Vatican reveals data on its property: Over 5,000 real estate objects

Source : 112 Ukraine

More than a thousand buildings belonging to the Vatican are located in high-class areas of foreign cities
19:44, 25 July 2021

Pope Francis

For the first time in history, the Vatican made public information about its property: the country owns 5171 objects in Italy and abroad, writes The Guardian.

The 30-page budget showed it owns 4,051 properties in Italy and about 1,120 abroad, not including its embassies around the world.

Only about 14% of its Italian properties were rented at market rates, while the others were rented at cut rates, many to church employees. About 40% were institutional buildings such as schools, convents and hospitals.

The documentation showed Vatican owns properties as investments in upmarket areas of London, Geneva, Lausanne and Paris.

One building, in London’s South Kensington, led to enormous losses after it was bought by the Vatican’s secretariat of state as an investment in 2014.

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On Tuesday, the trial of 10 people in connection with its purchase, including the prominent cardinal Angelo Becciu, starts in the Vatican. They are charged with financial crimes including embezzlement, money laundering, fraud, extortion and abuse of office.

Father Juan Antonio Guerrero Alves, head of the Vatican’s secretariat for the economy, told the official Vatican News website that the building would be sold soon.

Last year, Pope Francis stripped the Secretariat of State of control over its funds. A separate consolidated financial statement for the Holy See issued on Saturday showed a €64.8m deficit in 2020.

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