First Atlantic Real Estate has reached an agreement with Banca delle Marche to set up a real estate fund which will own the majority of the Italian lender's network of branches and office buildings, CEO Daniel Buaron told PropertyEU in an exclusive interview.
First Atlantic Real Estate has reached an agreement with Banca delle Marche to set up a real estate fund which will own the majority of the Italian lender's network of branches and office buildings, CEO Daniel Buaron told PropertyEU in an exclusive interview.
The Milan-based fund manager is working to exploit a trend among local banks to extract value from their real estate assets. Buaron: 'Negotiations with other three banking institutions for similar funds are currently underway'.
First Atlantic is finalising its merger with Fondi Immobiliari Italiani (Fimit) which will lead to the creation of the largest real estate fund manager by far in Italy.
Although the financial details of the operation were not disclosed, the new fund launches are expected to add up to EUR 2 bn to the assets under management of the First Atlantic-Fimit combine.
Buaron: 'Our longstanding relationship with institutional investors is creating the basis to launch another EUR 1-2 bn of new funds, which is about the size of a medium-sized asset manager in Italy.'
Buaron confirmed that the company has submitted a binding bid for the historic Rinascente buildings located in Milan's Piazza Duomo and Rome's Via del Tritone.
The full interview appears in the upcoming issue of PropertyEU Magazine. Click on the link below to subscribe
