori

I debiti verso i fornitori si riferiscono interamente a rapporti di natura commerciale.

Debiti tributari

I debiti tributari si riferiscono al debito verso l'Erario per ritenute d'acconto lavoratori autonomi.

Ratei e risconti passivi

La voce in commento è costituita interamente da ratei passivi.

Nota integrativa, conto economico

Il Conto Economico dell'esercizio chiuso al 31 dicembre 2022 evidenzia una perdita di esercizio pari a euro 319.826 alla cui formazione hanno contribuito:

Voce	Esercizio 2022	Esercizio 2021	Variazione
VALORE DELLA PRODUZIONE	30.761	1	30.760
- Consumi di materie prime	25	0	25
- Spese generali	51.986	23.606	28.380
VALORE AGGIUNTO	-21.250	-23.605	2.355
MARGINE OPERATIVO LORDO	-21.250	-23.605	2.355
- Ammortamenti e svalutazioni	356	356	0
RISULTATO OPERATIVO CARATTERISTICO (Margine Operativo Netto)	-21.206	-23.961	2.755
- Oneri diversi di gestione	121.541	48.740	72.801
REDDITO ANTE GESTIONE FINANZIARIA	-143.146	-72.701	-70.445
+ Proventi finanziari	22	61	-39
RISULTATO OPERATIVO (Margine Corrente ante oneri finanziari)	-143.125	-72.640	-70.485
+ Oneri finanziari	-265.908	-73.036	-192.872
REDDITO ANTE RETTFICHE DI ATTIVITA' E PASSIVITA' FINANZIARIE	-409.032	-145.676	263.356
REDDITO ANTE IMPOSTE	-409.032	-145.676	-263.356
- Imposte sul reddito dell'esercizio	88.002	28.697	59.305
REDDITO NETTO	-319.826	-116.979	-202.847

Importo e natura dei singoli elementi di ricavo/costo di entità o incidenza eccezionali

In ottemperanza al disposto di cui all'art. 2427, n. 13) del Codice Civile, così come modificato dal D. Lgs.

139/2015 si segnala che nel bilancio chiuso 31 dicembre 2022 non sono presenti elementi di ricavo e costo di entità o incidenza eccezionali.

Imposte sul reddito d'esercizio, correnti, differite e anticipate

Nota integrativa, altre informazioni

Compensi, anticipazioni e crediti concessi ad amministratori e sindaci e impegni assunti per loro conto

In ottemperanza all'art. 2427 n. 16 del Codice Civile, si segnala che nell'esercizio in commento non sono stati corrisposti compensi agli amministratori, non esistono anticipazioni e crediti e non sono stati assunti impegni per conto dell'organo amministrativo per effetto di garanzie di qualsiasi tipo prestate.

Impegni, garanzie e passività potenziali non risultanti dallo stato patrimoniale

Le garanzie risultano così composte: (i) ipoteca iscritta sull'immobile di Settimo Torinese per complessivi euro 13.000.000 a garanzia del mutuo ipotecario ricevuto da BNL S.p.A.

Informazioni sulle operazioni con parti correlate

Informazioni sugli accordi non risultanti dallo stato patrimoniale

In ottemperanza al disposto di cui all'art. 2427, n. 22-ter) del Codice Civile si segnala che non vi sono accordi non risultanti dallo stato patrimoniale con rischi e benefici significativi.

Informazioni sui fatti di rilievo avvenuti dopo la chiusura dell'esercizio

Con riferimento al punto 22-quater dell'art. 2427 del codice civile, si segnalano i seguenti fatti di rilievo successivi

alla chiusura dell'esercizio:

(i) Preliminare acquisto terreno sito in Cadorago (CO)

In data 16.01.2023 è stato sottoscritto con l'Associazione Scuola Svizzera di Milano un preliminare di acquisto di un terreno sito in Cadorago (CO) al prezzo di euro 450.000, con versamento alla data di sottoscrizione del preliminare dell'importo di euro 45.000 a titolo di caparra confirmatoria.

(ii) Risoluzione contratto preliminare acquisto terreno sito in Veniano (CO)

In data 24.01.2023 è stata sottoscritta con la Guffanti Residenziale S.r.l. una scrittura privata di risoluzione consensuale del preliminare di acquisto del terreno sito in Veniano (CO) precedentemente sottoscritto in data 28.05.2019. La risoluzione consensuale ha previsto la restituzione da parte della Guffanti Residenziale srl della caparra confirmatoria a suo tempo versata da Hiberna Regis S.r.l. al netto di euro 18.300 (15.000+iva), trattenute a titolo di rimborso dalla società Guffanti Residenziale S.r.l.

Imprese che redigono il bilancio consolidato dell'insieme più piccolo di imprese di cui si fa parte in quanto impresa controllata

	Insiem e più piccolo
Nome dell'impresa	Group Maisons de Famille
Città (se in Italia) o stato estero	Francia
Luogo di deposito del bilancio consolidato	Place Victor Hugo 1 - Courbevoie

Informazioni relative agli strumenti finanziari derivati ex art. 2427-bis del Codice Civile

In ottemperanza al disposto di cui all'art. 2427 bis del Codice Civile, si segnala che nel bilancio al 31 dicembre 2022 non risultano utilizzati strumenti finanziari derivati.

