Sunday 25th July 2021
5171 real estate and a scandal
Vatican publishes goods report for the first time
A real estate trial against an influential cardinal begins in the Vatican on Tuesday. In order to provide clarification, the papal state publishes its property holdings for the first time. Only around 14 percent of the properties are rented at market prices.
The Vatican Property Administration (Apsa) has its first a few days before the start of a real estate process Annual balance released. The documents indicate, among other things, that the Apsa 4051 own properties in Italy. There are also 1120 in London, Paris, Geneva and Lausanne. According to its own information, the profit of the goods management in 2020 was just under 51 million euros. The value of all financial assets is 1.8 billion euros.
In view of the publication, Juan Antonio Guerrero, Prefect of the Economic Secretariat of the Holy See, announced that the Papal States are making unprecedented efforts to bring transparency to its finances. “We come from a culture of secrecy, but we have learned that transparency can protect us better in economic matters,” he said.
On Tuesday, a lawsuit begins in front of the Vatican Court over the purchase of a luxury property in the London borough of Chelsea, which took place in 2018 and 2019. Ten suspects, including the influential Italian Cardinal Angelo Becciu, are charged with embezzlement, abuse of power and influencing witnesses. You are said to have made money from the business in your own pocket. Becciu is also said to have diverted money from charity funds for relatives. The cardinal protests his innocence.
Scandalous property is to be sold
As a consequence of the scandal, Pope Francis withdrew financial sovereignty from the State Secretariat of the Vatican last November. The Vatican Goods Administration Apsa is now responsible for the administration of assets and real estate of the central authority. In her report she announces that she is preparing to sell the property. According to Prefect Guerrero, “legal action has been taken against those who, in our opinion, have harmed the interests of the Holy See”.
The report highlights the three areas in which Apsa is active: real estate, investments and other activities. Securities activities therefore include investments in international securities, advice, financial solutions, access to the capital markets for the Curia and other Vatican institutions. The “other activities” relate to the services of the offices for purchasing, accounting, collection and payment as well as the travel agency “Peregrinatio Ad Petri Sedem”, which deals with the issue of tickets and the organization of trips for the Holy See.
The documents show that only around 14 percent of the Vatican’s real estate is rented at market prices. The work of the Papal States and charities are financed from the profits. The remaining 86 percent are mostly used as residential or office space at lower prices by the Vatican itself.
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