Fabrica SGR, the Italian real estate asset management company, and its partner CBRE Global Investors are to launch a property fund for Cassa Forense following a competitive public tender.
The Cicerone Fund, which has been seeded with EUR200m, is expected to reach EUR1bn in the medium term.
The fund will focus on improving value for Cassa Forense’s direct investment portfolio and will invest into Italian property and into property in other European Union countries.
The fund will benefit from the broad geographic asset diversification, as property markets among European countries are not correlated.
In the sourcing of assets and sector and regional weighting outside the Italian market, Fabrica will be advised by CBRE Global Investors, who it formed a partnership with in 2012.
Cassa Forense is the National Social Security Pension Fund of lawyers, which has been active for over 60 years, representing more than 170,000 members with pension assets of EUR7bn.
Alberto Bagnoli, chairman of Cassa Forense, says: "Fabrica and CBRE Global Investors were selected through a public tender of 10 of the best national and international players. Cicerone Fund is aimed at enhancing Cassa Forense real estate investments by increasing the international diversification in line with our asset and liability management requirements.”
Marco Doglio, managing director of Fabrica SGR, says: "Cicerone is our fourth real estate fund dedicated to a pension fund and the first with a pan-European asset allocation. We are proud to have been selected by Cassa Forense and, together with CBRE Global Investors, we aim to define a standard for all Italian institutional investors that want to invest abroad.”
Florencio Beccar, country manager for Italy of CBRE Global Investors, says: "We are very pleased to be able to provide Cassa Forense the expertise from our global platform. Along with Fabrica we are intensifying our efforts to make the diversification of real estate investments easier for Italian investors, so that they can reach the best opportunities in world markets, independent of the Italian business cycle."