Rome's waste management group Ama is teaming up with local asset manager Idea Fimit to launch a new closed-end institutional fund, known as Fondo Ambiente.
Rome's waste management group Ama is teaming up with local asset manager Idea Fimit to launch a new closed-end institutional fund, known as Fondo Ambiente.
The vehicle, with a life of 15 years, has been seeded with a portfolio of 54 core and non-core assets, largely office buildings and warehouse facilities in Rome.
The portfolio has a value of €150 mln.
Idea Fimit won the mandate to manage the Ama assets through a competitive process launched in September 2012.
It is the second fund to be launched by Idea Fimit over the past month. In October, the Rome-based asset manager announced the creation of a new vehicle with US private equity firm Colony Capital which will take over a portfolio of 113 assets from local lender Intesa Sanpaolo.
According to well-informed market sources, Colony Capital and Idea Fimit have been selected as the winning bidders and are paying €175 mln for the 115,000 m2 package, which includes vacant bank branches and historic office buildings in a number of city centres.
