A consortium of companies led by Prelios has won a bid to manage a 13,000-property strong portfolio owned by INPS, Italy's largest public pension fund.

A consortium of companies led by Prelios has won a bid to manage a 13,000-property strong portfolio owned by INPS, Italy's largest public pension fund.

The Temporary Consortium of Companies (TCC), in which Prelios Property & Project Management holds a 32% stake, has emerged ahead of five other bidders for the three-year management mandate, which includes a renewable option for a further year. PropertyEU understands that the bidders comprised a joint venture of Beni Stabili and MPS, a partnership of Marco Polo and Colliers, Romeo Gestioni, a joint venture of CNS and Egi as well as Cofely, Sovigest, Ingenium RE.

A Prelios spokesperon said the financial details of the deal are confidential. However, the offer is lower than the starting price set by INPS at EUR 44 mln. Prelios teamed up with EXITone of STI Group, which took a 20% share, Veolia's Siram, with a 30% interest, as well as Gabetti's Abaco Servizi which holds the remaining 18%.

The mandate, which is still provisional, is expected to be formalised within the next couple of weeks.

The pensions agency's property assets include offices, shops and residential properties.

'This result assumes particular significance for Prelios, which will provide the property and building management services, as it consolidates the group's repositioning as a pure management company,' the company said in a statement. Within the TCC, Abaco Servizi will perform the property, project and construction management activities.