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Defining enhancement strategies for public real estate according to the mission of institution. The case of non-instrumental assets of ASP IMMeS e PAT in Milan

Genny Cia, Andrea Ciaramella and Mario Claudio Dejaco

ERES from European Real Estate Society (ERES)

Abstract: In 2021, the Public Company for Social Services Istituti Milanesi Martinitt e Stelline e Pio Albergo Trivulzio (ASP IMMeS and PAT), the Politecnico di Milano - Department of Architecture, Construction Engineering and Built Environment (DABC) and the University of Trento - Department of Civil, Environmental and Mechanical Engineering (UNITN-DICAM) promote a scientific and technical research project aimed at “developing tools and methods of analysis and audit for the knowledge of the current state of assets and defining guidelines to manage non-instrumental assets”. The research project is a result of the cooperation between public entities, and it enhances the know-how and experiences of each actor. The integrated, synergistic and multidisciplinary approach is functional to pursuit the principles of efficiency and good performance of public administration. In the logic of applied research project, the real estate assets of the Institution represent a case study of national relevance and maximum scientific interest in the field of public real estate management (PREM). The real estate assets have a significant consistency and a value of about € 500 million (including agricultural properties). The research has a twofold objective. The first consists in defining an integrated system of analysis and verification of tools and methods for the knowledge of the real estate assets. The second is represented by the definition of guidelines for managing non-instrumental assets with criteria for their classification, monitoring, maintenance, and management. To pursue the aims, the research project divides the activities into two stages: the reconnaissance of the state of assets and then, a methodological proposal aimed at evaluating the feasible evaluation strategies. The activities refer to: (1) the reconnaissance of non-instrumental real estate assets by techno-typological characteristics, by intended use, age, etc .; (2) the analysis of tools adopted by the Entity; (3) the analysis of procedures and parameters used for the definition and classification of critical issues; (4) the analysis of the “state” classification of buildings and their parametric indications of recovery costs; (5) the analysis of the evaluation criteria used for defining disposal plan (where applicable); (6) the proposal of a procedure to compare real estate values; (7) the definition of guidelines and procedures for analyzing the current state of buildings to support the definition of priorities and/or opportunities; (8) a proposal of methodologies, tools and control parameters (technical, documentary, economic) to support the evaluation phase, technical and economic management of the real estate portfolio; and finally, (9) the test of proposals on a significant sample of case studies. This paper presents the applied methodologies and the results achieved in the early stages of the research. In particular, the paper presents the importance of the correct setting of information, the methodologies and the first procedural proposals based on the profitability criteria. The overall results will be achieved one year after the start of the research.

Keywords: Asset efficiency strategies; Enhancement strategies; Management strategies; Public Real Estate Management (search for similar items in EconPapers)
JEL-codes: R3 (search for similar items in EconPapers)
Date: 2022-01-01
New Economics Papers: this item is included in nep-ppm
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Handle: RePEc:arz:wpaper:2022_233