Italian insurance giant Generali has put the sale of a €1 bn European portfolio of real estate assets known as Stardust on hold after receiving preliminary offers deemed to be too low, according to well-informed market sources.
Generali first announced in March that it had hired investment bank Morgan Stanley to market the portfolio, one of the largest packages to be put on the market this year.
It included 69 buildings in Germany, France, Austria and Italy, providing a total space of 300,000 m2 and generating some €50 mln in rents a year.
Four parties including Germany's Patrizia, CBRE Global Investors and UBS were believed to have submitted preliminary non-binding offers for the portfolio back in March. However, sources say that the initial bids were so low that the vendor has decided not to go through with the sale.
