Evaluation of multifunctional building located in Milan.

EVALUATION OF MULTIFUNCTIONAL BUILDING LOCATED IN MILAN, P.le OBERDAN, 4 COURSE OF EVALUATION AND MANAGEMENT OF REAL ESTATE Prof. Baiardi Liala

GROUP 10: Dealexandris Andrea - 898372 Gaglione Giacomo - 899501 Giglio Alessio - 899997 Manco Riccardo - 792480 Management of Built Environment Academic Year 2017/2018

Wei Tiantian - 893447 Zhang Jianing - 891975

Index 0. INTRODUCTION ................................................................................................................................... 2 1.

PROPERTY IDENTIFICATION ............................................................................................................ 2

1.1.

Ownership ............................................................................................................................................ 3 1.2.

Location of the property ...................................................................................................................... 3 1.3.

Accessibility of the property ................................................................................................................. 4 1.4.

Facilities and commercial activities ...................................................................................................... 5 1.5.

Encumbrances and mortgages ............................................................................................................. 7 1.6.

Planning status ..................................................................................................................................... 7 1.7.

Architectural and technological features ............................................................................................. 7 1.7.1.

Structure and finishing ................................................................................................................. 8 1.7.2.

Description of internal distribution of the building ...................................................................... 9 1.8.

Object of the evaluation ....................................................................................................................... 9 1.8.1.

Cadastral details .......................................................................................................................... 9 1.8.2.

Consistences ................................................................................................................................ 9

2. EVALUATION PROCESS .................................................................................................................... 12 2.1.

Market approach ................................................................................................................................ 12 2.1.1.

Indirect sources data for the calculation of market values ........................................................ 14 2.1.2.

Direct sources data for the calculation of market values .......................................................... 19 2.1.3. Determination of market values ................................................................................................ 24 2.2.

Evaluation through the analytical method of capitalization of income ............................................. 33 2.2.1.

Indirect sources data for the calculation of market values ........................................................ 34 2.2.2.

Direct sources data for the calculation of incomes .................................................................... 38 3. Cap Rate ........................................................................................................................................... 49 4. Conclusion ........................................................................................................................................ 52

1

0. INTRODUCTION On request of costumer Baiardi Liala, this report, undersigned in 31/10/2017, aims to identify the market value of the building located in P.le Oberdan 4 Milan in order to sell it.

The documents available for evaluation of the property are: ยง Plans of each floor that composed the building; ยง Cadastral data of each units including box and cellar.

More information, pictures and data, contained in the report, were obtained through a visit of the site.

In order to evaluate the building, two types of approaches will be used: ยง Market approach: the value is estimated on the basis of the prices at which similar items are available or were sold recently, making appropriate adjustments for differences in quality, quantity or size; ยง Income approach: the value is estimated through the capitalization of its income at a certain rate of return.

1. PROPERTY IDENTIFICATION This section explains and describes the object of our evaluation.

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1.1. Ownership The owner of the property is Polytechnic of Milan.

1.2. Location of the property The building is located in “P.le Guglielmo Oberdan” in Milan. It is included in the neighborhood Porta Venezia, zone 3, just at the border with zone 1.

lLORETO - PIOLA

Zones of Milan

Localisation of the property

The property is located at the north side of Guglielmo Oberdan square, which overlooks “Porta Venezia” and “I. Montanelli” garden.

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1.3. Accessibility of the property

The building is accessible, both by walk and by car by street Paolo Mascagni and street Marcello Malpighi, in particular, there are three pedestrian entrances and one of those also allows entry by motorbikes.

The three entrances of the building

Paolo Maccagni’s street entrance

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Fig 1, 2, 3 – Public transports near the property Fig 1

Fig 2

The area is easily accessible by the following public transport: Underground service: NM1 – “P.ta Venezia” 150 m.

Ground Services: Tran: 9, 19, 1, 33, 5 Porta Venezia train station – S1, S2, S5, S6, S13 – 450m. away • 10 minutes to reach Duomo using NM1 • 15 minutes to reach Central station • 30 minutes to reach Linate Airport • 15 minutes to reach Città Studi Fig 3

1.4.

Facilities and commercial activities

Considering that the building is located in a very bustling neighborhood, the area is full of bars, cafes, restaurants and green areas as you can see in the next images.

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Facilities near “G. Oberdan” – Source: P.G.T. of Milan 2016 Legend

Green areas near “G. Oberdan” – Source: P.G.T. of Milan 2016

Restourants near “G. Oberdan“ square Supermarkets near “G. Oberdan” square

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Drugstores near “G. Oberdan” square Hospitals near “G. Oberdan” square

The other facilities in the zone are stationeries, small boutiques and banks. Regarding the services, in case of need, there are many private clinics and car parks.

1.5.

Encumbrances and mortgages

The ownership confirmed that there are not encumbrances and mortgages for the property.

1.6.

Planning status

About this property, there isn't the possibility to extend it. The only changes allowed are regular innovations under current laws.

1.7.

Architectural and technological features

Actually, the property is composed by one building with three different parts which all contain two underground floors. The three parts are with 6, 5 and 4 floors above ground separately. The underground site is used for the allocation of box and cellars.

The property has the bordering walls in common with the adjacent buildings as we can see from the following image.

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Generally, the building masonry is well maintained and no extraordinary maintenance works are needed.

1.7.1. Structure and finishing The property was built in the rationalist style typical of the mid-900, in fact it has simple and regular geometric shapes with no aesthetic excess in accordance with the use made of it. Probably, the structure corresponds to a traditional frame of reinforced concrete beams and pillars.

The facade of the building has the following characteristics: the part corresponded to the ground floor and first floor is continuous decorated with dark stone material while for the other upper floors there is an alternation of windows with open balconies.

The faรงade of the building

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Technological system No information is provided about the electrical, plumbing and sanitary system. Regarding the heating system there is a centralized warming.

The building is equipped with one elevator that is positioned in the center part of the building closed to stairs. The building is old and we can’t see the condition boxes on the facade, therefore we assume that there is not air conditioned.

1.7.2. Description of internal distribution of the building The building has two sets of stairs and only one elevator.

1.8.

Object of the evaluation

1.8.1. Cadastral details The building has a residential and a commercial use in particular for private offices. In detail, the building is composed by: 3 offices, 12 apartments, 1 gatehouse, 1 bank, 1 drugstore, 1 waste area, 2 bathrooms, 19 cellars, 7 corridors and 2 no-habitat attics. The building is identified at Nuovo Catasto Edilizio e Urbano of Milan, sheet 351 parcel 157.

1.8.2. Consistences For the assessment of a building unit, it’s necessary to calculate commercial area, the units of measurement commonly used in Italy and issued by state law thanks to DPR 138/98 concerning the “Rules for the revision of the census areas of valuation and pricing of urban housing units”. To estimate an apartment or an office there needs to calculate commercial area that is the sum of: 1. net usable area of main rooms and direct accessories; 2. interior walls surface; 3. exterior walls surface; 4. appliances of exclusive use such as terraces, balconies, patios, gardens, cellars, basement rooms, attics, parking lots, garages, etc.

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However, all these parts do not have the same importance. The main rooms, direct accessories and interior walls are considered entirely (100%); exterior walls are also calculated entirely if they are not more than 50 cm, otherwise they’ll be halved. It’s important to specify that common walls are considered at least 50%. Regarding to appliances of exclusive use, there are different percentages to be applied and that depends on several factors and subjective assessments. For the assigning weights, we started from those defined by Borsino Immobiliare as follow: Description

Incidence

Notes

Net usable area walkable

100%

External walls

100%

max 50 cm

External walls - communion

50%

max 25 cm

25-50%

50% if they are connected to the room and accessory rooms;25% if not connected

Lofts Balconies

30%

Terraces

30%

Cellars

25-50%

max 25 sqm; excess 10% max 25 sqm; excess 10% 50% if they are connected to the room and accessory rooms;25% if not connected

Incidences of units

The results are reported in the following table.

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UNIT CODE

TYPE

PARTI COMUNI

disengagement

A01 A01/A91 A02

Bank

MAIN ROOM AND ACCESSORIES CADASTRAL m

ADUSTMENT

225,47

100%

COMMERCIAL m

225,47

440,3

100%

440,3

Commercial

85,4

100%

85,4

Bathroom

1,9

100%

1,9

BALCONY CADASTRAL m

ADUSTMENT

CELLAR COMMERCIAL m

Apartment

202,41

100%

202,41

A12

Apartment

153,56

100%

153,56

ADUSTMENT

COMMERCIAL m

225,47 20,76

25%

5,19

247,3

25%

61,825

507,32

124,96

Storage A11

CADASTRAL m

TOTAL COMMERCIAL M

8,83

17,94

25%

4,49

209,54

9,28

25%

2,32

155,88

5,27

25%

1,32

6,29

25%

1,57

6,74

25%

1,69

99,47

117,10

100%

117,10

A14

Apartment

97,78

100%

97,78

A21

Apartment

117,10

100%

117,10

15,27

30%

4,581

9,91

25%

2,48

124,16

A22

Apartment

207,85

100%

207,85

10,21

30%

3,063

7,58

25%

1,57

212,49

A23

Office

246,01

100%

246,01

50,33

30%-10%

10,033

16,73

0,25

4,18

260,23

A31

Office

230,42

100%

230,42

10,82

30%

3,246

10,22

25%

2,56

236,22

A32

Apartment

223,58

100%

223,58

13,79

30%

4,137

12,68

25%

3,17

230,89

A33

Apartment

117,11

100%

117,11

5,31

30%

1,593

A41

Apartment

208,21

100%

208,21

A42

Office

246,08

100%

246,08

9,08

30%

A51

Apartment

246,10

100%

246,10

64,92

A61

Apartment

117,15

100%

117,15

A62

Apartment

92,76

100%

92,76

183,68

25%

45,92

Cellar

2,601

37,66

Apartment

Balcony

30%

2,649

25%

A13

SOTTOTETTO

8,67

30%

150,63

122,59

6,00

25%

1,50

120,20

11,77

25%

2,94

211,15

2,724

8,04

25%

2,01

250,81

30% + 10%

11,492

7,29

25%

1,82

259,41

3,13

30%

0,939

8,65

25%

2,16

120,25

2,8

30%

0,84

5,27

25%

1,32

94,92

38,03

30% + 10%

8,803

56,22 6

25%

1,5

Cadastral areas, adjustments and commercial areas (Source: Tecnoborsa)

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2. EVALUATION PROCESS

2.1. Market approach The market approach is based on the estimation of the value of the property through a comparison with recent transaction relative to similar properties from the type, building techniques, maintenance, position and production points of view.

