ITALY - A consortium comprising four Italian companies has won a mandate to provide management services to local pension fund INPS and oversee its real estate investments.

The Temporary Consortium of Companies (TCC), led by asset management firm Prelios Property & Project Management, has 'provisionally won' the competitive bid, the size of the mandate has yet to be disclosed.

Prelios owns 32% of the consortium; the other companies are EXITone and Siram, which each hold 20%, and Abaco Servizi which has an 18% interest.

Prelios will provide, through its subsidiary, the property and building management services. Abaco Servizi will undertake property, project and construction management.

Under the agreement, TCC will manage a portfolio of offices, shops and residential properties, totalling approximately 13,000 individual units.

The Italian real estate company stated that the deal signed with INPS "consolidates the group's repositioning as a pure management company according to an integrated model of management and specialist services aimed at creating value for the real estate portfolios of third-party customers".

The mandate, which is still provisional, is expected to be formalised within the next couple of weeks.