Leader in the Italian Real Estate Sicaf market

Central Sicaf S.p.A., with an asset of about 1 billion Euros, is the leader of the Italian real estate market of self-managed fixed-capital investment companies.
Central SICAF is a body of collective savings investment (Italian alternative OICR), subject to the supervision of Consob and Banca d’italia. Constituted in the first months of 2017 through the contribution of the real estate portfolio leased to Telecom Italia, through the Covivio S.A. promoter.
Covivio S.A. with its team of experts in the real estate chain, also thanks to its subsidiaries, provides Central SICAF with property management, administration and finance services.


The company operates exclusively in the Italian real estate market.
At 31 december 2022, 98% of the assets are invested in real estate transactions. For the realisation of the investments the company uses the financial leverage.


The properties are almost all leased to Telecom Italia, based on long-term leases of the “double net” type.
The real estate portfolio is wholly located in Italy, 71% of the market value in four cities: Milan, Rome, Naples and Turin.
The remaining part of the real estate portfolio is in other Italian cities in the North (25%) and in the Centre, South and Islands (4%).

Central Sicaf will proceed mainly in the management and sale of the real estate portfolio over time. The disposal plan will provide an index of priorities such as keeping the objective risk / return profile constant, as presented in the Business Plan.
The company may also make additional real estate investments, in addition to those subject to the transfer, even if, at present, the Company’s activities are expected to focus exclusively on the management and partial disposal of the property portfolio initially transferred.