Italian insurance giant Generali said it has approved the creation of Generali Immobiliare, a new company that will develop and coordinate the real estate activities for the entire group worth approximately EUR 23bn. All the Generali real estate divisions located in the countries where the group operates will report to the new entity, the Trieste-based group said in a statement. The new company will adopt a strategy designed to improve profitability, provide guidance for the local companies in implementing best practice and optimise use of risk and yield monitoring tools.
Italian insurance giant Generali said it has approved the creation of Generali Immobiliare, a new company that will develop and coordinate the real estate activities for the entire group worth approximately EUR 23bn. All the Generali real estate divisions located in the countries where the group operates will report to the new entity, the Trieste-based group said in a statement. The new company will adopt a strategy designed to improve profitability, provide guidance for the local companies in implementing best practice and optimise use of risk and yield monitoring tools.
'The real estate sector has always been and will continue to be a cornerstone of the group's investment portfolio, where we have developed outstanding expertise. With the formation of Generali Immobiliare, our aim, in line with the declared objectives of the Strategic Plan, is to consolidate the experience built up at local level in each country and, equally, to lay the bases for further growth of our investments worldwide, while establishing a unified vision of the Group’s real estate business,' said CEO Giovanni Perissinotto.
Generali Immobiliare will be based in Paris, and will begin operations on 1 September 2008. The new entity will be headed by Raffaele Agrusti, Generali Group's general manager and head of real estate. Generali Immobiliare will be responsible for investment and management operations in sectors such as hotels, logistics, retail and healthcare. The new company will also look for expansion in countries offering 'interesting macroeconomic and market prospects' such as the US, UK, India and Eastern Europe.
