Generali and Poste Vita JV acquires two assets in Berlin and Rome
Generali Real Estate and Poste Vita’s European property investment joint venture has bought two assets in Berlin and Rome.
The joint venture, which targets office and retail assets, has acquired the 15-storey The Westlight office development in Berlin from Barings. The transaction is expected to be completed in 2020, upon completion of construction and the pre-letting of the spaces.
The two Italian insurers have also bought a majority stake of the vehicle owning Parco Leonardo, a shopping centre located in South-Western Rome.
Opened in 2005, Parco Leonardo currently hosts over 180 stores over a commercial area of approximately 62,000sqm.
Financial details for both transactions were undisclosed.
The Generali Real Estate and Poste Vita partnership was set up in December 2018 to focus on co-investment opportunities in the European real estate sector.
At the time, the duo said they had signed a framework agreement and will each commit €200m to the partnership.
The European property investment joint venture made its debut transaction last month with the acquisition of the Marienforum office building in Frankfurt am Main from Perella Weinberg Real Estate Fund II, a fund advised by Aermont Capital.