The Italian fund management unit of US real estate developer Hines has unveiled plans to increase its assets under management to more than EUR 2 bn by mid-2010.
The Italian fund management unit of US real estate developer Hines has unveiled plans to increase its assets under management to more than EUR 2 bn by mid-2010.
'It is a bit early to say but we have a pipeline of new investment vehicles for institutional investors which could bring our assets under management to well over EUR 2 bn in the next six months,' Manfredi Catella, head of Hines' Italian business told PropertyEU in an interview.
The operation would make the US property developer one of the largest property fund managers in Italy, he added.
Hines received green light from Banca D'Italia last year for the launch of its fund management business in the country, Hines Italia. The new unit effectively became operational in the summer of 2009 in tandem with the creation of the Porta Nuova Garibaldi property fund, which was set up to develop a large mixed-use scheme in Milan.
Last week, Hines also announced the closing of a second fund, Porta Nuova Varesine, which will take control of EUR 900 mln worth of assets in the Italian city.
More information about Hines' Italian activities can be found in the next issue of PropertyEU. Click on the link below to subscribe