The market approach should be used as the primary basis for a valuation when: (a) the asset has recently been sold in a transaction appropriate for consideration under the basis of value, (b) the asset or substantially similar assets are actively publicly traded, and (c) there are frequent or recent observable transactions in substantially similar assets.

The key steps are:

The main points of comparison can be divided into three main categories: - similarities related to physical sense - similarities related to the legal point of view - Economic and financial similarities

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For the appraisal of building units located in P.le Oberdan 4 square, will be used the multi-parameters process, by comparing them to other building units located around the city of Milan based on more than one parameter. The latter can be qualitative or quantitative: the qualitative parameters describe different aspects such as state of preservation, interior finishing, view, etc., whereas those quantities may be economic such as expenses or incomes or technical such as surface or volume. The market values obtained by the synthetic comparative approach will be given by the following proportion: !comparable : (p1 % + p2% + p3% + … + pn%) = Vx : (p1x% + p2x% + … + pnx%) In which: (p1 % + p2% + p3% + … + pn%) = sum of parameters of similar asset (p1x% + p2x% + … + pnx%) = sum of parameters of asset to be estimated The synthetic process will be given by applying the following formula: !x = !c + !c ∗ (p1 % + p2% + p3% + … + pn%)

In which: 'x = Unit market value compared expressed in €/m2 that will be multiplied by the commercial area to be estimated; 'c = Unit market value of similar asset (comparable) expressed in €/m2 'c ∗ (p1 % + p2% + p3% + … + pn% = Unit market value of similar asset (comparable) adjusted by the percentages assigned to different parameters. It is expressed in €/m2.

For direct sources, consideration of multiple publicly-traded comparable is preferred to the use of a single comparable.

Evidence from very similar publicly-traded comparable (for example market segment, geographic area,) provides a better indication of value than comparable that require significant adjustments.

Professional should make adjustments for any material difference between the guideline publiclytraded comparable and the subject asset. Examples of common differences that could warrant adjustments may include, but are not limited to: §

material physical characteristics (age, size, specifications, etc.), 13

§

relevant restrictions on either the subject asset or the comparable assets,

§

geographical location of the underlying company and the related economic and regulatory environments,

§

profitability or profit-making capability of the assets,

§

historical and expected growth,

§

differences related to marketability and control characteristics of the comparable and the subject asset.

In practice, unfortunately, it’s difficult to establish a right weight of each comparison feature but in this context of shortage and heterogeneity of data, this process is able to improve the reliability of the appraisal.

The process that has just been explained, will be detailed step by step in the next pages but before it we have considered necessary to give an overview of the whole appraisal by means of a methodological diagram (following page). The appraisal starts from the collection of the average values per square meter provided by indirect sources as Borsino Immobiliare, Immobiliare.it, Agenzia delle Entrate and Il Sole 24 Ore. It is a preliminary research of the most probable market value of the building units to be evaluated but given that there are usually many mismatches between sources, the expert has to interpret this data by processing and checking it with data acquired directly by real estate agents who operate in the area where the building units are located. After having identified, on the real estate market, four comparable per each building units on the basis of some parameters that will be explained within the paragraph 3.1.2 “Direct sources data”, some adjustments, expressed in percentage, will be applied on the transaction price in order to correct and bring them onto the same level of building units subject to estimation. Finally, the average between indirect and direct data will give us the most probable market value per square meter that will have to be multiplied by commercial area in order to get the most probable market value of each building unit expressed in Euros.

2.1.1. Indirect sources data for the calculation of market values The appraisal process begins from the consultation of indirect sources with the aim to collect information. In practice, since it’s not possible for the expert to be able to get directly an enough wide amount of data in order to be reliable, he has to lean on quotations made available by intermediaries. Therefore, the expert has to direct his research to some real estate values published by: § §

Agenzia delle Entrate; Estate agency Immobiliare.it 14

§ §

Borsino Immobiliare; Il Sole 24 Ore;

These quotations consider the localisation, the age of the building and its state of preservation, as shown in the following tables regarding both to residential and offices.

The first step is to obtain the average unitary values of residential units by identifying information from Agenzia delle Entrate, Immobiliare.it, Borsino Immobiliare and Il sole 24 Ore.

Source1- Agenzia delle Entrate

Agenzia delle Entrate’s residential quotations – 1 Sem. 2017

Source2 – Immobiliare.it

Immobiliare.it residential quotations – Ott. 2017

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Source3- Borsino Immobiliare

Borsino Immobiliare’s residential quotations – Nov. 2017

Source4- Il Sole 24 Ore

Il Sole 24 Ore’s residential quotations

All the information has been collected into a table as a result of providing an average unitary value.

As we can clearly see in the following table, the average unitary values are different between them and it’s possible to detect two different blocks of pricing: on one side Agenzia delle Entrate and

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Immobiliare.it that provide high quotations between 6200 €/m2 and 5317 €/m2 and on the other side Borsino Immobiliare and Il Sole 24 Ore with lower quotation between 3791 €/m2 and 4200 €/m2. The average unitary value between various sources accounts for 4934 €/m2.

Sources

Year

Agenzia delle

Sem. 2 -

Entrate

2017

Borsino immobiliare Immobiliare.it

Nov. 2017 n.a

Zone

Semicentrale/Pisani, Buenos Aires, Regina Giovanna; fascia OMI: C12

n.a

Civil Residence

Regina Giovanna, Pisacane,

Civil

Castel Morrone

Residence

Indipendenza, Loreto, Porta

Civil

Venezia

Residence

Il Sole 24 Ore (Ufficio Studi

Type

Buenos Aires, Venezia

Tecnocasa) Average

State of preservation

Market Value

Average

(€/m^2)

unitary

Min

Max

value (€/m^2)

Excellent

5300

6200

5750

Excellent

3791

5146

4468

n.d.

Civil

Signorile

Residence

Usato

5317

4200

4933,75

Summary of residential’s quotation

The second step is to repeat the same procedure in order to obtain the average unitary values of office units, however this time by detecting information only from Agenzia delle Entrate and Borsino Immobiliare.

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Agenzia delle Entrate’s office quotation – 1 Sem. 2017

Borsino Immobiliare’s office quotation – Nov. 2017

All information has been collected into a table as a result of providing an average unitary value.

The sources of office quotations detected are only two: Agenzia delle Entrate and Borsino Immobiliare. It’s important to highlight that the market value per square meter of one is significantly higher than the market value of another.

Sources

Year

Zone

Type

State of preservation

Market Value

Average

(€/m^2)

unitary

Min

Max

value (€/m^2)

Semicentrale/Pisani, Agenzia delle

Sem. 2 -

Buenos Aires, Regina

Entrate

2017

Giovanna; fascia OMI:

Office Excellent

2750

3800

3275

Office Excellent

2798

3069

2933,5

C12 Borsino

Nov.

Regina Giovanna,

immobiliare

2017

Pisacane, Castel Morrone

Average

3104,25

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The third step is to repeat the same procedure in order to obtain the average unitary values of shop units, also this time by detecting information only from Agenzia delle Entrate and Borsino Immobiliare.

Agenzia delle Entrate’s shop quotation –Nov. 2017

Borsino Immobiliare’s shop quotation

Sources

Year

Zone

Type

State of preservation

Agenzia delle Entrate

Sem. 2 2017

Semicentrale/Pisani, Buenos Aires, Regina Giovanna; fascia OMI: C12

Shop

Excellent

Borsino immobiliare

Nov. 2017

Regina Giovanna, Pisacane, Castel Morrone

Shop

Excellent

Average

Market Value (€/m^2) Min

5800

5055

Max

Average unitary value (€/m^2)

8200

7000

7312

6183,5

6591,75

However, the consultation of these sources is not enough because, as seen before, the quotations rarely match each other.

2.1.2. Direct sources data for the calculation of market values The task is to interpret this data by processing and checking it with data acquired directly by real estate agents who operate in the area where the building units are located. Interpretations of real estate pricing and direct information make the appraisal subjective but for the shortage of a homogenous and systematic database about market values, the professionalism of each expert has to make up the

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lack of it and makes the appraisal reliable. In addition, there are other issues to assess specific buildings that generally do not have much data. In these cases, the expert will have to broaden the multi-parameters procedure in order to make up the lack of information. After the step of collecting of indirect data, the second step concerns the identification of parameters needed to select similar comparable building units placed on the market. These parameters are: §

Localization (within 500 meters);

§

Commercial area;

§

Number of rooms.