Azioni proprie e azioni o quote di società controllanti

Informazioni ex art. 1, comma 125, della legge 4 agosto 2017 n. 124

incarichi retribuiti e comunque vantaggi economici di qualunque genere dalle pubbliche amministrazioni e dai soggetti di cui al comma 125 del medesimo articolo, la Società attesta che nel corso dell'esercizio non si sono verificate le fattispecie previste dalla norma.

Proposta di destinazione degli utili o di copertura delle perdite

Alla luce di quanto sopra esposto, l'Organo Amministrativo propone di rinviare a nuovo la perdita di esercizio pari a euro 319.825,94.

Nota integrativa, parte finale

Vi confermo che il presente bilancio, composto da stato patrimoniale, conto economico e nota integrativa rappresenta in modo veritiero e corretto la situazione patrimoniale e finanziaria della società, nonché il risultato economico dell'esercizio e corrisponde alle scritture contabili. Vi invito pertanto ad approvare il progetto di bilancio al 31/12/2022 unitamente con la proposta di destinazione del risultato d'esercizio, così come predisposto dall'Organo amministrativo.

Firenze, 10 marzo 2023 L'Amministratore Unico Carlo Iuculano

Dichiarazione di conformità del bilancio

Il sottoscritto Carlo Iuculano, ai sensi dell'art. 31 comma 2-quinquies della legge 340/2000, dichiara che il presente documento è conforme all'originale depositato presso la società.

AI Terminal

Eukedos

4188_rns_2024-07-05_85b63497-d084-4201-bcc2-f60e02d3b2b4.pdf

Documento Informativo

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SOMMARIO

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PRINCIPALI DEFINIZIONI

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PREMESSA

1. AVVERTENZE

1.1. Rischi connessi ai potenziali conflitti di interesse derivanti dall'Operazione.

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2. INFORMAZIONI RELATIVE ALL'OPERAZIONE

2.1. Descrizione sintetica delle modalità e dei termini dell'Operazione.

2.1.1. Descrizione della Società oggetto dell'Operazione di acquisto.

2.1.2. Modalità, condizioni e determinazioni del corrispettivo

2.1.3. Fonti di finanziamento

2.1.4. Indicazione della compagine azionaria dell'emittente conferitario e

dell'eventuale soggetto controllante ai sensi dell'art. 93 TUF.

2.2. Motivazione e finalità dell'operazione

2.2.1. Motivazioni dell'operazione con particolare riguardo agli obiettivi

gestionali dell'emittente

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2.2.2. Indicazioni dei programmi elaborati dall'emittente

2.3. Rapporti con la società oggetto dell'operazione

2.3.1. Rapporti significativi intrattenuti dall'emittente

2.3.2. Rapporti significativi dell'emittente delle sue controllate e dei suoi

dirigenti e componenti del CDA

2.4. Documenti a disposizione del pubblico

2.4.1. Indicazione dei luoghi in cui può essere consultata la documentazione

3. Effetti significativi dell'operazione

3.1. Descrizione di eventuali effetti significativi dell'operazione sui fattori chiave che

svolto dall'emittente medesimo

3.2. Descrizione delle eventuali implicazioni dell'operazione sulle linee strategiche afferenti

ai rapporti commerciali, finanziari e di prestazione accentrate di servizi tra le imprese del

gruppo

4. DATI ECONOMICI, PATRIMONIALI E FINANZIARI RELATIVI ALLE ATTIVITA'

ACQUISITE

4.1. Dati economici, patrimoniale e finanziari relativi alla partecipazione acquisita

4.1.1. Tavola comparativa degli stati patrimoniali e dei conti economici

riclassificati relativi agli ultimi due esercizi della società acquisita

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SCHEMA Stato patrimoniale

SCHEMA Conto Economico

4.1.2. Società di revisione

4.1.3. Stato patrimoniale e conto economico riclassificato relativi al primo

semestre dell'esercizio in corso

4.1.4. Cash flow e situazione finanziaria netta RENDICONTO FINANZIARIO

Posizione Finanziaria netta

4.2. Dati economici patrimoniali e finanziari relativi alla società acquisita

5. Dati economici e patrimoniali finanziari proforma dell'Emittente

5.1. Situazione patrimoniale e conto economico consolidati pro-forma

5.1.1. Situazione patrimoniale e conto economico consolidati pro-forma

SCHEMA Stato patrimoniale

SCHEMA Conto Economico

5.1.2. Dati economici e patrimoniale da rettificare e le rettifiche pro forma

5.1.3. Dati proforma consolidati

5.1.4. Note esplicative

6. Prospettive dell'emittente e del gruppo ad esso facente capo

6.1. Indicazioni generali sull'andamento degli affari dell'emittente dalla chiusura

dell'esercizio

6.2. Previsione dei risultati dell'esercizio in corso

6.3. Non sono forniti dati previsionali

Operazione con parti correlate – Informazioni aggiuntive

1. Compensi dei componenti del Consiglio di Amministrazione dell'Emittente

2. Indicazione delle parti correlate con cui l'Operazione è stata posta in essere

3. Indici di rilevanza applicabili

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Report and Valuation

Portfolio of 9 development projects and one existing asset located in Italy