Italian asset manager Sorgente Sgr has held the first close for its Bernini real estate development fund, which has been seeded with a €100 mln commercial real estate portfolio.
Italian asset manager Sorgente Sgr has held the first close for its Bernini real estate development fund, which has been seeded with a €100 mln commercial real estate portfolio.
The fund, with a life of 15 years, is aimed at redeveloping and adding value to the existing assets of pension fund ENPACL (Ente di Previdenza dei Consulenti del Lavoro), which is the fund's sole investor.
The vehicle owns seven commercial buildings in Rome and Milan, particularly in the San Paolo, Via Cristoforo Colombo, Tor Vergata and Monteverde districts.
ENPACL owns around €1 bn of assets, 80% of which are located in Italy.
Sorgente Sgr manages a total of 28 funds with assets under management of €2.5 bn.
