ITALY – CBRE Global Investors is the latest cross-border property fund manager to enter into an Italian joint venture in anticipation of a shift towards international investments by local investors.
CBRE Global Investors and Fabrica Immobiliare SGR will set up co-branded real estate funds aimed predominantly at Italian institutional investors and regulated locally.
The move follows a number of other joint ventures to establish cross-border investment platforms for Italian institutions, most recently an agreement between IVG and Beni Stabili.
The funds may invest directly and indirectly in Italy and elsewhere, and will also be open to non-Italian investors.
Fabrica will act as fund manager for the vehicles, while CBRE Global Investors will act as the adviser for the non-Italian asset allocation strategy, as well as investment selection and asset management.
The joint venture will initially focus on devising a fund for Italian investors to provide both domestic exposure and international diversification.
Florencio Beccar, country manager for Italy at CBRE Global Investors, said: "We see growing interest from Italian investors to both allocate further to domestic real estate and, for some, to make their first steps to diversify internationally.
"This partnership offers them the right platform to achieve both those aims with the benefit of our on-the-ground local real estate intelligence in key markets."
For Fabrica, the joint venture with the world's largest real estate investment manager will help Italian fund manager develop its business – it currently manages €2.5bn in assets in nine real estate funds in Italy – and assist in complying with Alternative Investment Fund Managers Directive.
Marco Doglio, managing director of Fabrica, said: "This partnership is a milestone in our development process and comes from a common investment philosophy based on market analysis and investors demand focus.
"The strategic close cooperation with CBRE Global Investors will allow us not only to complete our product spectrum for institutional investors, but also to get our team ready to face the global challenge of AIFM Directive."