Sorgente Sgr | Michelangelo

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MICHELANGELO FUND

Liquidated in 15.02.2010


The Michelangelo Fund, for which capital was raised in December 2001, was the first Italian real estate fund reserved to institutional investors.

Michelangelo started its investment operations on December 10th 2001, with a subscribed equity of €105 million and an initial unit value of € 100,000.

The Michelangelo Fund was liquidated on February 15th 2010. The unit value upon liquidation was €194,161.567, approximately double the value subscribed in 2001. The compound annual return from start-up was 8.44%, well above the minimum-yield objective of 6.5% set by the management regulations.

The following chart summarizes the increase in value of the unit share of the fund beginning on December 31st 2001:

  Fund Value N° of unit shares Unit value Var. % sem. Var. % ann.
Start Up 105.000.000 1.050 100.000,000    
December 31st 2001 114.259.088 1.050 108.818,180   8,82
June 30th 2002 119.903.241 1.050 114.193,506 4,94  
December 31st 2002 124.633.868 1.050 118.698,920   9,08
June 30th 2003 128.410.945 1.050 122.296,140 3,03  
December 31st 2003 135.953.021 1.050 129.479,070   9,08
June 30th 2004 143.180.865 1.050 136.362,730 5,32  
December 31st 2004 149.633.530 1.050 142.508,120   10,06
June 30th 2005 153.865.617 1.050 146.538,683 2,83  
December 31st 2005 161.308.253 1.050 153.626,908   7,80
June 30th 2006 166.004.471 1.050 158.099,496 2,91  
December 31st 2006 185.411.878 1.050 176.582,741   14,94
June 30th 2007 195.712.806 1.050 186.393,148 5,56  
December 31st 2007 198.678.451 1.050 189.217,573   7,16
June 30th 2008 205.475.256 1.050 195.690,720 3,42  
December 31st 2008 196.176.509 1.050 186.834,770   -1,26
June 30th 2009 192.274.174 1.050 183.118,261 -1,99  
December 31st 2009 201.670.433 1.050 192.067,079   2,80
Liquidation 203.869.645 1.050 194.161,567    


The net results attained were made possible by a use of capital aimed at highly prestigious buildings, combining a prudential approach with an innovative vision. It was the first Fund to invest abroad, becoming the owner of some of the most prestigious buildings in the world, including the Flatiron Building and Chrysler Building in New York, acquired in 2005 for $430,000,000 and resold after just three years for $800,000,000.

The constant focus on "trophy" real estate has led the Michelangelo Fund to accumulate a collection of unique objects that the subscribers decided not to divest. The Michelangelo portfolio was conveyed into Michelangelo Due, for which Sorgente Group has set new and more ambitious value enhancement targets for its unit holders.

SORGENTE SGR

Registered and Operational Office: Via del Tritone n, 132– 00187 ROME – Ph. (+39) 06.5833.2919/Fax (+39) 06.9029.2693
Web site: www.sorgentegroup.com  - e-mail address: segreteria@sorgentesgr.it
R.E.A. 935010 – VAT Code IT 05868181008 – SGR Register  n° 30
Issued and fully paid-up share capital: Euro 4.500.000
Company subject to management and coordination activity by Sorgente Group S.p.A.

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