Concrete Investing, an equity crowdfunding platform that specializes in raising capital for investment in prime real estate projects, proudly announced that it has received authorization from Consob, in close cooperation with the Bank of Italy.
The approval, formalized with Resolution No. 22859 dated October 25th, 2023, allows Concrete Investing to operate as a crowdfunding service provider in accordance with the new EU Regulation 2020/1503, known as the “Regulation on European Crowdfunding Service Providers (ECSP) for business.”
The platform was authorized along with two other platforms on the same day. BuildBull and Fundera. In strict order of authorization number, Concrete Investing is the first ever authorized under the new regulation.
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Already authorized by Consob in 2018, Concrete Investing is an established player in the real estate crowdfunding market
In the course of its activity, the platform has successfully raised around €60 million, earmarked for 29 real estate development deals, mainly in the city of Milan. Of these deals, 11 have already cleared investors, returning them more than €20 million, with an average annual return of 10 percent.
Among the funded projects are Torre Milano, a 25-story building completed by the end of 2022; the renovated Washington Building, erected on the grounds of the former Borletti factory; the Park Towers residential complex, designed by Asti Architetti; the modern Gate Central in front of the famous Colonne di San Lorenzo, signed by ACPV – Antonio Citterio Patricia Viel studio; and the innovative smart living project called Anfiteatro 7, promoted by Impresa Rusconi in the Brera district, currently under construction.
The total value of the projects financed by Concrete Investing exceeds €750 million
The authorization issued by Consob will allow Concrete Investing to continue its operations beyond November 10th, the date when approval is required to continue operating.
In addition, this opportunity will allow the platform to develop new products dedicated not only to Italian professional and retail investors, but also to interested European investors.
Concrete Investing CEO Lorenzo Pedotti said, “We are extremely proud to be the first real estate crowdfunding platform already operating to obtain authorization from CONSOB in accordance with the new European regulations. This success is the result of extraordinary efforts by our entire team and recognizes the attention and dedication we have always given to our business. This approval allows us to ensure the continuity of our operations for our clients and investors, as well as to take advantage of the new opportunities provided by the regulation.”
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