US investment group Apollo is understood to have emerged ahead of three other investors in the run to acquire a massive property portfolio being sold by Enpam, Italy’s pension fund for doctors.
Market sources say that Apollo is the frontrunner in the bidding with an offer of over €800 mln for the so-called Project Dream portfolio, which involves 68 assets encompassing over 1 million m2 across Italy and with a value of roughly €1 bn.
Enpam is believed to have received binding offers for the portfolio earlier this week from four investor groups, Apollo, a consortium of Bain Capital, Davidson Kempner, Hines and Prelios as well as a joint venture of GWM and Dea Capital Real Estate and, separately, asset manager Torre Sgr together with 2G Investimenti.
PropertyEU first reported in early 2020 that the portfolio was being put up for sale through advisor Deloitte. The sale, which has taken longer than expected due to the Covid-19 sanitary crisis, is understood to include 17 office buildings covering 520,000 m2, 10 hotels across Italy as well as 17 residential buildings, five shopping centres and one logistics park.
All parties declined to comment.
