Fri, 12/04/2019 - 09:12
Patrizia Immobilien has secured a fund management mandate in Italy from Fondazione Cariverona – an Italian bank foundation and founder of UNICREDIT Bank – for Verona Property, an Italian real estate fund with assets under management (AUM) of EUR180 million.
Patrizia will manage the fund with the aim of unlocking value from the current assets and ultimately recycling capital to deliver a more diversified real estate portfolio.
The fund portfolio includes four assets totalling about 40,000 sq m in the historical centre of Verona, as well as a prominent development project that is underway in the periphery of the city, Ex Magazzini Generali, which is located in front of the main exhibition centre. When completed, the development will include 44,000 sq m of new offices and retail space with high-profile tenants such as GlaxoSmithKline, Unicredit and Eataly already secured.
The main assets in the centre of Verona include Via Giuseppe Garibaldi 1 and 2, which together total 30,000 sq m. A value creation asset management plan is in place which aims to convert the current use from office space into a complex with hotels, serviced apartments and the first congress centre in Verona.
Dario Strano and Pierluigi Scialanga, who joined Patrizia Italy in September 2018, are managing this mandate.
Strano says:“This fund management mandate demonstrates Patrizia’s ability to attract institutional investors in new territories thanks to the combination of our outstanding global reputation and on the ground expertise. Italy is very much a growth platform for Patrizia and we look forward to leveraging our local knowledge and experience across the real estate spectrum on behalf of Italian and pan-European real estate investors looking to invest here.”
Patrizia manages around EUR 700 million of real estate assets in Italy.
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