Inarcassa, the Italian pension fund for self-employed engineers and architects, has shortlisted four companies for the management of EUR 600 mln worth of real estate assets, Italian newspapers reported on Friday. The four bidders are reportedly a partnership of Hines and Salvatore Ligresti's Sai holding company, as well as Fabbrica, a 50/50 joint venture of Banca Monte Paschi di Siena and Fincal, BNP Paribas' Italian unit Bnl Fondi Immobiliari and Investire Immobiliare.
Inarcassa, the Italian pension fund for self-employed engineers and architects, has shortlisted four companies for the management of EUR 600 mln worth of real estate assets, Italian newspapers reported on Friday. The four bidders are reportedly a partnership of Hines and Salvatore Ligresti's Sai holding company, as well as Fabbrica, a 50/50 joint venture of Banca Monte Paschi di Siena and Fincal, BNP Paribas' Italian unit Bnl Fondi Immobiliari and Investire Immobiliare.
According to Italian business newspaper Milano Finanza, Inarcassa received 10 expressions of interest in September for the creation of a new real estate fund to which the pension fund will transfer most of its real estate. Inarcassa has a total real estate portfolio worth some EUR 1 bn, representing roughly 25% of Inarcassa's assets under management.
During the first phase of the operation, the pension fund will transfer assets worth up to EUR 150 mln to the new investment vehicle, while it seeks a partner to invest in the fund. Over the next 20 years the institution will gradually transfer the remaining EUR 450 mln of property.
