Generali Property Investors, the property arm of Italian insurance giant Generali, has transferred 17 office buildings worth some EUR 700m to its real estate fund Scarlatti. The fund has now reached a size of some EUR 1.4bn. The properties were transferred by Generali Properties, which is headed by CEO Giovanni Maria Paviera, and its subsidiaries Prunus and Alleanza Assicurazioni. They are located across Italy's major cities and have an occupancy rate of about 92%. Scarlatti was set up in December 2006 and has a life period of nine years.
Generali Property Investors, the property arm of Italian insurance giant Generali, has transferred 17 office buildings worth some EUR 700m to its real estate fund Scarlatti. The fund has now reached a size of some EUR 1.4bn. The properties were transferred by Generali Properties, which is headed by CEO Giovanni Maria Paviera, and its subsidiaries Prunus and Alleanza Assicurazioni. They are located across Italy's major cities and have an occupancy rate of about 92%. Scarlatti was set up in December 2006 and has a life period of nine years.
The fund is targeting an average return of 5% on a six-month basis. Its portfolio comprises 66 offices, of which the majority are located in Rome and Milan.
