EstCapital plans to reach the first closing for its new RealEnergy fund by the end of this year, CEO Federico Tosato told PropretyEU in an interview. The fund - Italy's first vehicle to invest in environmental buildings and energy-producing properties - is expected to raise up to EUR 100 mln from a number of institutional investors by the end of 2009. It will have a spending power of up to EUR 500 mln with leverage, Tosato added.
EstCapital plans to reach the first closing for its new RealEnergy fund by the end of this year, CEO Federico Tosato told PropretyEU in an interview. The fund - Italy's first vehicle to invest in environmental buildings and energy-producing properties - is expected to raise up to EUR 100 mln from a number of institutional investors by the end of 2009. It will have a spending power of up to EUR 500 mln with leverage, Tosato added.
The fund, which targets an IRR of 10% per annum, is already negotiating its first deal in Italy: the acquisition of a photovoltaic complex in Lucca for around EUR 10 mln. The scheme produces 2 MW of energy.
In February this year, EstCapital Group said it had received approval from the Bank of Italy for the launch of three new closed-end property funds: Real Stone, Real F&F and RealEnergy. The company manages a total of 13 property funds with assets under management of EUR 3 bn.