As it has been said before, the research of comparable building units is within about 500 meters and precisely between the two rings as shown in the following image. That’s because prices per square meter are almost the same.

Localisation for comparable within 500m.

The following tables will show the comparable apartments and offices selected. For each comparable will be provided a brief description, the source, the localization, the function, the commercial area, the Market Value and the Net Market Value, both total and for square meter.

Net Market Value is the result of the subtraction from the Market Value of the cost of transaction (14% of the price), in order to get the most probable paid price.

First, it has been considered the type-apartment (unit A11), then we identified on the real estate market four comparable apartments based on the parameters explained before, but some adjustments,

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expressed in percentage, had been applied on the transaction price in order to correct it and bring the comparable onto the same level of the building unit, subject of the estimation.

In other words, the unitary market value of each comparable building unit has to be corrected since the building unit subject to estimation shows some differences from them.

For a right application of weightings, the expert has to detect the building units’ features that could influence the ordinary value. In this regard, are considered extrinsic and intrinsic features. Extrinsic features depend on external factors of the asset, because they are due to the relationships between itself and the environment, whereas intrinsic features depend on internal factors of the asset that determine the structure, the function and the comfort of itself.

After the comparison between the type-apartment with four other apartments on the market, it was obtained the Market Value and the Net Market Value of it, both total and per square meter.

The next step is to assume the type apartment as reference and to compare all the other units of the building with it, by making adjustments on the price according to the different features. In other words, it is repeated the same process before, but this time the comparison is between the building’s units, not between units on the market.

With regards to the offices, the type-office considered was the unit A23. Moreover, it was used the same procedure descripted above: identifying four comparable offices on the real estate market, correcting their transaction prices according to the different features and finally assuming the typeoffice as reference and comparing it with the other offices of the building, also this time by making adjustments on the price according to the different features.

For the appraisal of market value of offices and apartments, it has been selected the following extrinsic and intrinsic features. The extrinsic features are: proximity to public transport and availability of facilities, whereas the intrinsic features are: age of building, state of preservation, energy class, view, interior finishing, presence of elevator, floor, number of rooms, of bathroom, of balconies, presence of garage and cellar.

In the following table, all features are summarized.

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FEATURES Extrinsic Proximity to public transportation Availability of services

Intrinsic Age of building State of preservation Energetic class View Interior finishing Elevator Floor Rooms Bathrooms Balconies Garage Cellar

All these features have been ordered on a scale of values by giving different percentages base on subjective considerations. The most weighted features are: energetic class, state of preservation and proximity of public transport.

The other weights assigned to the features are reported in the following table. In addition, it has been defined seven classes of assessment (from seriously deficient to excellent) needed to assign a percentage to each feature of each comparable as a result of bringing them onto the same level of building units subject to estimation.

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FEATURES Proximity to public transport Availability of services Age of building State of preservation Elevator Energetic class View Interior finishing Floor Rooms Bathrooms Balconies Garage Cellar Showcase

Seriously Deficient

Deficient

Insufficient

Sufficient

Good

Great

Excelent

5,00% 4,00% 5,00% 7,00% 4,00% 7,50% 2,50% 2,00% 3,00% 4,50% 4,00% 2,00% 6,00% 3,50% 4,50%

3,00% 2,40% 3,00% 4,20% 2,40% 4,50% 1,50% 1,20% 1,80% 2,70% 2,40% 1,20% 3,60% 2,10% 2,70%

1,00% 0,80% 1,00% 1,40% 0,80% 1,50% 0,50% 0,40% 0,60% 0,90% 0,80% 0,40% 1,20% 0,70% 0,90%

0,00% 0,00% 0,00% 0,00% 0,00% 0,00% 0,00% 0,00% 0,00% 0,00% 0,00% 0,00% 0,00% 0,00% 0,00%

-1,00% -0,80% 1,00% -1,40% -0,80% -1,50% -0,50% -0,40% -0,60% -0,90% -0,80% -0,40% -1,20% -0,70% -0,90%

-3,00% -2,40% 3,00% -4,20% 2,40% -4,50% -1,50% -1,20% -1,80% -2,70% -2,40% -1,20% -3,60% -2,10% -2,70%

-5,00% -4,00% 5,00% -7,00% 4,00% -7,50% -2,50% -2,00% -3,00% -4,50% -4,00% -2,00% -6,00% -3,50% -4,50%

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2.1.3. Determination of market values As it has been reported in the previous pages, the market values obtained by the synthetic comparative approach will be given by the following proportion: !comparable : (p1 % + p2% + p3% + … + pn%) = Vx : (p1x% + p2x% + … + pnx%) In which: (p1 % + p2% + p3% + … + pn%) = sum of parameters of similar asset (p1x% + p2x% + … + pnx%) = sum of parameters of asset to be estimated The synthetic process will be given by applying the following formula: !x = !c + !c ∗ (p1 % + p2% + p3% + … + pn%)

In which: 'x = Unit market value compared expressed in €/m2 that will be multiplied by the commercial area to be estimated; 'c = Unit market value of similar asset (comparable) expressed in €/m2 'c ∗ (p1 % + p2% + p3% + … + pn% = Unit market value of similar asset (comparable) adjusted by the percentages assigned to different parameters. It is expressed in €/m2.

By means of Excel spreadsheet, it has been possible to evaluate the most probable market value adjusted and expressed in Euros per square meter for each building unit subject to evaluation. The latter will be multiplied by the commercial area in order to obtain the most probable market value expressed in Euros. In the following tables will be illustrated the most probable market value of the apartments, offices and shop.

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Entity References

Description

DATA Extrinsic Value

w

2 Features

3 w

Features

w

4 Features

w

Apartment: entrance, living room, separate Kitchen, 4 Five-rooms flat inside a period building of Four-rooms flat inside a building of 1930. Five-rooms flat inside a building of 1950. It's Four-rooms flat inside a building of 1800. bedrooms, 2 bathrooms, 1800. It is located at 1st Floor.

It is located at 1st Floor. located at 2nd Floor.

Located at 6th Floor. catchall, balcony. immobiliare.it via Morgagni Apartment 215 1.230.000 5.720 1.057.800 4.920

P.le Oberdan 4 Apartment 209,54

immobiliare.it via Pancaldo 9 Apartment 228 1.100.000 4.825 946.000 4.149

immobiliare.it viale Majno Apartment 220 1.850.000 8.409 1.591.000 7.232

immobiliare.it viale Piave Apartment 200 1.300.000 6.500 1.118.000 5.590

Proximity to public transportation

Excelent

Great

2,0%

Excelent

0,0%

Good

4,0%

Good

4,0%

Services

Excelent

Excelent

0,0%

Excelent

0,0%

Excelent

0,0%

Excelent

0,0%

Age of building State of preservation Energetic class View Interior finishing Elevator Floor Rooms Bathrooms Balconies Garage Cellar Total Adjustement coefficient Most probable Net Market value (€) Most probable Net Market value (€/m²) Average of most probable Net Market value (€/m²) Most probable Net Market value of the apartment

Intrinsic

FEATURES

A11

Source Localization and Accessibility Function Commercial Area (m²) Market Value (€) Market Value (€/m²) Net Market Value (Market value-14%) (€) Net Market Value (€/m²)

Comparables 1 Features

1900 Good G Great Good Yes 1 5 2 1 0 1

1800

Deficient Good Sufficient Good Great Sufficient Sufficient Insufficient Sufficient Great Sufficient Sufficient

3,0% 1930 Sufficient 0,0% 1950 Good -1,0% 1800 Deficient 3,0% 0,0% Good 0,0% Excelent -5,6% Great -2,8% G 0,0% E Good -1,5% G Sufficient 0,0% G Sufficient 0,0% 1,0% Sufficient 1,5% Great 0,0% Great 0,0% -0,8% Sufficient 0,4% Excelent -1,6% Great -0,8% Yes 0,0% Yes Sufficient 0,0% Yes Sufficient 0,0% Yes Sufficient 0,0% 1 0,0% 1 Sufficient 0,0% 2 Good -0,6% 6 Excelent -3,0% 3+1 0,9% 5 Sufficient 0,0% 5 Sufficient 0,0% 4 Insufficient 0,9% 2 0,0% 2 Sufficient 0,0% 4 Great -2,4% 3 Good -0,8% 3 -2,0% 2 Good -0,4% 3 Great -2,0% 0 Insufficient 0,4% 0 0,0% 0 Sufficient 0,0% 1 Good -1,2% 0 Sufficient 0,0% 1 0,0% 1 Sufficient 0,0% 1 Sufficient 0,0% 0 Insufficient 0,7% 4,1% 0,0% -10,4% 1,6% 1.101.170 946.000 1.425.536 1.135.888 5.122 4.149 6.480 5.679

5.358

1.122.612

25

Entity References

DATA

Description

Most probable Net Market value (€/m²) Net Market Value of the apartment

Value

FEATURES

Intrinsic

Localization and Accessibility Function Commercial Area (m²) Market Value (€) Market Value (€/m²) Net Market Value (Market value-14%) (€) Net Market Value (€/m²) View Interior finishing Elevator Floor Rooms Bathrooms Balconies Total Adjustement coefficient

Comparables

A11

A12

w

A13

w

A14

w

A21

w

Apartment: entrance, living room, separate Kitchen, 4 Apartment: entrance, Kitchen, living room, Apartment: entrance, Kitchen, living room, Apartment: entrance, Kitchen, living room, 2 Apartment: entrance, Kitchen, living room, bedrooms, 2 bathrooms, 3 bedrooms, 2 bathrooms.

