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Federconsorzi 2 and CAI Real Estate, the real estate treasures of the Agricultural Consortia

March 27, 2021

The real estate treasures of the Consorzi Agrari, in the operation ‘Federconsorzi 2’ aka Consorzi Agrari d’Italia or CAI SpA, flow into CAI Real Estate S.r.l.

The collective wealth of Italian farmers and ranchers is once again being managed by the Coldiretti magic circle through a joint stock company. (1)

Adding to the usual notables is the name of Carlo De Benedetti, a historical protagonist of financial capitalism and publishing in Italy over half a century of light and shadow. (2)

CAI Real Estate Srl, the real estate holding company

CAI Real Estate, CAI RE Srl was incorporated on 18.5.20 in Palazzo Rospigliosi, with an initial capital of € 248,385, by the Società Consortile Consorzi Agrari, SCCA p.a. The same company that founded Consorzi Agrari d’Italia, CAI SpA aka Federconsorzi 2. (3) CAI RA Srl’s statutory objectives are:

– To buy, sell, manage or lease real estate, land, buildings, commercial and agricultural enterprises, to parcel out land for the purpose of building complexes. Transform fallow farmland, build, maintain renovate civil, industrial, rural, tourist and any other buildings. Build and operate marinas and sports facilities, and market building products,

– Deliver ‘service’ activities on public and private building heritage assets. Ordinary and extraordinary property management and provision of goods and ancillary services. In the case of securitization of real estate, CAI Real Estate Srl then offers management of real estate and related contracts, including sales management.

CAI Real Estate Srl, the real estate treasures of farmers

On 7/27/20 the shareholders’ meeting of CAI Real Estate Srl had approved a significant increase in share capital, from €248,385 to €68,215.38. Thanks to the entry of new members, first and foremost the four Agricultural Consortia who contributed their business units and deniers:

– Tirreno, 44.07% (€ 30.069 million)

– Emilia, 20.91% (€ 14.263 mln),

– Adriatic, 13.63% (€ 9.3 mln),

– Center South, 2.7 percent (€ 1.835 mln).

Other partners are Agricorporatefinance S.r.l. – the new aircraft carrier of Coldiretti’s magic circle, which has invested in CAI RE S.r.l. € 4.5 million – as well as Romed S.p.A. and Ipi S.p.a., with € 4 million each. Ipi’s share is encumbered by a pledge in favor of Intesa Sanpaolo S.p.A.

CAI Real Estate Srl, farmers’ money and other shareholders’ interests

The assets of CAI Real Estate Srl were then enriched by the four Agricultural Consortia, with the subscription of cash shares for about €300 thousand and the contribution of the cash lying in their current accounts. The aforementioned consortiums have thus ‘reorganized’ themselves, in a move that goes far beyond a simple participation in a joint stock company. For the stated purpose of ‘a rationalization of its operational activities of property management and development to achieve resources for its mutual purposes.’

The interests and strategic missions of the partners outside the Agricultural Consortia-which currently hold about 18 percent of CAI Real Estate Srl’s shares-are evident from their respective chamber of commerce registrations, below.

AgriCorporateFinance S.r.l.

Agricorporatefinance S.r.l. was incorporated on 5/18/20 with a share capital of 8 million euros. It is headquartered at Palazzo Rospigliosi and aims to ‘contribute to the innovation and improvement of companies operating in any productive sector.’

Majority shareholder is CAI SpA, aka Federconsorzi 2, with 76.2 percent of shares (€ 6.1 million). It is then attended by 45 LLCs under the brand name ‘Green Enterprise’ (registered by Edizioni Tellus S.r.l., in Palazzo Rospigliosi), which offer services in the technical and fiscal fields to farmers. President Gianluca Lelli, economic area manager of Coldiretti.

Federico Vecchioni is its legal representative. His ‘family-owned’ Elfe S.r.l. has the vice-chairmanship, in addition to being managing director of CAI SpA (with superbonus of 1.5 percent on the value of extraordinary finance transactions). (1)

Romed S.p.A., aka Carlo De Benedetti

Romed S.p.A., incorporated in Turin on 11/14/85, is Carlo De Benedetti’s holding company. Which participates in it through Romed International S.p.A., of which it is the sole shareholder, as well as directly (with 12 percent of the shares.

The purpose of Carlo De Benedetti’s holding company is to take equity investments in other companies, to finance and technically coordinate them, and to buy and sell shares, bonds and other financial instruments. And more generally industrial, commercial, financial, securities and real estate activities, etc.

IPI S.p.A.

IPI S.p.A., share capital € 82.078 million, was incorporated on 14.10.80 for ‘Purchase, lease and sale of own real estate with the exclusion of brokerage activities’. Since 21.12.01 also provides ‘consulting, management and evaluation services’‘.

Vittorio Moscatelli, former director with Carlo De Benedetti of IPI S.p.A., is now managing director of Romed International S.p.A. and managing director of CAI Real Estate S.r.l. Chairman of IPI S.p.A., on the other hand, is Massimo Segre, who is also attorney for Romed S.p.a.

Sliding doors

The collective treasure of Italian farmers and ranchers is being managed by a small group of individuals whose names recur in the mishaps already described in previous articles. Between sliding doors and conflicts of interest are added to the set Nani Luigi, who is chairman of the board of statutory auditors of CAI SpA and auditor of IPI SpA, but also chairman of the board of Romed S.p.A. Davide Festa, who has been auditor of CAI Real Estate since 2.9.20, was Sole Director of CAI until 14.9.20.

Via Valeggio 41 in Turin, at Segre’s firm, is home to Romed SpA-the safe of Carlo De Benedetti (4)-but also, in combination, Elfe S.r.l. and EF società semplice of Federico Vecchioni and family. As well as Arum SpA whose historical partners include Federico Vecchioni, Ettore Prandini (president of Coldiretti), Lucia Liturri wife of Vincenzo Gesmundo (secretary of Coldiretti), Claudio Costamagna (who at the head of CDP Equity SpA financed CAI SpA). (3)

What about mutualism? #CleanSpades

Dario Dongo