Enasarco, the Italian pension fund for Italian financial planners and commercial agents, plans to start divesting EUR 3 bn worth of real estate assets from the fourth quarter of 2010. The disposal is part of the company's new strategy aimed at investing in high-quality real estate generating higher returns. The company's portfolio generates returns of roughly 1% at present.
Enasarco, the Italian pension fund for Italian financial planners and commercial agents, plans to start divesting EUR 3 bn worth of real estate assets from the fourth quarter of 2010. The disposal is part of the company's new strategy aimed at investing in high-quality real estate generating higher returns. The company's portfolio generates returns of roughly 1% at present.
As part of its new strategy, Enasarco has recently acquired the Colonna retail gallery in the centre of Rome from Gruppo Toti for a price of around EUR 180 mln. The property was transferred to a fund managed by Sorgente.
Enasarco first unveiled plans to divest its real estate assets in October 2008 amid difficulties to manage the current portfolio. The company plans to sell a total of 481 buildings, totalling nearly 20,000 residential and commercial units mostly located in Rome (80%) and Milan. According to Enasarco's president Brunetto Boca, the company hopes to fetch up to EUR 4.5 bn from the sale of the assets.
