Project

The Futuro Agrate masterplan

The Futuro Agrate masterplan is a land development programme in the municipality of Agrate Conturbia, Province of Novara, Piedmont, Italy. Its target combined perimeter is approximately 215.3 hectares gross, including the castle estate; the acquisitions are not yet completed and no verified net developable area is claimed. Futuro Agrate Ltd directs the programme: assembling the land, taking it through the Italian planning system and transferring permitted plots to the parties who build on them.

Scope of the area

Target combined perimeter (gross): approximately 215.3 hectares
Total assembled land bank: approximately 215 hectares
Historic castle and its grounds: 12 hectares
Existing core-asset rights (subject to document verification): 8,000 m² of gross floor area
Prospective combined rights (conditional): 22,000 m² of gross floor area
Planned target volume: 62,000 m² of gross floor area
Municipality: Agrate Conturbia, Province of Novara

The floor-area figures describe three different things. Approximately 8,000 m² are attached to the core asset today under existing planning documentation and are being verified in due diligence. The prospective combined figure of 22,000 m² adds 7,000 m² on the castle estate, which depends on completing that acquisition, and 7,000 m² of transferable rights, which require registration; the 62,000 m² target volume is what the masterplan seeks to establish through the planning process and is not an entitlement.

Investment model

We acquire the land. We secure the permits. We sell the prepared project to developers.

Futuro Agrate acquires and consolidates land assets, prepares the territory masterplan, secures the required approvals, defines the infrastructure obligations and sells prepared plots — or the whole land project — to developers and operators. Villas, the hotel, wellness and education facilities are later phases delivered by separate parties under separate financing.

asset acquisitionownership consolidationapprovalssale of the prepared projectreturn of investor capital

The current stage is asset consolidation and permitting preparation. The actual status of the acquisitions and registrations is verified in due diligence; the supporting documents are made available in the data room.

€20M

total investor commitment

≈215 ha

planned land perimeter

62,000 m²

target approved building volume

€50–70M

modelled sale value of the land project

24–36 months

target exit horizon; the starting event is to be agreed

Target scenario. Subject to completion of the acquisitions, receipt of permits, actual costs and sale terms. This is not a received buyer offer and not a guarantee of outcome.

Budget: where the money goes

Use of funds	Amount
Acquisition of Platani S.r.l., settlement of the liabilities provided for in the transaction, consolidation of the core asset	€10M
Plot of approx. 3.3 ha with 7,000 m² of transferable building rights	€2M
Historic castle with approx. 12 ha of grounds and approx. 7,000 m² of reconstruction volume	€3M
Masterplan, design, technical and environmental studies, legal work, approvals	€2M
Total project loan	€17M
Investor acquisition of 51% in Futuro Agrate Ltd	€3M
Total commitment	€20M

◆The €3M for the stake is the price of participation in the company, not an additional construction budget.
◆€20M is not the full cost of delivering the entire complex.
◆Infrastructure costs, municipal obligations, taxes, loan interest and contingency require confirmation by project documentation and are not claimed to be already included in the €2M preparation budget.

Stages and cash events

Stage	Timing or condition	Action	Spend	Result or inflow
Due diligence	approx. 1.5 months	Legal, financial, technical and planning review of the assets	€120k review budget; security payments of €140k (Platani) and €100k (additional plot)	Confirmation of asset composition, rights and liabilities
Acquisition	after positive due diligence and satisfaction of closing conditions	Purchase of the assets, settlement of agreed liabilities, perfection of title and security	€15M per the acquisition budget	Consolidated land perimeter held by the project companies
Preparation	per the approvals schedule	Territory masterplan, approvals, registration of additional rights, preparation of plots for handover to buyers	€2M project preparation	Target approved volume of 62,000 m²
First inflow	per the terms of the developer contract	Planned sale to a developer of a starter plot for approx. 8,000 m² of construction	—	Indicative €5–6M; the contract may provide for deferral, and loan repayment follows actual receipt of payments
Main exit	target horizon of 24–36 months with a starting event to be agreed	Sale of the approved land project in whole or in parts	—	Modelled range €50–70M, base case €60M