3 bedrooms, 1 bathroom. bedrooms, 1 bathroom.

2 bedrooms, 1 bathroom. catchall, balcony.

P.le Oberdan 4 Apartment 209,54 1.279.778 6.108 1.122.612 5.358 Great Good Yes 1 5 2 1

P.le Oberdan 4 Apartment 155,88

Yes 1 4 2 0

Good Good Sufficient Sufficient Insufficient Sufficient Insufficient

Via Mascagni Apartment 122,59

-1,0% 0,0% 0,0% 0,0% -0,9% 0,0% -0,4% -2,3%

5.234 815.920

No 1 4 1 1

Good Sufficient Deficient Sufficient Insufficient Insufficient Sufficient

Via Mascagni Apartment 99,47

-1,0% -0,4% -2,4% 0,0% -0,9% -0,8% 0,0% -5,5%

5.063 620.654

No 1 3 1 0

Good Good Deficient Sufficient Deficient Insufficient Insufficient

Via Mascagni Apartment 124,16

-1,0% 0,0% -2,4% 0,0% -2,7% -0,8% -0,4% -7,3%

4.966 494.009

No 2 3 1 1

Good Sufficient Deficient Good Deficient Insufficient Sufficient

-1,0% -0,4% -2,4% 0,6% -2,7% -0,8% 0,0% -6,7%

5.716 709.756

26

Entity References

DATA

Description

Value

FEATURES

Intrinsic

Localization and Accessibility Function Commercial Area (m²) Market Value (€) Market Value (€/m²) Net Market Value (Market value-14%) (€) Net Market Value (€/m²) View Interior finishing Elevator Floor Rooms Bathrooms Balconies Total Adjustement coefficient Most probable Net Market value (€/m²) Net Market Value of the apartment

A11

Comparables A22

w

A32

w

A33

w

A41

w

Apartment: entrance, living Apartment: entrance, kitchen, living room, room, separate Kitchen, 4 Apartment: entrance, kitchen, living room, Apartment: entrance, Kitchen, living room, 3 Apartment: entrance, Kitchen, living room, 2 bedrooms. 2 bathrooms, 2 offices, bedrooms, 2 bathrooms, 4 bedrooms, 3 bathrooms, office. bedrooms, 1 bathroom.

4 bedrooms, 2 bathrooms, 2 offices. laundry room. catchall, balcony.

P.le Oberdan 4 Apartment 209,54 1.279.778 6.108 1.122.612 5.358 Great Good Yes 1 5 2 1

P.le Oberdan 4 Apartment 212,49

P.le Oberdan 4 Apartment 230,89

Via Mascagni Apartment 120,20

P.le Oberdan 4 Apartment 211,15

Good Good Sufficient Good Good Good Insufficient

Excelent Good Sufficient Good Good Sufficient Great

Good Sufficient Deficient Good Insufficient Insufficient Sufficient

Good Great Sufficient Great Great Sufficient Insufficient

-1,0% 0,0% Yes 0,0% 2 0,6% 6 0,9% 3 0,8% 0 -0,4% 0,9% 5.406 1.148.663

1,0% 0,0% Yes 0,0% 3 0,6% 5 0,9% 2 0,0% 2 1,2% 3,7% 5.556 1.282.764

-1,0% -0,4% No -2,4% 3 0,6% 4 -0,9% 1 -0,8% 1 0,0% -4,9% 5.095 612.418

-1,0% 0,8% Yes 0,0% 4 1,8% 7 2,7% 2 0,0% 0 -0,4% 3,9% 5.566 1.175.356

27

Entity References

DATA

Description

Value

FEATURES

Intrinsic

Localization and Accessibility Function Commercial Area (m²) Market Value (€) Market Value (€/m²) Net Market Value (Market value-14%) (€) Net Market Value (€/m²) View Interior finishing Elevator Floor Rooms Bathrooms Balconies Total Adjustement coefficient Most probable Net Market value (€/m²) Net Market Value of the apartment

A11

Comparables A51

w

A52 - UNITÀ SOTTOTETTO

w

A61

w

Apartment: entrance, living Apartment: entrance, kitchen, living room, room, separate Kitchen, 4 Apartment: entrance, kitchen, living room, Apartment: Kitchen, living room, 3 bedrooms, 3 bedrooms, 3 bathrooms, 1 office, bedrooms, 2 bathrooms, 2 bedrooms. 2 bathrooms, 1 balcony.

1 bathroom. laundry room. catchall, balcony.

P.le Oberdan 4 Apartment 211,24 1.279.778 6.108 1.122.612 5.358 Great Good Yes 1 5 2 1

P.le Oberdan 4 Apartment 259,41

Excelent Great Sufficient Great Sufficient Good Great

1,0% 0,8% Yes 0,0% 5 1,8% 5 0,0% 3 0,8% 1 (very big) 1,2% 5,6% 5.658 1.467.619

P.le Oberdan 4 Apartment 170,48 *Total area minus not abitable area.

Excelent Great Sufficient Great Deficient Sufficient Great

1,0% 0,8% Yes 0,0% 5 1,8% 3 -2,7% 2 0,0% 1 (big) 1,2% 2,1% 5.470 932.528

P.le Oberdan 4 Apartment 120,25

Excelent Great Sufficient Excelent Insufficient Insufficient Sufficient

1,0% 0,8% Yes 0,0% 6 3,0% 4 -0,8% 1 -0,8% 1 0,0% 3,2% 5.529 664.856

APPARTAMENTO

Apartment: living room, 1 bedroom, 1 bathroom.

P.le Oberdan 4 Apartment 94,92

Excelent Great Sufficient Excelent Seriously Deficient Insufficient Sufficient

1,0% 0,8% Yes 0,0% 6 3,0% 2 -4,5% 1 -0,8% 1 0,0% -0,5% 5.331 505.992

*We assumed unit A52 as renovated.

w

28

Entity References

Description

Office: entrance, conference room, 8 offices, 1 bathrooms, catchall,3 balconies, terrace.

DATA Extrinsic Value

w

2 Features

3 w

Features

w

4 Features

w

Office: entrance,2 conference rooms, 8 rooms, 2 bathrooms, catchall, balcony.

Office: entrance, ceonference room, 7 rooms, 4 bathrooms.

Office: entrance, 7 rooms, archive, 3 bathrooms.

Office: entrance, conference room, 9 rooms, 3 bathrooms.

immobiliare.it Piazza Fratelli Bandiera Office 270 1.050.000 3.889 903.000 3.344

immobiliare.it via Vitruvio Office 300 1.100.000 3.667 946.000 3.153

immobiliare.it corso di Porta Nuova Office 250 900.000 3.600 774.000 3.096

immobiliare.it via Pochielli Office 290 850.000 2.931 731.000 2.521

P.le Oberdan 4 Office 260,23

Proximity to public transportation

Excelent

Good

4,0%

Excelent

0,0%

Good

4,0%

Good

4,0%

Services

Excelent

Great

1,6%

Great

1,6%

Great

1,6%

Good

3,2%

Age of building State of preservation Energetic class View Interior finishing Floor Rooms Bathrooms Balconies Garage Cellar Total Adjustement coefficient Most probable Net Market value (€) Most probable Net Market value (€/m²) Average of most probable Net Market value (€/m²) Most probable Net Market value of the apartment

Intrinsic

FEATURES

A23

Source Localization and Accessibility Function Commercial Area (m²) Market Value (€) Market Value (€/m²) Net Market Value (Market value-14%) (€) Net Market Value (€/m²)

Comparables 1 Features

1900 Great G Good Great 2 9 1 3+1 0 1

1970

Good Great Sufficient Good Great Insufficient Good Good Deficent Sufficient Insufficient

-1,0% 1920 Sufficient 0,0% 190 Sufficient 0,0% 1970 Good -1,0% 0,0% Good -2,8% Great 0,0% Great 0,0% G 0,0% E Good -1,5% G Sufficient 0,0% G Sufficient 0,0% 0,0% Good 0,0% Good 0,0% Good 0,0% 0,0% Good 0,8% Good 0,8% Good 0,8% 1 0,6% 4 Good -0,6% 1 Sufficient 0,0% 1 Sufficient 0,0% 10 -0,9% 8 Insufficient 0,9% 7 Deficient 2,7% 10 Good -0,9% 2 -0,8% 4 Great -2,4% 3 Good -0,8% 3 Good -0,8% 1 1,2% 0 Seriously deficent 2,0% 0 Seriously deficent 2,0% 0 Seriously deficent 2,0% 0 0,0% 0 Sufficient 0,0% 0 Sufficient 0,0% 0 Sufficient 0,0% 0 0,7% 0 Insufficient 0,7% 0 Insufficient 0,7% 0 Insufficient 0,7% 5,4% -1,3% 11,0% 8,0% 951.762 933.702 859.140 789.480 3.525 3.112 3.437 2.722

3.199

832.495

29

Entity References

Value

FEATURES

Intrinsic

DATA

Description

Localization and Accessibility Function Commercial Area (m²) Market Value (€) Market Value (€/m²) Net Market Value (Market value-14%) (€) Net Market Value (€/m²) View Interior finishing Floor Rooms Bathrooms Balconies Cellar Total Adjustement coefficient Most probable Net Market value (€/m²) Net Market Value of the apartment

Comparables

A23 Office: entrance, conference room, 8 offices, 1 bathrooms, catchall,3 balconies, terrace.

P.le Oberdan 4 Office 260,23 949.044 3.647 832.495 3.199 Good Great 2 9 1 3+1 1

A01

w

A31

w

A42

w

Office: entrance, 9 rooms, 2 bathrooms, deposit.

