Italian listed investment company Yorkville BHN has launched a EUR 141 mln offer for real estate fund Investietico in a bid to expand its property holdings.

Italian listed investment company Yorkville BHN has launched a EUR 141 mln offer for real estate fund Investietico in a bid to expand its property holdings.

In a statement to the Milan stock exchange, the firm said it will offer 300 shares for each Investietico share. The operation is in line with Yorkville's strategy to diversify its investment portfolio with new risk-profile operations and broaden its shareholding capital base.

'In line with our plans to add real estate to our investment activities, the company believes that the participation in an SGR asset management fund represents a prudent first step towards investment in this sector,' the company said.

The bid is 'the first operation of this kind since introduction of real estate funds in the country,' said Marco Preti, president and CEO of Yorkville. The company is owned by YA Global Investment, managed by Jersey-based investment company Yorkville Advisors.

Investietico is a closed-end listed real estate fund managed by Aedes BPM Real Estate SGR. The fund owns 13 properties in the Milan region valued at a total of EUR 236 mln at end-June 2010.