Cordea Savills SGR, the Italian fund management subsidiary of Cordea Savills, has signed a preliminary agreement with Romeo Gestioni with a view to explore as a joint venture the opportunities resulting from the Italian government's general spending review programme.
Cordea Savills SGR, the Italian fund management subsidiary of Cordea Savills, has signed a preliminary agreement with Romeo Gestioni with a view to explore as a joint venture the opportunities resulting from the Italian government's general spending review programme.
Italian asset management companies, or societa di gestione del risparmio (SGRs), are expected to be invited by the government later this year to tender for the creation and management of investment funds within which publicly-owned property assets will be held and sold.
The Italian government is expected to invite bids to manage all or part of central, regional and local government assets, which are estimated to be worth EUR 55 bn in total.
The review programme is part of the country's plan to bring its deficit in line with European requirements by realising value through the sale of public property assets.
'This agreement will bring Cordea Savills into partnership with a company that already has unparalleled experience in managing publicly owned real estate,' said Justin O’Connor, Chief Executive officer at Cordea Savills. Romeo Gestioni is Italy's largest facilities manager of publicly-owned real estate.