Office: entrance, conference room, 9 rooms, bathroom, balcony.

Office: entrance, conference room, 10 rooms, 4 bathrooms, 2 balconies.

via Marcello Malpighi Office 507,32

P.le Oberdan 4 Office 236,22

P.le Oberdan 4 Office 250,81

0 9 2 0 1

Good Good Insufficient Sufficient Good Deficient Sufficient

0,0% -0,8% -0,6% 0,0% 0,8% -1,2% 0,0% -1,8% 3.256,66 1.652.166,53

Good Sufficient Good Sufficient Sufficient Deficent Sufficient

0,0% -1,2% 3 0,6% 9 0,0% 1 0,0% 1 -1,2% 1 0,0% -1,8% 3.256,66 769.287,19

Great Good Great Good Great Insufficient Sufficient

1,0% -0,8% 4 1,8% 10 0,9% 4 2,4% 2 -0,4% 1 0,0% 4,9% 3.042,32 763.043,72

30

Entity References

Description

Shop: 5 showcases, deposit

DATA Extrinsic Value

P.le Oberdan 4 Shop 125

w

2 Features

3 w

Features

w

4 Features

Shop: 2 showcases

Shop: 2 showcases, deposit

Shop: 3 showcases, deposit

Shop: 2 showcases, deposit

immobiliare.it via Tadino 8 Shop 108 400.000 3.704 344.000 3.185

immobiliare.it viale Piave Shop 128 500.000 3.906 430.000 3.359

immobiliare.it via Pisacane Shop 110 488.000 4.436 419.680 3.815

immobiliare.it via Fabio Filzi Shop 120 449.000 3.742 386.140 3.218

w

Proximity to public transportation

Excelent

Great

2,0%

Great

2,0%

Good

4,0%

Great

2,0%

Services

Excelent

Great

1,6%

Great

1,6%

Good

3,2%

Great

1,6%

Age of building State of preservation Energetic class View Interior finishing Elevator Floor Rooms Bathrooms Balconies Storage Showcase Total Adjustement coefficient Most probable Net Market value (€) Most probable Net Market value (€/m²) Average of most probable Net Market value (€/m²) Most probable Net Market value of the apartment

Intrinsic

FEATURES

A02

Source Localization and Accessibility Function Commercial Area (m²) Market Value (€) Market Value (€/m²) Net Market value (Market value-14%) (€) Net Market value (€/m²)

Comparables 1 Features

1900 Good G Good Great No 0 1 1 0 1 5

1900

Sufficient Good Sufficient Sufficient Good Sufficient Sufficient Sufficient Sufficient Sufficient Insufficient Deficient

0,0% 1920 Sufficient 0,0% 1920 Sufficient 0,0% 1930 Sufficient 0,0% 0,0% Good 0,0% Good 0,0% Good 0,0% G 0,0% G Sufficient 0,0% C Great -4,5% E Good -1,5% 0,5% Good 0,0% Sufficient 0,5% Sufficient 0,5% 0,8% Good 0,8% Good 0,8% Good 0,8% No 0,0% No Sufficient 0,0% Yes Good -0,8% No Sufficient 0,0% 0 0,0% 0 Sufficient 0,0% 0 Sufficient 0,0% 0 Sufficient 0,0% 1 0,0% 1 Sufficient 0,0% 1 Sufficient 0,0% 1 Sufficient 0,0% 1 0,0% 1 Sufficient 0,0% 2 Sufficient 0,0% 1 Sufficient 0,0% 0 0,0% 0 Sufficient 0,0% 0 Sufficient 0,0% 0 Sufficient 0,0% 0 -0,7% 1 Sufficient 0,0% 1 Sufficient 0,0% 1 Sufficient 0,0% 2 2,7% 2 Deficient 0,9% 3 Insuffucient 0,9% 2 Deficient 2,7% 6,9% 5,3% 4,1% 6,1% 367.736 452.790 436.887 409.695 3.405 3.537 3.972 3.414

3.582

447.756

31

The last step for the Market approach is to obtain the final value of each unit through the average between indirect and direct sources (€/m²) and finally multiply it for the commercial area of the unit.

Shop

Offices

Apartments

Entity A11 A12 A13 A14 A21 A22 A32 A33 A41 A51 A52 A61 Appartment A23 A01 A31 A42 A02

Commercial area 209,54 155,88 122,59 99,47 124,16 212,49 230,89 120,20 211,15 259,41 170,48 120,25 94,92 260,23 507,32 236,22 250,81

Net Market Value from DIRECT sources (€/m²) 5.358 5.234 5.063 4.966 5.716 5.406 5.556 5.095 5.566 5.658 5.470 5.529 5.331 3.199 3.257 3.257 3.042

125 3.582 Total

Net Market Value from INDIRECT sources (€/m²) 4.934 4.934 4.934 4.934 4.934 4.934 4.934 4.934 4.934 4.934 4.934 4.934 4.934 3.104 3.104 3.104 3.104

Average (€/m²)

Net Market Value (€)

5.146 5.084 4.998 4.950 5.325 5.170 5.245 5.014 5.250 5.296 5.202 5.231 5.132 3.152 3.180 3.180 3.073

1.078.241 792.516 612.757 492.397 661.181 1.098.544 1.210.988 602.742 1.108.585 1.373.774 886.838 629.085 487.164 820.124 1.613.444 751.257 770.779

6.592

5.087

635.878 15.626.294

32

2.2. Evaluation through the analytical method of capitalization of income The income capitalization approach is a method used to determine the market value of a building unit and it consists in accumulating to the current moment all the future incomes by using specific mathematics financial formula:

!m =

$ %&

In which: ' = Income for capitalization () = Capitalization rate The capitalization criteria are not a new and more rational method of appraisal but it’s only a comparative estimation that uses as parameter of comparison the income. In fact, if:

!m =

$ %&

and

%& =

$ !m

%& =

$ !m

by replacing Cp in the first formula we obtain:

!m =

$ $ !m

and so:

by putting I =p (parameter) we obtain the same proportion illustrated in the synthetic comparative approach: !comparable : p% = Vx : px% In this procedure, the capitalization rate has the greatest importance that represent the result of comparison with market. Therefore, even if we applied the same income and the same formula but an independent cap. rate, the value that will be obtained cannot be considered as a market cap. rate.

33

Therefore, the income value will be calculated, as it will be explained in the next paragraphs, by means of direct and indirect sources and at the end we’ll define the most probable market value of each building unit according to the formula of the income capitalization approach.

2.2.1. Indirect sources data for the calculation of market values As explained for the market approach the appraisal process begins from the consultation of indirect sources with the aim to collect information. In practice, since it’s not possible for the expert to be able to get directly an enough wide amount of data in order to be reliable, he has to lean on quotations made available by intermediaries. Therefore, the expert has to direct his research to some real estate values published by: §

Agenzia delle Entrate;

§

Estate agency Immobiliare.it

§

Borsino Immobiliare;

§

Il Sole 24 Ore;

These quotations consider the localisation, the age of the building and its state of preservation, as shown in the following tables regarding both to residential and offices.

The first step is to obtain the average unitary values of residential units by identifying information from Agenzia delle Entrate, Immobiliare.it, Borsino Immobiliare and Il sole 24 Ore.

34

Source 1-Agenzia delle Entrate

Agenzia delle Entrate’s residential quotations – 1 Sem. 2017

Source2- Immobiliare.it

35

Borsino Immobiliare’s residential quotations – Nov. 2017

All the information has been collected into a table as a result of providing an average unitary value.

As we can clearly see in the following table, the average unitary values are different between them and it’s possible to detect two different blocks of pricing: on one side Agenzia delle Entrate and Immobiliare.it that provide high quotations between 17,5 €/m2 and 19,5 €/m2 and on the other side Borsino Immobiliare with lower quotation between 11,7 €/m2 and 16,2 €/m2. The average unitary value between various sources accounts for 16,87 €/m2.

Sources

Year

Zone

Semicentrale/Pisani, Buenos Aires, Civil Regina Giovanna; Residence fascia OMI: C12

Agenzia delle Entrate

Sem. 2 2017

Borsino immobiliare

Regina Giovanna, Nov. 2017 Pisacane, Castel Morrone

Immobiliare.it

n.a

Average

Type

Indipendenza, Loreto, Porta Venezia

State of preservation

Rental Value (€/m^2) Min

Max

Average unitary value (€/m^2)

Excellent

17,5

19,5

18,5

Civil Residence

Excellent

11,7

16,2

13,95

Civil Residence

n.d.

18,16

16,87

Summary of residential’s quotation

36

The second step is to repeat the same procedure in order to obtain the average unitary values of office units, however this time by detecting information only from Agenzia delle Entrate and Borsino Immobiliare.

Agenzia delle Entrate’s office quotation – 1 Sem. 2017

Borsino Immobiliare’s office quotations – Nov. 2017

All information has been collected into a table as a result of providing an average unitary value.

The sources of office quotations detected are only two: Agenzia delle Entrate and Borsino Immobiliare. It’s important to highlight that the market value per square meter of one is significantly higher than the market value of another.

Sources

Year

Average unitary value (€/m^2)

Type

Semicentrale/Pisani, Buenos Aires, Regina Giovanna; fascia OMI: C12

Offices

Excellent

9,9

11,7

10,8

Offices

Excellent

14,4

18,1

16,25

Agenzia delle Entrate

Borsino immobiliare

Regina Giovanna, Nov. 2017 Pisacane, Castel Morrone

Rental Value (€/m^2)

Zone

Sem. 2 2017

Average

State of preservation

Min

Max

13,525

37

The third step is to repeat the same procedure in order to obtain the average unitary values of shop units, also this time by detecting information only from Agenzia delle Entrate and Borsino Immobiliare.

