What is it?

The reserved Italian real estate AIF established in closed form named "Euregio+ Turismo" and managed by Euregio Plus SGR S.p.A. is an Italian mutual investment fund falling within the scope of Directive 2011/61/EU of a closed, reserved type (reserved Italian AIF) as defined by Article 1(1)(m-quater) of Italian Legislative Decree no. 58 of 24 February 1998 (the "Consolidated Law on Finance" or "TUF"). 

The Fund promotes environmental or social characteristics – or a combination thereof – within the meaning of Article 8 of Regulation (EU) 2019/2088 and its investment decisions incorporate the assessment of sustainability risk, understood as "environmental, social, or governance event or condition that, if it occurs, could cause an actual or a potential material negative impact on the value of the investment".

Consistent with the competitive factors of the tourism sector in the Trentino-South Tyrol/Südtirol region, the Fund aims to improve the quality level of the region's hotel services in order to help close the "quality gap" with competing Alpine areas. The purpose of the Fund is the collective investment of capital in real estate, property rights and/or equity investments in real estate companies, as well as the professional management and development of the Fund itself, with the prevailing aim of periodically distributing the net operating result generated by the return on investments, safeguarding the value of the Fund's assets over time. The objective is pursued through a consistent portfolio management in terms of time, favouring the generational transition in the regional tourist hospitality system in order to avoid a depletion of supply capacity due to the governance crisis. The Fund's investments are made in real estate, property rights, real estate companies and hotel facilities mainly located in the Trentino South Tyrol / Südtirol region. However, investments in other EU territories are also permitted up to a maximum value of 30% of the total asset value.

In accordance with the limits and conditions envisaged by the regulations in force from time to time, the Fund's assets are invested for a share of not less than 2/3 (two thirds) of its total asset value in real estate assets, property rights - including those deriving from transferable real estate lease-to-own contracts and from concessions - and equity investments in real estate companies consistent with the Fund's purpose. The Fund may also invest in other publicly and privately owned real estate assets, including in leases from public administrations, redevelopment concessions and other types that are in any case complementary and functional - including in terms of the sustainability of the financial and income flows - to the achievement of the Fund's purpose.

When selecting and assessing investment opportunities, the AMC also considers the ESG ("E" environmental, "S" social, "G" governance) risk of each asset under assessment, using an ESG score or rating based on a method that takes into account the impact of planned reconversion, redevelopment and recovery works where relevant and technically estimable. In order to limit the ESG risk of its investments, the AMC sets a limit in terms of such ESG score or rating as a minimum requirement for the approval of each investment transaction. This method, developed in-house, can draw on the support of third parties for the collection and analysis of the data being assessed.

Responsible investment

The fund promotes environmental or social characteristics or a combination thereof, but sustainable investment is not its objective. 
In fact the decision-making process underlying the selection and assessment of the Fund's investments requires the AMC not only to consider information of an economic and financial nature, but also the environmental, social and governance aspects of each asset being evaluated in order to minimise exposure to those whose ESG risk profile is not compatible with the minimum ESG Rating considered acceptable by the AMC at the time of the evaluation of the investment. During the process of assessing and selecting its real estate investments, the AMC integrates ESG factors through a combination of exclusion, redevelopment and engagement strategies as governed by the real estate investment and divestment procedure.

When selecting and evaluating real estate investment opportunities, the AMC is committed to excluding Lessees/Managers/Sellers and Buyers engaged in the production or sale of products related to controversial sectors (such as gambling, pornographic material, etc.) and illegal economic activities.

The redevelopment strategy prioritises investments in properties having plans for reconversion, redevelopment and asset recovery works, with the aim of improving their energy performance, reducing energy and water consumption and, where possible, obtaining Green certifications and/or properties that have already been designed with specific environmental criteria and standards in mind.

The AMC also promotes the improvement of the ESG profile of the properties it invests in through an engagement strategy aimed at defining an action plan to be implemented by the Lessee/Manager of each property, and constant monitoring of the progress achieved.

 For more information on how the product promotes environmental and social characteristics, see the Disclosure pursuant to Article 24 of Regulation (EU) 2022/1288.

