Germany's IVG Immobilien is joining forces with Italian REIT Beni Stabili to launch a joint fund management plaform which will promote and manage fund products for Italian institutional investors from an office in Milan.
Germany's IVG Immobilien is joining forces with Italian REIT Beni Stabili to launch a joint fund management plaform which will promote and manage fund products for Italian institutional investors from an office in Milan.
Under the agreement, Beni Stabili Gestioni SGR, the fund management arm of Beni Stabili Group, will acquire a 5% stake in IVG SGR and will gradually increase its shareholding to 49%.
The two partners aim to collect the first EUR 100 mln for a pan-European real estate fund from institutional investors by summer 2013. Final closing with total equity of up to EUR 200 mln is scheduled for the end of 2013. The fund will invest in office and retail properties in key European cities and have a targeted investment volume of EUR 400 mln.
Wolfgang Schäfers, CEO of IVG Immobilien, said the partnership allows the company to further expand its international investment platform following the acquisition last year of Hypo Real Invest in Austria.
'With this partnership we complete our range of skills in the fund management business,' said Aldo Mazzocco, CEO of Beni Stabili Siiq and chairman of Beni Stabili Gestioni SGR.
The companies claim the operation will 'perfectly' combine the strengths of IVG and Beni Stabili Group, with Beni Stabili providing a network of contacts with institutional investors in Italy and IVG offering Europe-wide asset management expertise.
Beni Stabili Gestioni currently manages 13 investment funds with a total asset value of more than EUR 1.5 bn.
IVG Immobilien manages assets worth EUR 21.4 bn.