Agenzia delle Entrate’s shop quotation – 1 Sem. 2017

Borsino Immobiliare’s shop quotation – Nov. 2017

Agenzia delle Entrate

Borsino immobiliare

Average unitary value (€/m^2)

Rental Value (€/m^2)

Type

State of preservation

Semicentrale/Pis ani, Buenos Sem. 2 - 2017 Aires, Regina Giovanna; fascia OMI: C12

Shops

Excellent

28

39

33,5

Regina Giovanna, Pisacane, Castel Morrone

Shops

Excellent

25,3

36,1

30,7

Sources

Year

Nov. 2017

Zone

Min

Max

Average

32,1

However, the consultation of these sources is not enough because, as seen before, the quotations rarely match each other.

2.2.2. Direct sources data for the calculation of incomes The task is to interpret this data by processing and checking it with data acquired directly by real estate agents who operate in the area where the building units are located. Interpretations of real estate pricing and direct information make the appraisal subjective but for the shortage of a homogenous and systematic database about rental values, the professionalism of each expert has to make up the lack of it and makes the appraisal reliable. In addition, there are other issues to assess specific buildings that generally do not have much data. In these cases, the expert will have to broaden the multi-parameters procedure in order to make up the lack of information. After the step of collecting

38

of indirect data, the second step concerns the identification of parameters needed to select similar comparable building units placed on the market. These parameters are: §

Localization (within 500 meters);

§

Commercial area;

§

Number of rooms.

As it has been said before, the research of comparable building units is within about 500 meters and precisely between the two rings as shown in the following image. That’s because prices per square meter are almost the same.

Image. Search radius The following tables will show the comparable apartments and offices selected. For each comparable will be provided a brief description, the source, the localization, the function, the commercial area, the Rental Value and the Net Rental Value, both total and for square meter.

Net Rental Value is the result of the subtraction from the Rental Value of the cost of transaction (6% of the price), in order to get the most probable paid price.

First, it has been considered the type-apartment (unit A11), then we identified on the real estate market four comparable apartments based on the parameters explained before, but some adjustments, expressed in percentage, had been applied on the transaction price in order to correct it and bring the comparable onto the same level of the building unit, subject of the estimation.

In other words, the unitary market value of each comparable building unit has to be corrected since the building unit subject to estimation shows some differences from them.

39

For a right application of weightings, the expert has to detect the building units’ features that could influence the ordinary value. In this regard, are considered extrinsic and intrinsic features. Extrinsic features depend on external factors of the asset, because they are due to the relationships between itself and the environment, whereas intrinsic features depend on internal factors of the asset that determine the structure, the function and the comfort of itself.

After the comparison between the type-apartment with four other apartments on the market, it was obtained the Rental Value and the Net Rental Value of it, both total and per square meter.

The next step is to assume the type apartment as reference and to compare all the other units of the building with it, by making adjustments on the price according to the different features. In other words, it is repeated the same process before, but this time the comparison is between the building’s units, not between units on the market.

With regards to the offices, the type-office considered was the unit A23. Moreover, it was used the same procedure descripted above: identifying four comparable offices on the real estate market, correcting their transaction prices according to the different features and finally assuming the typeoffice as reference and comparing it with the other offices of the building, also this time by making adjustments on the price according to the different features.

For the appraisal of rental value of offices and apartments, it has been selected the following extrinsic and intrinsic features. The extrinsic features are: proximity to public transport and availability of facilities, whereas the intrinsic features are: age of building, state of preservation, energy class, view, interior finishing, presence of elevator, floor, number of rooms, of bathroom, of balconies, presence of garage and cellar.

In the following table, all features are summarized.

FEATURES Extrinsic Proximity to public transportation Availability of services

Intrinsic Age of building State of preservation Energetic class View Interior finishing Elevator Floor Rooms Bathrooms Balconies Garage Cellar

40

All these features have been ordered on a scale of values by giving different percentages base on subjective considerations. The most weighted features are: energetic class, state of preservation and proximity of public transport.

The other weights assigned to the features are reported in the following table. In addition, it has been defined seven classes of assessment (from seriously deficient to excellent) needed to assign a percentage to each feature of each comparable as a result of bringing them onto the same level of building units subject to estimation.

FEATURES Proximity to public transport Availability of services Age of building State of preservation Elevator Energetic class View Interior finishing Floor Rooms Bathrooms Balconies Garage Cellar Showcase

Seriously Deficient

Deficient

Insufficient

Sufficient

Good

Great

Excelent

5,00% 4,00% 5,00% 7,00% 4,00% 7,50% 2,50% 2,00% 3,00% 4,50% 4,00% 2,00% 6,00% 3,50% 4,50%

3,00% 2,40% 3,00% 4,20% 2,40% 4,50% 1,50% 1,20% 1,80% 2,70% 2,40% 1,20% 3,60% 2,10% 2,70%

1,00% 0,80% 1,00% 1,40% 0,80% 1,50% 0,50% 0,40% 0,60% 0,90% 0,80% 0,40% 1,20% 0,70% 0,90%

0,00% 0,00% 0,00% 0,00% 0,00% 0,00% 0,00% 0,00% 0,00% 0,00% 0,00% 0,00% 0,00% 0,00% 0,00%

-1,00% -0,80% 1,00% -1,40% -0,80% -1,50% -0,50% -0,40% -0,60% -0,90% -0,80% -0,40% -1,20% -0,70% -0,90%

-3,00% -2,40% 3,00% -4,20% 2,40% -4,50% -1,50% -1,20% -1,80% -2,70% -2,40% -1,20% -3,60% -2,10% -2,70%

-5,00% -4,00% 5,00% -7,00% 4,00% -7,50% -2,50% -2,00% -3,00% -4,50% -4,00% -2,00% -6,00% -3,50% -4,50%

By means of Excel spreadsheet, it has been possible to evaluate the most probable net rental value adjusted and expressed in Euros per square meter for each building unit subject to evaluation. The latter will be multiplied by the commercial area in order to obtain the most probable net rental value expressed in Euros. In the following tables will be illustrated the most probable net rental value of the apartments, offices and shop.

41

Entity References

Description

Value

Intrinsic

FEATURES

Extrinsic

DATA

Source Localization and Accessibility Function Commercial Area (m²) Rental Value per month (€) Rental Value per month (€/m²) Net Rental value per month (Rental value per month*-6%) (€) Net Rental value per month (€/m²) **

w

3 w

Features

4 Features

w

w

Five+-rooms flat inside a stately building of 1930 overlooking the Palestro's garden.

Excelen interior finishing and located at 3rd Floor.

Five-rooms flat inside a stately building of 1935. It is located at 5th of 6 Floors.

Six-rooms flat inside a building of 1**0, overlooking Piazza Duse. It's located at 3rd Floor.

Four-rooms flat inside a building of 1***.

Located at 5th of 5 Floors.

P.le Oberdan 4 Apartment 209,54 / / / /

immobiliare.it via Tommaso Salvini 1 Apartment 240 5.400 23 5.076 21

immobiliare.it Piazza Eleonora Duse Apartment 200 3.300 17 3.102 16

immobiliare.it via Baretti 1 Apartment 220 5.000 23 4.700 21

immobiliare.it Piaazza Eleonora Duse Apartment 200 4.333 22 4.073 20

Excelent

Services

Excelent

Most probable net rental value adjusted per month (€) Most probable net rental value value adjusted per month (€/m²) Average of most probable net rental value per month (€/m²) Most probable net rental value per month of the apartment

2 Features

Apartment: entrance, living room, separate Kitchen, 4 bedrooms, 2 bathrooms, catchall, balcony.

Proximity to public transportation

Age of building State of preservation Energetic class View Interior finishing Floor Rooms Bathrooms Balconies Garage Cellar Total Adjustement coefficient

Comparables 1 Features

A11

1900 Great G Great Good 1 5 2 1 terrace 0 1

1930 F

3 6 3 2 0 1

Great

2,0%

Excelent

0,0%

Good Excelent Good Good Excelent Good Good Good Sufficient Sufficient Sufficient

0,0% -2,7% -1,5% 1,0% -1,6% -0,6% -0,9% -0,8% 0,0% 0,0% 0,0% -5,1%

1935 G

5 5 3 1 0 1

Excelent

0,0%

Great

2,0%

Excelent

0,0%

Great

2,0%

Good Good Sufficient Great Good Great Sufficient Good Insufficient Sufficient Sufficient

0,0% 2,8% 0,0% 0,0% 0,0% -1,8% 0,0% -0,8% 0,4% 0,0% 0,0% 0,6%

1*** E

3 6 4 2

0

Good Good Great Sufficient Good Good Great Sufficient Sufficient Sufficient

2,8% -1,5% 0,0% 0,4% -0,6% -0,9% -2,4% 0,0% 0,0% 0,0% 1,8%

D

5 4 3 1 terrace 0 1

Excelent

0,0%

Excelent

0,0%

Deficient Good Great Excelent Good Excelent Insufficient Good

Good Sufficient Sufficient

2,8% -4,5% -1,0% 0,0% -3,0% 0,9% -0,8% -0,4% 0,0% 0,0% -6,0%

4.817,12 3.120,61 4.784,60 3.828,64 20,07 15,60 21,75 19,14

19,14

4.010,90

42

Entity References

Value

FEATURES

Intrinsic

DATA

Description

Localization and Accessibility Function Commercial Area (m²) Rental Value per month (€) Rental Value per month (€/m²) Net Rental value per month (Rental value per month*-6%) (€) Net Rental value per month (€/m²) View Interior finishing Floor Rooms Bathrooms Balconies Total Adjustement coefficient Most probable net rental value adjusted per month (€) Most probable net rental value (€/m²) Average of most probable net rental value (€/m²) Most probable net rental value of the apartment (€)

Comparables

A11

A12

w

A13

w

Apartment: entrance, living room, separate Kitchen, 4 Apartment: entrance, Kitchen, living room, 3 Apartment: entrance, Kitchen, living room, 3 bedrooms, 2 bathrooms, bedrooms, 2 bathrooms. bedrooms, 1 bathrooms. catchall, balcony.

