Generali Real Estate is joining forces with Apleona Real Estate Management to manage its entire investment portfolio in Austria.
In a statement, the companies announced that they have set up a new joint venture which will be given sole responsibility on a long-term basis for property management services for Generali's portfolio in Austria.
The portfolio comprises a large number of directly held properties of various asset types – from retail, offices and apartments to mixed uses with a total of almost 460,000 m2. Most of the assets are located in Vienna, mainly in the city center, with the rest spread over other Austrian urban areas such as Salzburg, Graz, Innsbruck, Bregenz and Sankt Pölten.
Generali Real Estate will hold a 40% stake in the joint venture, which will be based in Vienna. Apleona, which already acts as property manager for Generali in Germany, will hold a majority interest.
Apleona’s CEO Jochen Keysberg commented, ‘We are delighted that Generali has now commissioned us with property management for its attractive Austrian portfolio due to its long-time of good experience with Apleona’s management expertise and innovation in Germany by assigning its attractive Austria portfolio to us through a partnership model.’
Generali Real Estate’s CEO, Aldo Mazzocco, added: ‘This prestigious joint venture will move our property management in Austria to the frontier of the best practice in this sector, now benefiting not only from Generali high quality portfolio in this country, but from dedicated investments and hedge technologies as well.’
