Three parties are believed to be leading the race to buy a massive property portfolio being sold by Enpam, Italy’s pension fund for doctors.
Following the submission of non-binding offers last month, US investor Apollo, London-based GWM and a joint venture of Bain Capital and Davidson Kempner through Prelios Sgr, are said to be the favourite parties to take over the package, which is expected to fetch between €500 mln and €1 bn.
The sale, known as Project Dream, includes 500 million real estate assets including offices, plots of land and residential units across the country. Binding offers are due to be submitted by end of January 2021.
The portfolio was put up for sale by Enpam through advisor Deloitte at the beginning of the year. The process was then postponed following the Covid-19 outbreak. It is said to have attracted strong interest from several parties including Patrizia Immobilien, JP Morgan and Dea Capital.
Bain Capital is being advised by Mediobanca. Lazard is acting for Apollo.
