US private equity group Bain Capital is in the front-running to acquire a portfolio of ten Italian assets managed by French investment giant Amundi, according to local media sources.
The office properties - worth between €150-€200 mln - include the headquarters of mobile phone giant Wind in Rome, and Henkel Group's head office in Milan.
Held by Amundi Italia and Amundi Europa funds, the properties are in vehicles expiring imminently. According to reports, Bain's bid has exceeded that of rivals Marathon Real Estate and Monarch in the initial tender.
Bain has grown agressively in Italy in recent years, swooping in particular on a number of toxic portfolios. The US giant entered the country's non-performing loans market in 2017 with the acquisition of Heta Asset Resolution Italia (Harit), the bad bank of Hypo Alpe-Adria Bank, including assets worth €570 mln.
Earlier this month, Bain put up a bid for the real estate assets of failed bank, Banco Popolare di Vicenza, for which it is competing with Prelios and Cerberus. Comprising around 100 bank branches, several of which are in prestigious, historic buildings, the portfolio is said to be worth around €400 mln. Binding offers have now been submitted, with a final decision expected by the end of the year.
