Financial Feasibility Assessment of Public Property Assets Valorization: A Case Study in Rome (Italy)

摘要

In the present research the financial feasibility assessment of a public-private partnership initiative concerning the valorization of a public property located in the city of Rome (Italy) has been examined. The development of the assessment, which has provided for the implementation of the Discounted Cash-Flow Analysis, has been anticipated by a preliminary phase in which the public and private parties involved in the initiative have been identified, the respective roles have been defined and the costs and the revenues generated by the intervention have been assessed. The work highlights the significant support that, in the initial phases of the definition of an investment in public-private partnership, may result from the disaggregation of the different subjects and by the explanation of their roles in the initiative. The functions mix considered in the valorization process and the different management modalities allow the private investor to transfer the risks of the intervention to subjects most competent in the market sector in which they will be involved. The performance indicators obtained for the case study have pointed out the financial sustain-ability of the investment for the private operator and therefore the feasibility of a project able to generate significant positive impacts on the local community.