A treasure that does not pay: from Brera to Porta Romana the 1,225 houses of the Pio Albergo Trivulzio which are worth 820 million but bring in less than 10 per year

The real estate assets of the Pio Albergo Trivulzio amount to more than 820 million euros, including prestigious properties, with agreed rents, shops and offices and land, but only bring in 2.41 percent of the estimated value of properties “much lower than current real estate value.” real estate yield in our country.

Most of these are 1,255 apartments, including 907 rented, 341 vacant and seven which in the report of the extraordinary commissioner appointed by the Region and the Municipality Francesco Paolo Tronca are “undefined”, such as “attics, garages, without land register “. regularities”. The valuable properties are all located in the historic center. From the entire property on Corso Italia to the building in Piazza del Carmine in the Brera district. In via della Moscova, via Petrarca, corso Buenos Aires, via Settala, via Plinio, via Poma, corso di Porta Romana, via Orti, two buildings in via San Marco, including one on the corner with via Montebello and the same number in piazza Mirabello . Plus some apartments in via Lovanio, via Boezio, via Curtatone, via Leopardi, via Washington and via Pascoli.

While social housing buildings they are concentrated especially in Peschiera Borromeo (101 units) and on a much smaller scale in the hinterland of Colturano (21), Sesto San Giovanni (5), Rodano (4) and the rest in other provinces. With the exception, for example, of a building on via Paolo Bassi, which is in any case located a few hundred meters from the popular district of Isola.

In 2022, Pat's entire real estate assets only brought in 9.8 million euros. Without forgetting that in the report Commissioner Tronca was forced to admit that “the amount of the leases does not seem to be a certain figure, since there is a significant delay in the billing and revenue accounting cycle.” Not to mention that the value of income “must be understood net of deductions made from rents for the recognition of renovation costs charged to the tenant”. Indeed, in the past, there was a procedure at Pat which provided that at the start of the contract, the tenant was shown a series of works to be deducted from the rent during the period of eight years (four plus four) of his contract. duration.

It turns out that until last July, via Moscova, an apartment of 57 square meters was offered for rent at a price of 4,831 euros net, based on the annual auction price. In via San Marco, a net starting price of 5,398 euros was offered for 53 square meters. Via Settala, for 116 square meters, the rent is 6,658 euros. Another of 39 square meters in the heart of Porta Venezia for 3,203 euros. In Viale Monte Nero for 180 square meters of apartment only 8,718 euros net starting rent, knowing that the cost of the work requested was estimated at just under 20 thousand euros. In Corso Italia, for 50 square meters on the first floor, a truly challenging net starting price was offered: 782 euros, but the cost of the work was estimated at just under 55,000 euros. While in Corso di Porta Romana, for an apartment of 45 square meters, the rent offered was 13,800 euros per year with an estimated cost of works of 8,625 euros. Even if it turns out “that the controls relating to the effective execution of the work provided for in the contract, when they were formalized, were not carried out in a coherent manner”.

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