The Italian government has expressed an interest in buying €132 mln of public assets for its recently launched Patrimonio Italia fund which has a target size of €1.2 bn.
The Italian government has expressed an interest in buying €132 mln of public assets for its recently launched Patrimonio Italia fund which has a target size of €1.2 bn.
Patrimonio Italia is a closed-end vehicle launched last month to add value to the country's public assets.
The fund was founded and is managed by Investimenti Immobiliari Italiani, or Invimit, an asset management group owned by the Italian finance ministry. The vehicle has offered to buy 22 buildings which are owned by a number of Italian metropolises and provinces and leased Italy's interior ministry.
'These properties come on top of another seven assets which are already under offer for a combined €30 mln,' said Inivimit's president Massimo Ferrarese. This is only the first step, added Ferrarese. 'In the course of next year we expect to review and offer to buy a further 60 buildings.'
The fund aims to reach a size of €500 mln by the end of 2016.
Launched in 2013, Invimit manages funds for Italian pension funds Inail and Inps as well as for a number of other public bodies including universities and regional authorities.