Property Management

Administrative, Financial and Commercial

1. Invoicing
The Property Manager will issue on behalf of the Client the following invoices: Rental (including indexation as expected by the Italian law) Service charges (e.g. common utility costs, elevator maintenance, etc.) Others according to the agreement.

2. Payments control
The Property Manager has implemented a credit control process in order to monitor the Tenant’s payments. Should delay in payments occur, it will claim them on behalf of the Client.

3. Taxes
The Property Manager will provide assistance for tax & accounting for tax declarations (e.g. IMU-TASI real estate taxes).

4. Budget management
The Property Manager will prepare two 3-years budgets on (i)Service charges and (ii) Extraordinary maintenance. The forecasted capital expenditure will be monitored and updated and a yearly reconciliation conducted.

5. Meetings
Meetings between the Client and The Property Manager will be held on a regular basis as agreed between parties. The Client can request additional meetings whenever it deems to be necessary.

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6. Tenant relations/ Complaints
The Property Manager assists in the tenant relationships management and handles promptly the complaints and requests from the tenants, sub-contractors, public authorities and other third parties dealing with any of the Properties . The Property Manager will transmit to the Tenant written answers to any request within 24 hours. The Property Manager provides Meeting Minutes in English or Italian to the Client, no later than 10 business days.

7. Insurance Claims
The Property Manager will act on behalf of the Client for insurance claims. For each claim a new file will be created and all the documents will be archived in the Property Manager’s offices.

8. Authorization and Security
The Property Manager will verify and follow up all the property authorizations (e.g. town planning, fire prevention, security, ...) and coordinates all the activities. The Property Manager will operate according to the applicable laws, regulations, provisions and orders and will inform the Client promptly in case of violations.

9. Leasing
The Property Manager will assist the Client in negotiating new lease contracts for renewing existing lease contracts by preparing all the required documents.

10. Documentation
The Property Manager will archive and file all documentation, hard copies as well as digital files, in The Property Manager’s headquarter in Milan. E-copies are always ready for a quick and efficient documents forwarding.

Technical – Facility Management

1. Building inspections and repair works
The Property Manager will visit the Properties on a quarterly basis (March, June, September, December) in order to check the general conditions and the maintenance status. The Property Manager will be supported on site by a specialized engineers team and verify all aspects according to a detailed property checklist. During the visits the Property Manager will focus on the execution of maintenance works by the Tenant.

2. Review of maintenance contracts
The Property Manager will make recommendations to the Client in order to maintain and improve the building’s standard and ensure the quality of the building.

3. Preparation of maintenance planning
The Property Manager will prepare every year a 3-years capital expenditure plan according to the Life Cycle Cost Analysis (LCCA) methodology connected to the Capex of AUM for optimal technical operation of the Properties. The Client shall authorize all extra works. The site inspection report will indicate the work progress.

Reporting

The Property Manager provides the Client a quarterly Property Management Report in English or Italian, including information such as invoicing, the status of rental payments, performed activities, the results of the Property’s technical inspection, insurance update and technical documentation.

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