Due diligence

Timing or condition: approx. 1.5 months
Action: Legal, financial, technical and planning review of the assets
Spend: €120k review budget; security payments of €140k (Platani) and €100k (additional plot)
Result or inflow: Confirmation of asset composition, rights and liabilities

Acquisition

Timing or condition: after positive due diligence and satisfaction of closing conditions
Action: Purchase of the assets, settlement of agreed liabilities, perfection of title and security
Spend: €15M per the acquisition budget
Result or inflow: Consolidated land perimeter held by the project companies

Preparation

Timing or condition: per the approvals schedule
Action: Territory masterplan, approvals, registration of additional rights, preparation of plots for handover to buyers
Spend: €2M project preparation
Result or inflow: Target approved volume of 62,000 m²

First inflow

Timing or condition: per the terms of the developer contract
Action: Planned sale to a developer of a starter plot for approx. 8,000 m² of construction
Spend: —
Result or inflow: Indicative €5–6M; the contract may provide for deferral, and loan repayment follows actual receipt of payments

Main exit

Timing or condition: target horizon of 24–36 months with a starting event to be agreed
Action: Sale of the approved land project in whole or in parts
Spend: —
Result or inflow: Modelled range €50–70M, base case €60M

◆Security payments and the review budget are not automatically added on top of the €20M: their treatment follows the transaction documents and is not documented at this time.
◆No calendar closing date and no date for the first payment have been fixed.
◆Signing a contract is not equivalent to receiving the full price.
◆No double counting: once the starter plot is sold, the value of the remaining asset is recalculated — the €5–6M early sale is not added to the full value of the same perimeter.

When the investor receives money

The sequence separates four distinct events. Signing a contract, receiving cash and paying the investor are not the same thing.

Event	Trigger condition	What the investor receives
1. Signing of the sale contract	Execution of a contract with a buyer of a plot or of the project. No agreed date exists.	No payment. A contractual claim to the price arises.
2. Actual receipt of payments	Payment by the buyer: deposit on signing, balance per schedule; the contract may provide for deferral and instalments.	No payment until funds are credited to the project company.
3. Repayment of loan and interest	As and when funds are actually received, on a priority basis.	Repayment of the €17M principal plus accrued interest and fees.
4. Distribution of remaining funds	After full loan repayment and settlement of liabilities, taxes and mandatory payments.	A share of the residual in line with the 51% holding and the agreed distribution order.

1. Signing of the sale contract

Trigger condition: Execution of a contract with a buyer of a plot or of the project. No agreed date exists.
What the investor receives: No payment. A contractual claim to the price arises.

2. Actual receipt of payments

Trigger condition: Payment by the buyer: deposit on signing, balance per schedule; the contract may provide for deferral and instalments.
What the investor receives: No payment until funds are credited to the project company.

3. Repayment of loan and interest

Trigger condition: As and when funds are actually received, on a priority basis.
What the investor receives: Repayment of the €17M principal plus accrued interest and fees.

4. Distribution of remaining funds

Trigger condition: After full loan repayment and settlement of liabilities, taxes and mandatory payments.
What the investor receives: A share of the residual in line with the 51% holding and the agreed distribution order.

◆Trigger for the first inflow: a signed sale contract for the starter plot and actual payment by the buyer of the agreed first tranche. No calendar date is agreed and none is stated here.
◆Interest, fees, agreed additional advances, taxes and operating obligations are accounted for before the distributable residual is calculated.
◆The distribution waterfall and the resulting return are fixed by the final transaction documentation.

Status of assets and rights

Rights are separated by status. All figures are stated figures subject to documentary verification in due diligence; none of them is presented as a confirmed permit.