P.le Oberdan 4 Apartment 209,54 4.251,55 20,29 4.010,90 19,14 Great Good 1 5 2 1 terrace

P.le Oberdan 4 Apartment 155,88

1 4 2 0

Good Good Sufficient Insufficient Sufficient Insufficient

A14

0,0% -0,9% 0,0% -0,4% -2,3%

1 4 1 1 terrace

Good Sufficient Sufficient Insufficient Insufficient Sufficient

A21

P.le Oberdan 4 Apartment 99,46

-1,0% -0,4% 0,0% -0,9% -0,8% 0,0% -3,1%

w

Apartment: entrance, Kitchen, living room, 2 Apartment: entrance, Kitchen, living room, 2 bedrooms, 1 bathroom. bedrooms, 1 bathroom.

P.le Oberdan 4 Apartment 122,59

-1,0%

w

1 3 1 0

Good Good Sufficient Deficient Insufficient Insufficient

P.le Oberdan 4 Apartment 124,16

-1,0% 0,0% -2,7% -0,8% -0,4% -4,9%

2

Good Sufficient Good Deficient Insufficient Sufficient

-1,0% -0,4% 0,6% -2,7% -0,8% 0,0% -4,3%

2.915,14 2.273,81 1.810,52 2.274,41 18,70 18,55 18,20 18,32

18,44

3.864,50

43

valore negozio unico jack References

Intrinsic

FEATURES

DATA

Description

Localization and Accessibility Function Commercial Area (m²) Rental Value per month (€) Rental Value per month (€/m²) Net Rental value per month (Rental value per month*-6%) (€) Net Rental value per month (€/m²) View Interior finishing Elevator Floor Rooms Bathrooms Balconies Total Adjustement coefficient

A11

A22

w

A32

w

Apartment: entrance, living Apartment: entrance, kitchen, living room, 2 room, separate Kitchen, 4 Apartment: entrance, kitchen, living room, 4 bedrooms. 2 bathrooms, 2 offices, laundry bedrooms, 2 bathrooms, bedrooms, 3 bathrooms, office. room. catchall, balcony.

P.le Oberdan 4 Apartment 209,54 4.251,55 20,29 4.010,90 19,14 Great Good Yes 1 5

Yes 2 6

2

3

1

0

P.le Oberdan 4 Apartment 212,49 / / / / Good Good Sufficient Good Good

A33

2811,38 w

A41

w

Apartment: entrance, Kitchen, living room, 3 bedrooms, 1 bathroom.

Apartment: entrance, Kitchen, living room, 4 bedrooms, 2 bathrooms, 2 offices.

Via Mascagni Apartment 120,20 / / / / Good Sufficient Deficient Good Insufficient

-1,0% -0,4% -2,4% 0,6% -0,9%

Yes 4 7

P.le Oberdan 4 Apartment 211,15 / / / / Good Great Sufficient Great Great

P.le Oberdan 4 Apartment 230,89 / / / / Excelent Good Sufficient Good Good

1,0% 0,0% 0,0% 0,6% 0,9%

No 3 4

-1,0% 0,0% 0,0% 0,6% 0,9%

-1,0% 0,8% 0,0% 1,8% 2,7%

Yes 3 5

Good

0,8%

2

Sufficient

0,0%

1

Insufficient

-0,8%

2

Sufficient

0,0%

Insufficient

-0,4% 0,9%

2

Great

1,2% 3,7%

1

Sufficient

0,0% -4,9%

0

Insufficient

-0,4% 3,9%

Most probable net rental value adjusted per month (€)

4.103,97

4.583,09

2.188,06

4.199,34

Most probable net rental value value adjusted per month (€/m²)

19,31

19,85

18,20

19,89

Value

44

Entity References

DATA

Description

FEATURES

Intrinsic

Localization and Accessibility Function Commercial Area (m²)

Value

Rental Value per month (€) Rental Value per month (€/m²) Net Rental value per month (Rental value per month*-6%) (€) Net Rental value per month (€/m²) View Interior finishing Elevator Floor Rooms Bathrooms Balconies Total Adjustement coefficient Most probable net rental value adjusted per month (€) Most probable net rental value value adjusted per month (€/m²)

Comparables

A11

A51

w

A52 - UNITÀ SOTTOTETTO

w

A61

w

Apartment: entrance, living Apartment: entrance, kitchen, living room, 3 room, separate Kitchen, 4 Apartment: entrance, kitchen, living room, 2 Apartment: Kitchen, living room, 3 bedrooms, 1 bedrooms, 3 bathrooms, 1 office, laundry bedrooms, 2 bathrooms, bedrooms. 2 bathrooms, 1 balcony bathroom. room. catchall, balcony.

P.le Oberdan 4 Apartment 209,54 4251,55 20,29 4010,90 19,14 Great Good Yes 1 5 2 1

P.le Oberdan 4 Apartment 259,41

1,0% 0,8% 0,0% 1,8% 0,0% 0,8% 1,2% 5,6%

*Total area minus not abitable area. / / / Excelent 1,0% Great 0,8% Yes Sufficient 0,0% 5 Great 1,8% 3 Deficient -2,7% 2 Sufficient 0,0% 1 (big) Great 1,2% 2,1%

5.243,55 20,21

3.331,76 19,54

Yes 5 5 3 1 (very big)

/ / / / Excelent Great Sufficient Great Sufficient Good Great

P.le Oberdan 4 Apartment 170,48

A62

Apartment: living room, 1 bedroom, 1 bathroom.

P.le Oberdan 4 Apartment 120,25

Yes 6 4 1 1

/ / / / Excelent Great Sufficient Excelent Insufficient Insufficient Sufficient

w

P.le Oberdan 4 Apartment 94,92

1,0% 0,8% 0,0% 3,0% -0,8% -0,8% 0,0% 3,2%

2.375,42 19,75

Yes 6 2 1 1

/ / / / Excelent Great Sufficient Excelent Seriously Deficient Insufficient Sufficient

1,0% 0,8% 0,0% 3,0% -4,5% -0,8% 0,0% -0,5%

1.807,82 19,05

45

Entity References

Description

Value

Intrinsic

FEATURES

Extrinsic

DATA

Source Localization and Accessibility Function Commercial Area (m²) Rental Value per month (€) Rental Value per month (€/m²) Net Rental value per month (Rental value per month*-6%) (€) Rental transaction per month (€/m²)

Office: entrance, 8 rooms, 1conference room, 1 bathroom, 1 catchall, 3 balconies, 1 terrace.

2 Features

w

3 w

Features

Five-rooms office inside a period building of Three-rooms office inside a stately building of Nine-rooms office inside a building of 1960. It's 1920. It is located at 5th Floor.

1940. It is located at ground floor. located at 2nd Floor.

immobiliare.it Viale Majno Office 300 7.500 25 7.050 24

P.le Oberdan 4 Office 260,23

immobiliare.it via Lecco via San Gregorio Office 203 4.400 22 4.136 20

4 Features

w

w

Six-rooms flat inside a building of 1950 Located at top of 4 Floors.

immobiliare.it Corso Venezia 54 Office 270 6.600 24 6.204 23

immobiliare.it Viale Vittorio Veneto Office 200 3.500 18 3.290 16

Proximity to public transportation

Excelent

Excelent

0,0%

Excelent

0,0%

Excelent

0,0%

Great

2,0%

Services

Excelent

Excelent

0,0%

Excelent

0,0%

Excelent

0,0%

Great

1,6%

Age of building State of preservation Energetic class View Interior finishing Floor Rooms Bathrooms Balconies Garage Cellar Total Adjustement coefficient Most probable net rental value adjusted per month (€) Most probable net rental value adjusted per month (€/m²) Average of most probable net rental value per month (€/m²) Most probable rental value per month (€)

Comparables 1 Features

A23

1900 Great G Good Great 2 8+1 1 3+1 0 1

1920 D

5 4+1 2 2 0 0

Good Good Great Great Great Great Insuffient Good Insuffient Sufficient Insuffient

-1,0% 2,8% -4,5% -1,0% 0,0% -1,8% 0,9% -0,8% 0,4% 0,0% 0,7% -4,3%

6.746,85 22,49

1940 D

0 3 2 0 0 0

Great Good Great Insufficient Great Insuffient Deficient Good Deficient Sufficient Insuffient

-3,0% 2,8% -4,5% 1,0% 0,0% 0,6% 2,7% -0,8% 1,2% 0,0% 0,7% 0,7%

1960 D

2 9 2 0

0 2

4.164,95 20,52

Great Great Great Great Excellent Sufficient Sufficient Good Deficient Sufficient Good

-3,0% 0,0% -4,5% -1,0% -0,8% 0,0% 0,0% -0,8% 1,2% 0,0% -0,7% -9,6%

5.608,42 20,77

1950 G

4 6 2 2 0 0

Great Great Sufficient Excellent Sufficient Great Insuffient Good Insuffient Sufficient Insuffient

-3,0% 0,0% 0,0% -2,0% 0,0% -1,8% 0,9% -0,8% 0,4% 0,0% 0,7% -2,0%

3.224,20 16,12

19,97 5198,06

46

Entity References

Value

FEATURES

Intrinsic

DATA

Description

Localization and Accessibility Function Commercial Area (m²) Rental Value per month (€) Rental Value per month (€/m²) Net Rental value per month (Rental value per month*-6%) (€) Net Rental per month (€/m²) View Interior finishing Floor Rooms Bathrooms Balconies Cellar Total Adjustement coefficient Most probable net rental value (€) Most probable net rental value (€/m²) Average of most probable net rental value (€/m²) Most probable net rental value of the office

Comparables

A23 Office: entrance, 8 rooms, 1conference room, 1 bathroom, 1 catchall, 3 balconies, 1 terrace.

