Italian fund manager Invimit is launching a €300m ($328.4m) fund to collect real estate assets in the Puglia region.

The SGR (Società di Gestione del Risparmio), held by Italy’s Ministero dell’Economia e delle Finanze, is creating the fund, which will hold properties owned by the southern Italian region.

The move follows similar fund creations in Italy’s Lazio and Lombardy regions.

In addition to Puglia, the fund will also be open to municipalities and other public companies that can provide it with real estate assets.

Invimit said properties deemed to be no longer useful, former factories and tourism assets could be added to the fund.

Italy has seen an increase in SGR activity in recent months, with Hines selling its Italian development and fund management company, Hines Italy SGR, to its management.