Italian real estate services firm Prelios is understood to be in the process of launching a new fund as part of a joint venture with lender Veneto Banca.
Italian real estate services firm Prelios is understood to be in the process of launching a new fund as part of a joint venture with lender Veneto Banca.
According to well-informed market sources, the vehicle will target institutional investors and have a term of 12 years.
Sources say Veneto Banca has appointed Mediobanca as financial adviser for the fund structuring as well as placement agent to place the fund units.
The portfolio earmarked for the fund includes over 100 core properties - mainly offices and bank branches - located all over Italy and in particular in the northeastern part of the country. The assets have a market value of €170 mln.
The operation would allow the Italian financial institution to book a capital gain in the second half of 2013, with a positive impact on its Core Tier 1 ratio, sources said. Veneto Banca is looking to lease back the assets on long-term rental agreements of between 18 and 25 years.
The fund would be managed by Prelios Sgr, the fund management arm of Milan-based Prelios with nearly €4 bn of assets under management.