P.le Oberdan 4 Office 260,23 5529,85 21,25 5198,06 331,79 Good Great 2 8+1 1 3+1 1

A31

w

A42

w

A01

w

Office: entrance, 9 rooms, 1 bathroom, 1 catchall, 1 balcony.

Office: entrance, 10 rooms, 4 bathrooms, 1 catchall, 2 balconies.

Bank: entrance, 9 rooms, 2 bathrooms, deposit.

P.le Oberdan 4 Office 236,22

P.le Oberdan 4 Office 250,81

P.le Oberdan 4 Bank 507,32

3 9 1 1 1

Good Sufficient Good Sufficient Sufficient Deficient Sufficient

0,0% -1,2% 0,6% 0,0% 0,0% -1,2% 0,0% -1,8%

5.104,49 21,61

4 10 4 2 1

Great Good Great Good Great Insuficient Sufficient

1,0% -0,8% 1,8% 0,9% 2,4% -0,4% 0,0% 4,9%

5.452,76 21,74 18,37

0 9 2 0 1

Good Good Insufficient Sufficient Good Deficient Sufficient

0,0% -0,8% -0,6% 0,0% 0,8% -0,4% 0,0% -1,0%

5.146,08 10,14

47

Entity References

Description

DATA Extrinsic Intrinsic

FEATURES Value

Shop - 5 showcases - deposit

Source Localization and Accessibility Function Commercial Area (m²) Rental Value per month (€) Rental Value per month (€/m²) Net Rental value per month (Rental value per month*-6%) (€) Net Rental value per month (€/m²)

Excelent

Services

Excelent

Most probable net rental value adjusted per month of the apartment (€) Most probable net rental value of the apartment (€/m²) Average of most probable net rental value (€/m²) Most probable net rental value of the shop

1900 Good Great Excelent 2 1 0 1 5

w

3 w

Features

4 Features

w

w

Shop - 1 showcases - no deposit

Shop - 2 showcases - deposit

Shop - 1 showcases - deposit

immobiliare.it via Eustachi Shop 170 2.050 12 1.927 11

immobiliare.it Via Melzo Shop 15 705 47 606 40

immobiliare.it via Rosolino Pilo Shop 40 900 23 774 19

immobiliare.it Via Melzo Shop 50 650 13 559 11

1900

3 2 0 1 2

2 Features

Shop - 2 showcases -deposit

P.le Oberdan 4 Shop 125

Proximity to public transportation

Age of building State of preservation View Interior finishing Rooms Bathrooms Balconies Cellar Showcases Total Adjustement coefficient

Comparables 1 Features

A02

Great

2,0%

Great

1,6%

Sufficient Good Good Excelent Good Good Sufficient Sufficient

0,0% 0,0% 1,0% 0,0% -0,6% -0,8% 0,0% 0,0% 2,7% 4,3%

1920

1 1 0 0 1

Great

2,0%

Great

1,6%

Sufficient Good Good Good Insuffcient Sufficient Sufficient Deficient

0,0% 0,0% 1,0% 1,6% 0,9% 0,0% 0,0% 0,7% 4,5% 10,7%

1920

1 1 0 0 2

Great

2,0%

Great

1,6%

Sufficient Great Sufficient Sufficient Insuffcient Sufficient Sufficient Insuffcient

0,0% -3,0% 1,5% 2,0% 0,9% 0,0% 0,0% 0,7% 2,7% 8,4%

1930

1 1 0 1 1

Great

2,0%

Great

1,6%

Sufficient Good Good Sufficient Insufficient Sufficient Sufficient Insuffcient

0,0% 0,0% 1,0% 2,0% 0,9% 0,0% 0,0% 0,7% 4,5% 11,1%

2.010 671 839 621 12 45 21 12

22,49

2.811,38

48

3. Cap Rate

The procedures based on income, estimate the value of the property through the capitalization of its income at a certain rate of return. In these procedures, it is assumed that there is an equivalence between the market value of a property and the sum of its ordinary incomes discounted to the present.

The market values obtained by the income capitalization approach will be given by the following proportion:

!m =

# $%

In which: & = Income for capitalization '( = Capitalization rate

The capitalization rate is the rate of return on a real estate investment property, based on the income that the property is expected to generate in the future. The capitalization rate is used to estimate the potential return on an investment.

The capitalization rate of the investment can be calculated by dividing the investment’s net income by the current market value of the property. The formula for calculating the capitalization rate can be expressed in the following way:

Capitalization Rate = Net Operating Income / Current Market Value

49

First of all we calculated the Cap Rate, by using the average Rental Value and average Market Value from the indirect sources.

CAP RATE FROM INDIRECT SOURCES

Residential Average Market value (€/m²) Average Rental value per year (€/m²) Cap rate

4.933,75 202,44 4,10%

Office Average Market value (€/m²) Average Rental value per year (€/m²) Cap rate

3.104,25 162,24 5,23%

Shop Average Market value (€/m²) Average Rental value per year (€/m²) Cap rate

6.728,00 385,20 5,73%

50

Next we divided the Average Rental Value (resulting from indirect sources and the comparable) by the previous Cap Rate, in order to obtain the Net

Shop

Offices

Apartments

Market Value multiplying it by each unit’s commercial area.

Rental Value from Comparable (€/m²)

Average Rental Value (€/m²)

229,68 224,40 222,60 218,40 219,84 231,72 238,20 218,40 238,68 242,52 234,48 237,00 228,60 239,64 237,24 235,32 247,80

216,06 213,42 212,52 210,42 211,14 217,08 220,32 210,42 220,56 222,48 218,46 219,72 215,52 200,94 199,74 198,78 205,02

4,10% 4,10% 4,10% 4,10% 4,10% 4,10% 4,10% 4,10% 4,10% 4,10% 4,10% 4,10% 4,10% 5,23% 5,23% 5,23% 5,23%

125 385,20 269,88

327,54

5,73%

5.716

Commercial area

A11 A12 A13 A14 A21 A22 A32 A33 A41 A51 A52 A61 A62 A23 A01 A31 A42

209,54 155,88 122,59 99,47 124,16 212,49 230,89 120,20 211,15 259,41 170,48 120,5 94,92 260,23 507,32 236,22 250,81

A02

Rental Value from Indirect sources (€/m²)

Net Market Value (€/m²) 5.270 5.205 5.183 5.132 5.150 5.295 5.374 5.132 5.380 5.426 5.328 5.359 5.257 3.842 3.819 3.801 3.920

Entity

202,44 202,44 202,44 202,44 202,44 202,44 202,44 202,44 202,44 202,44 202,44 202,44 202,44 162,24 162,24 162,24 162,24

Cap Rate

51

4. Conclusion After all we compared the value from both Income approach and Market approach, finding an average between them in order to obtain the most probable final Market Value for each unit and the entire building.

4

A11 A12 A13 A14 A21 A22 A32 A33 A41 A51 A52 A61 A62 A23 A01 A31 A42

209,54 155,88 122,59 99,47 124,16 212,49 230,89 120,20 211,15 259,41 170,48 120,5 94,92 260,23 507,32 236,22 250,81

Net Market Value from Income approach (€/m²) € 5.270 1.104.225 5.205 811.412 5.183 635.435 5.132 510.499 5.150 639.394 5.295 1.125.057 5.374 1.240.724 5.132 616.890 5.380 1.135.884 5.426 1.407.647 5.328 908.367 5.359 645.762 5.257 498.955 3.842 999.821 3.819 1.937.516 3.801 897.817 3.920 983.194

A02

125

5.716 714.529

Shop

Offices

Apartments

Entity

Total

Commercial area

17.154.573

Net Market Value from Market approach (€/m²) € 5.146 1.078.241 5.084 792.516 4.998 612.757 4.950 492.397 5.325 661.181 5.170 1.098.544 5.245 1.210.988 5.014 602.742 5.250 1.108.585 5.296 1.373.774 5.202 886.838 5.221 629.085 5.132 487.164 3.152 820.124 3.180 1.613.444 3.180 751.257 3.073 770.779

Average (€/m²) 5.208 5.145 5.091 5.041 5.237 5.232 5.309 5.073 5.315 5.361 5.265 5.290 5.194 3.497 3.500 3.491 3.497

5.087

5.402

635.878

€ 1.091.233 801.964 624.096 501.448 650.287 1.111.800 1.225.856 609.816 1.122.235 1.390.711 897.603 637.424 493.059 909.972 1.775.480 824.537 876.987 675.203

15.626.294

16.390.433

52

53