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Introduction

C. Real Estate vs. Other Asset Classes (2/2)

Property in a low interest rate environment (Milan example)

7.0

6.0

Spread [RHS] Milan Prime Yield(1) Italian Gov. Bond (Rendistato)

300

250

5.0

200

4.0

150

3.0

100

2.0

50

1.0 Dec. 2005 Jun. 2006 Dec. 2006 Jun. 2007 Dec. 2007 Jun. 2008 Dec. 2008 Jun. 2009 Dec. 2009 Jun. 2010

0

  • Increasing spread (Real estate yields vs. Bonds)

  • Low-cost debt financing

  • Real Estate spread near record to Government Bonds signals time to buy property

Sources: Cushman, Datastream

(1) Yields are net of direct costs i.e. maintenance, insurance, local taxes etc

Assicurazioni Generali Group – Investor Day 2010 – Investment Management of Insurance Assets

8

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