A Solid experience in thirty years of activity
• The company was founded in 1986 by a group of Tuscan real estate investors.
• Through a continuous process of growth in real estate acquisitions and mergers, by 2015 Elaia has consolidated a real estate portfolio consisting of 30 properties, shipbuilding, and 9 photovoltaic plants and one hydroelectric plant.
• Elaia has a registered capital of 23.7 million euros, held by 86 shareholders and individuals, as well as companies.
• Between 2010 and 2015 the company paid dividends for 4.8 million euros.
The current corporate structure is the result of a combination of different professionals, with long experience in the real estate business.
The company’s core business is:
• acquisition and management of properties
• construction and renovation of properties for residential / industrial use
• electricity generation from photovoltaic and hydroelectric plants.
The various mergers accomplished in the history of Elaia, have aimed to aggregate numerous shareholders, have helped to create a single entity and has made the management of the real estate more efficient and more competitive in the market. Increased capitalization has contributed to greater negotiating power with credit institutions and in finding strategic partners, in order to achieve balanced development of the company. The properties of Elaia, which have an area of over 130,000 square meters, are leased to tenants of primary importance such as: Telecom, Ministries of Finance, Interior and Labor, the Italian Post Office, Colt Technology Services.
Uniqueness of Elaia
• experience in construction, renovations and management of properties
• experience in asset management which generated an efficient corporate governance structure
• streamlined and flexible operational structure, management and organisation.
In the entire history of the company:
• No claims from shareholders on third party
• Less than 0,5% vacancy on the assets
• No net loss accounted on the balance sheet.
Property rental income
Real estate development
Renewable energies plants
1. Extensive experience
Elaia can count on a strong team over the years, capable of managing both real estate development and property rental income real estate assets, thanks to 30 years of experience gained in the activity. Thanks to the experience of managers, Elaia paid between 2010 and 2015 dividends for 4.8 million euros.
2. Focused investment strategy
The current portfolio accounts for 30 homogeneous real estate properties selected to comply with specific parameters:
1) Highest level tenants
2) Long lease contract
3) Location functionality selected as extremely strategic for the tenant
4) Constant monitoring of cash flow to maximize dividends and annual profits
5) Financing resources in order to obtain a cash flow coming from far higher rents then the properties repayments.
6) Maintenance activities planned and constantly monitored.
3. Industrial Approach
The key managers matured their know-how in construction field and are therefore perfectly skilled in O&M, bureaucracy and permissions.
All management and maintenance activities are developed internally and aimed to be faster, more efficient and to reduce costs drastically. Fixed costs recorded are 50% lower than the average of the majority of Italian real estate funds.
4. State of the art Governance, structured and in line with the industry’s best practice asset management
• Elaia has developed over time, taking into account the needs of a growing number of members.
• The company adopts an evolved governance structure which provides procedures, segregations of duties to guarantee maximum reliance on decisions, efficacy and efficiency at the same time.
• Elaia requires an audit on its financial statements since 2007.
• In 2015 the company obtained the ISO 9001: 2004 certification for lease and management of properties and the ISO 14001: 2004 certification for environmental management.
5. Shareholder structure stable over time
The founding members are still present in the company, as well as company shareholders who have joined in the various mergers.
6. Highest level tenants
The 130,000 square meters of the company’s properties are leased to tenants such as Telecom, Ministries of Finance, Interior and Labor, the Italian Post Office, Colt Technology Services.
7. Long-term contracts
In the acquisition of real estate, the duration of leases is crucial. 27 out of 30 contracts have a remaining duration of over six years.
8. Low turnover of tenants
Vacancy rate < 0.5% during the whole history of the company.
The tenants are the same as when the properties were purchased.
The strength of solid shareholders over time
Elaia The current corporate structure is the result of a combination of different professionals, with extensive experience in the real estate business.
The various mergers accomplished in the history of Elaia, have aimed to aggregate numerous shareholders, have helped to create a single entity and has made the management of real estate more efficient and more competitive on the market.
