Unicredit's pension fund has picked the fund management arm of Generali Immobiliare Italia to create and manage its real estate assets.
Unicredit's pension fund has picked the fund management arm of Generali Immobiliare Italia to create and manage its real estate assets.
In a statement on Friday, Trieste-based Unicredit said the mandate, worth some EUR 500 mln, brings its total assets under management to over EUR 5 bn.
The fund will have a long-term focus and will be seeded with 770 properties across Italy. It is understood that Generali emerged ahead of several bidders including Beni Stabili, Hines, BNP Paribas Real Estate, Idea Fimit, and Investire Immobiliare.
'The development of our third-party real estate asset management business is a principal strategic objective for the Group. Generali Real Estate intends to position itself increasingly as the benchmark player in management services for institutional investors in the European property sector. Through this contract the portion of third-party assets now accounts for 10% of our total assets under management,' said CEO Giancarlo Scotti.
KPMG advised Unicredit on the process.
