Babcock & Brown, the Australian international investor and asset management group, has announced the private placement of two-thirds of the equity capital in Babcock & Brown Development Fund (BBDF) to Assicurazioni Generali, the largest Italian investment and insurance group.
Babcock & Brown, the Australian international investor and asset management group, has announced the private placement of two-thirds of the equity capital in Babcock & Brown Development Fund (BBDF) to Assicurazioni Generali, the largest Italian investment and insurance group.
BBDF is a nine-year closed-end Italian real estate investment fund focused on the residential development sector in Northern Italy. Its initial portfolio comprises three major residential development in the Milan area with an estimated completion value in excess of EUR 300 mln.
Eric Lucas, global head of real estate at Babcock & Brown, said: 'The commitment by Assicurazioni Generali, one of the largest European institutional real estate investors, reflects the quality of the development projects in the initial portfolio and the confidence in the Babcock & Brown Italian Real Estate team to complete the projects and recycle the capital through the identification and development of new projects for the portfolio.'
