Corporate investments at EUR 5.2 billion: +45% in the first half year

Among the asset classes to look at in the coming years are also solutions for the elderly, thanks to the progressive ageing of the Italian population. Not only and not so much as regards residences, but especially healthcare in general: 'The whole world of prevention, care, all the supporting collateral activities such as diagnostic centres, there is a lot of interest in developing this network,' the manager continues.

On the residential side, the offer is still limited and mainly aimed at foreign customers: 'In Italy there is a propensity to own rather than rent houses, so there is a cultural conditioning. We see that there are operators that propose a network of structures for more suitable international clients, such as the Germans and the Swiss: with circuits in which one can decide to stay, for example, two months in Paris and two months in Italy"..

Among the emerging sectors are data centres, driven by the growth in digital demand. But development clashes with an incomplete regulatory framework. "We are not talking about tens of billions of investments," Ricciardi explains, "they are niches, but they are expanding, catalysing attention. But hardly the regulatory plans of ten, fifteen, twenty years ago say where you can build a data centre'.

Italy also starts from a reduced base compared to other European countries, and the current centres are located in the same area, around a few poles capable of guaranteeing energy supply. The Italian government is also a very important player in the energy sector.

The hotel sector is in turmoil. After years in which the focus was mainly on large luxury hotels in cities of art, the market is diversifying both by type and location. "As the asset class matures, it starts to segment: there is no longer just a focus on five-star hotels, but more accessible products are being developed, such as hostels or branded residences."

After a crisis phase marked by a slowdown in consumption and the growth of e-commerce, retail is showing signs of recovery. Italy, where online retail penetration remains lower than in other European countries, offers resilience margins and repositioning opportunities. 'Transactions on shopping centres to be repositioned or developed are recovering,' Ricciardi explains. 'We see a lot of dynamism on this part.