we start with the land of the former Secco and the premises in via Tolpada

TREVISO – No more sales with direct negotiations, but electronic auctions. There Cassamarca Foundation turn the page. Having achieved economic security, canceled all debts and directed the activity towards the original purposes such as giving resources to culture and support to the territory, themonetization operation of real estate assets. And the president Luigi Garofalotogether with Ca’ Spineda management bodieshas decided that it is time to change gear: «It seemed much more appropriate to us to move to online auctions, a direct system open to all. Obviously we will give all auctions publicly and well in advance. Then we will wait for the various offers as required by the regulations.” The choice has already been made and the new mode initiated. The first goods to be auctioned are Ex Secco lands around Villa Franchetti where, during the management of Dino De Poli, the Foundation had thought of creating a residential center. But the era of the foundation-real estate agency is definitively over. Garofalo wanted to close a business and a sector that seriously risked sinking the institution. «The real estate assets that are no longer strategic for our purposes – he reiterates – are for sale. We want to transform real estate into money to invest in our businesses».

THE LANDS

The former Secco area periodically resurfaces in the Foundation’s events. For years it was an important component of De Poli’s great vision: transform Villa Franchetti into a university centre and create a quality residential area around it. Visionary and pharaonic project that never took off partly due to the real estate crisis of the early 2000s and largely due to the choices of the Universities of Padua and Venice which were extremely more interested in keeping their courses in the city. Then, having returned Villa Franchetti to the provincial administration, the Foundation put the land up for sale valued at around 10 million euros. In view of the auction the valuation will be recalibrated. Other spaces that will go up for auction are the premises owned by the Foundation in via Tolpada: they were initially thought of as a development area for the University of Padua, then the choice was to put them on the market.

THE ANALYSIS

«The Foundation today is debt-free – specifies Garofalo – we therefore have no need to sell. But we want to transform real estate into resources. And we have no shortage of requests.” Broadening the horizon, there are two issues to be resolved: Appiani and the future of the former Military district. «At Appiani we basically have to manage the three towers. That “C” is the empty one, created to become the headquarters of the Chamber of Commerce and then ended up in the well-known judicial affair. We should seriously consider how to use it. Then there is the one occupied by the Police Headquarterswith which we are proceeding with the definition of the new rental contract with the Ministry for six years plus another six. And finally there is the Guardia di Finanza tower: There’s nothing new here. Will they go to a new location? I don’t know, when the time comes they will let us know.” And finally the former District, which Ca’ Foscari will abandon to move to the former Turazza: «The lease with the university will expire in two years. We will see. But the former District is our jewel and we have no shortage of requests. What will we do with it? We’ll see, certainly the urban destination is the responsibility of the municipal administration.”

THE VALUE

After the “Garofalo cure”, the Cassamarca Foundation presents itself as an important but more streamlined body. Overall, considering real estate, financial assets and activities, today it has a value of approximately 250 million euros. Only a few years ago, submerged in debt especially to Unicredit, its value was decidedly lower. Now the atmosphere has changed and dividends have also returned from Unicredit: only last week did those distributed this year among the shareholders of the financial giant enter. Ca’ Spineda has confiscated three million euros, essential to support the new life. «But today the Foundation supports itself – specifies Garofalo – with its income». An example: the bookshop and restaurant of Ca’ dei Carraesi recorded revenues of just under one million euros in the last year.

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