Type of investor

The purchase, for any reason, of Units of the Euregio+ Tourism Fund is reserved to Professional Investors and, subject to acceptance by the SGR, investors who are neither Professional Investors nor natural persons that, pursuant to art. 14, para. 2 of Ministerial Decree no. 30 of 5 March 2015, request the SGR to subscribe or purchase Units for a total not less than that set out by the applicable legislation at the time in question.
For indicative purposes, typical investors are banks; insurance companies; guarantee consortia; pension funds; social security funds; large companies that at the individual company level meet at least two of the following size criteria: balance sheet total equal to or greater than €10 million; net turnover equal to or greater than €20 million; own funds equal to or greater than €2 million, as well as other institutional investors.

Interested tour operators

The Fund is looking for tourist operators in the region who are interested in developing their structure qualitatively and quantitatively, being able to count on a solid partner who is attentive to management. The Fund also works in synergy with local banks with the aim of fostering the organisation of viable initiatives through flexible instruments consistent with operators' demands.

Call for Proposals for Operators in the Tourism and Hospitality Sector, Developers, and Economic Stakeholders

To accelerate the redevelopment of the regional hospitality offering, the Euregio+ Tourism Fund is seeking operators in the tourism and hospitality sector, developers, real estate experts, and economic stakeholders interested in promoting projects for the redevelopment, expansion, and/or new construction of hotel facilities in the region, coupled with their management.

In line with the Fund’s strategy, proposals are considered that aim to:

• Upgrade existing hotel structures with untapped potential;
• Convert existing buildings into high-quality accommodations;
• Develop new hotel facilities in strategic locations or with growth potential;
• Implement innovative solutions to enhance energy efficiency and environmental sustainability;
• Support qualitative and quantitative growth processes of regional accommodation facilities.

What we offer

• A reliable financial partner with specific expertise in asset management, finance, and hospitality;
• Investment capabilities to support high-quality projects;
• Collaboration with local banking systems to identify integrated financial solutions;
• Support in property valuation and the definition of sustainable development strategies.

Accreditation and Selection Process

The Fund carries out a rigorous accreditation and due diligence process for potential promoters and partners to ensure transparency and professionalism. Candidates must demonstrate:

• Professional qualifications: Proven experience in the real estate/hospitality sector, with specific reference to similar projects;
• Integrity and compliance: No criminal records, pending legal proceedings, or definitive convictions; compliance with anti-money laundering, anti-corruption, and financial regulations;
• Conflict of interest verification: No conflicts with the Fund, its representatives, or consultants;
• Administrative compliance: No prohibitions or sanctions regarding relations with the Public Administration;
• Financial participation: Adequate capital capacity in relation to the proposed initiative and proof of co-investment ability;
• Sustainability criteria (ESG): Minimum standards in environmental, social, and governance areas;
• Specific proposal evaluation criteria:
  • Strategic relevance of the proposal;
  • Location quality and target market segment potential;
  • Technical, administrative, and urban planning feasibility;
  • Appropriateness of the investment plan relative to objectives;
  • Credibility of the business plan and financial sustainability;
  • Professional profile and track record of the proposer;
  • Realization timelines and progress of the authorization process;
  • Potential returns in relation to risk profile.

The Fund Management Company (SGR) reserves the right to exclude candidates from the evaluation process who fail to meet these requirements, even after initial accreditation.
 

 

How to Submit a Proposal: Interested operators may submit an initial proposal including:

1. An executive summary of the project clearly outlining the strategy and target market;
2. A timeline for implementation and required investment;
3. A business plan with financial projections;
4. Essential technical documentation (plans, renderings, authorization status, urban planning details, etc.);
5. A company profile and track record in similar projects.

Proposals will be reviewed confidentially, and applicants will receive feedback regarding interest and feasibility. In subsequent evaluation steps, promoters will be required to provide documentation attesting to the required qualifications. External professionals and advisors may carry out technical, economic, and legal feasibility checks.
Provided all requirements are met and the proposal is deemed feasible, the entire process may take approximately 2 to 4 months.

Important Notices

The Fund Management Company reserves the final assessment of risks and profitability, considering available resources and the optimal implementation of investment strategies.

It is expressly noted that the selection criteria provided are preliminary and subject to expansion. Initial accreditation does not confer priority or rights of preference, nor does it guarantee exclusivity for specific zones or access.