The founding members are still present in the company, as well as members who have joined in the various mergers.
During the years Elaia has evolved to guarantee to its numerous shareholders present in the company, maximum control over decisional processes and the use of resources.
Board of Directors
The Board of Directors consists of 5 members with specific ranges of responsibility and relies upon technical advice from:
• Technical Advisory Committee for tenders, quotes and payment authorization
• Industrial and Financial Advisory Commission for the selection of investment property
• Financial Director
• Head of Administration Department
• Head of Real Estate Management
• Responsabile Energie Rinnovabili
• Head of Secretariat.
Integrated Management System (Quality and Environment)
Since 2015, Elaia implemented its Integrated Management System (Quality and Environment) and owns the following certifications:
Objectives and targets of such system are defined in the Policy.
Audit and annual report certification of financial statements
External certification since 2007.
Board of Directors
Composed of 5 members:
• Vice president
• 3 Advisors
Board of Auditors
Composed of 3 members.
Auditing and certification
of financial statements
BDO Sala Scelsi Farina Società di Revisione.
Committees & Commissions
Technical advisory committee
The Technical Advisory Committee has a monitoring role exercised through a Resolutions Numbered system.
Topics of resolution of the Technical Committee are:
• The preparation of unified contractual procurement models, used to collect the offers of suppliers in order to sift through and more easily compare quotes and proposals for the selection of contractor companies;
• The definition and selection of the estimates received, later presented by the Chairman of the Board of Directors at the council for their approval;
• The authorization of all payments.
Industrial and financial committee
The industrial and financial committee of Elaia is an advisory body that outlines the strategic and operational guidelines with reference to the investment activities in the field of shipbuilding and to acquisitions of properties and land.
It has an advisory role in the choice of real estate investments to be made and its financial structure.
and development plans of Elaia
The strategy of Elaia aims to:
• Continuous optimization of the management of property already in the portfolio;
• The acquisition of new properties in full rental of proprietary real estate assets;
• The enhancement for the gradual disposal of the assets relating to ship building.
The current Elaia business model includes three sources of revenue:
• Property management
• Renewable energy production
The lease and the sale of real estate are the core business.
The future development plan provides for the slow disposal of shipbuilding business, preserving the strong technical know-how that differentiates the company from real estate funds and the majority of real estate companies operating today on the Italian market.
Elaia has a long-term perspective, rather than practising real estate speculation, which lies in the technical, as well as in the financial and the operational expertise, and is the reason of its positive performance.
The operative, managerial and organizational structure of Elaia has remained lean and flexible, benefiting from the experience of the professionals in the shareholder structure.
Goals for growth
Elaia, since its establishment, 30 years ago, has successfully pursued the goal of asset management and growth, following a linear policy, able to generate attractive financial results, with particular reference to the acquisition of major real estate and rental income that support the related financial commitment.
The current situation of the oversupplied real estate market presents an opportunity for Elaia to further improve its competitive advantage and allows the company to achieve the following objects:
• take advantage of investment opportunities with high rates of return
• diversify investments
• reduce the potential risks related to individual properties
• reduce the risks associated with individual tenants
• consolidate a leading position among the operators in the sector
Among the main strategic short to medium term objectives of the company is the growth of the core business, with special reference to the size of the real estate business relevance.
The guidelines identified by the
Governing Body and strategy are:
• geographical diversification, through research of important investment opportunities in foreign markets
• the increase in the average size of individual investments, through the acquisition of properties or packages of properties, being sold by major real estate investments coming to maturity in the short term.
Growth is expected through capital raising that will allow the Company to access new resources to the development of the functional activities of acquisition of properties.
This will increase the the potential business growth with clear benefit for the company itself and for its shareholders, and will develop its unique business model that revolves around the management of income-generating property.
Elaia owns 100% of a British company based in London and is ready to acquire properties abroad.