Italian asset manager Fabrica Sgr and its partner CBRE Global Investors have announced the launch of the Cicerone pan-European real estate fund after raising €200 mln of equity from its largest investor, Italian pension fund Cassa Forense.
Italian asset manager Fabrica Sgr and its partner CBRE Global Investors have announced the launch of the Cicerone pan-European real estate fund after raising €200 mln of equity from its largest investor, Italian pension fund Cassa Forense.
Fabrica SGR and CBREGI, which have won the mandate for the vehicle in a competitive public tender, are targeting up to €1 bn of equity for the fund in the medium term.
Cassa Forense is the National Social Security Pension Fund of lawyers, representing more than 170,000 members with pension assets of €7 bn. Fabrica Sgr is an asset management group controlled by bank Monte Paschi di Siena and construction group Caltagirone.
Cicerone will focus on improving value for Cassa Forense’s direct investment portfolio and will invest in Italian property and property in other European Union countries.
In the sourcing of assets outside the Italian market, Fabrica will be advised by CBRE Global Investors.
'Cicerone is our first fund with a pan-European asset allocation,' commented Marco Doglio, managing director of Fabrica SGR. 'Together with CBREGI, we aim to define a standard for all Italian institutional investors that want to invest abroad.'
Florencio Beccar, country manager for Italy of CBREGI, added: 'We are intensifying our efforts to make the diversification of real estate investments easier for Italian investors, so that they can reach the best opportunities in world markets, independent of the Italian business cycle.'