Stated rights at the core asset (subject to verification): 8,000 m² of new construction
Castle rights — on completing the acquisition and verification: 7,000 m² of castle reconstruction; no separate exit value, cost or timeline is established
Transferable rights — on conditions, transfer and registration: 7,000 m² from the approx. 3.3 ha plot
Total prospective conditional rights: 22,000 m²
Total target volume subject to approvals: up to 62,000 m² in total, including the castle reconstruction

◆The 62,000 m² target is not already permitted: it is achieved through the approvals process.
◆250,000 m² is a long-term development perspective only and is not included in the base exit scenario.
◆The land perimeter is counted once: the castle grounds are part of the approx. 215 ha total and are not added again.

Investor participation terms

◆The proposed funding is a €17M secured project loan, with a proposed pledge over the shares of the project companies and over the land assets; security, ranking and perfection are subject to legal due diligence and the definitive documentation.
◆Separately, the investor acquires 51% of Futuro Agrate Ltd for €3M.
◆The timing and conditions of both the transfer and the payment of the 51% are to be agreed and will be fixed in the definitive documentation; no trigger or automatic event is agreed or represented here.
◆The settlement separates: gross sale proceeds, repayment of loan principal, interest and fees, distributable funds, and the investor’s own profit.

A precise investor return is not published until the distribution waterfall and a full cash calculation are agreed. Refinancing is shown as a possible source of loan repayment and requires a decision by a new lender.

Vision

The masterplan proposes a low-density settlement in an established northern Italian landscape rather than a resort inserted into it. The organising principle is that the land itself — woodland, gentle relief, agricultural clearings and the historic castle — is the primary asset, and that built volume is placed sparingly within it.

Consequently the programme concentrates a limited quantity of floor area into defined clusters and retains the remainder of the area as landscape. This is both a design position and a planning position: a dispersed, low-intensity scheme is materially easier to reconcile with Piedmont's territorial and landscape planning frameworks than a dense one.

Clusters

The area is organised into functional clusters rather than a continuous urban fabric. Each cluster has its own land take, access and delivery route.

Hospitality
A resort component built around the existing historic castle and its grounds, intended as the first recognisable element of the settlement and the anchor of its public life.
Residential
Low-density residential clusters distributed across the area rather than concentrated, separated by retained woodland and open land.
Education and wellbeing
Land reserved for education, healthcare and wellbeing uses, to be delivered by specialist operators rather than by the master developer.
Landscape and open land
The majority of the area remains woodland, agricultural land and open landscape. The development intensity is deliberately concentrated on a small fraction of the perimeter.

Development strategy

Futuro Agrate Ltd acts as master developer. It does not construct buildings. Its output is land whose planning status, servicing and legal position allow another party to build without carrying planning risk.

Consolidate ownership of the perimeter through Italian asset-holding companies.
Establish the planning framework for the area with the municipality, the province and the region, and convert it into documented building rights.
Provide the primary infrastructure and servicing required for the clusters to be developed independently of one another.
Transfer permitted plots or the permitted land position to vertical developers and operators.

The proposed land-stage participation comprises a €17M project loan and a separate €3M purchase of 51% of Futuro Agrate Ltd. Security, ranking, perfection and equity-transfer timing remain subject to due diligence and definitive agreements; later vertical construction requires separate financing.

Timeline

The programme is sequenced in phases. Dates below describe intended sequence, not contractual commitments, and depend on administrative processes that are not under the company's sole control.

Phase 1 — Assembly. Completion of the acquisition perimeter and of legal and technical due diligence.
Phase 2 — Planning. Masterplan documentation, submission and negotiation of the planning instruments for the area.
Phase 3 — Servicing. Primary infrastructure, access and utilities to the cluster boundaries; reconstruction project for the castle.
Phase 4 — Transfer. Sale of permitted plots, or of the permitted land position, to developers and operators.

Current status

The project is presented at the land-assembly and planning-preparation stage. The stated 8,000 m² core rights require documentary verification; the additional castle and transferable components remain conditional. Further masterplan volume depends on the applicable approval process, and this page does not represent construction, sales or approval status as independently verified.

Nothing on this page is an offer, an invitation or a solicitation in respect of any security or property interest. Commercial terms are addressed only in the investment materials, under the disclaimers published with them.