ITALY - Italian insurer Generali is to launch a new property subsidiary - Generali Real Estate - bringing its global real estate and infrastructure activities under a single banner from next year.

The decision, recently approved by the company's board, will see its activities in a number of European markets, as well as Israel and Asia become the responsibility of chief executive Giancarlo Scotti, currently head of Generali Immobiliare.

Raffaele Agrusti, the parent company's chief financial officer, has been named chairman of the new subsidiary, which will begin operations by July next year.

Giovanni Perissinotto, chief executive of Generali Group, said of the decision: "At a time of growing globalisation in the real estate business, we want to continue to build on our expertise in this area."

Generali Real Estate, which will look to attract new third-party investors, will have assets under management of €28bn upon launch, with the company targeting an annual growth of 6% each year to 2016 - resulting in a targeted AUM of €36bn in four years' time.

The new entity will focus on both asset management and property management services.