Italy’s Polis Fondi launches Fondo asset bancari
Italian real estate investment manager Polis Fondi SGR has launched Fondo asset bancari.
The fund is designed to invest in real estate portfolios and non performing credits based on real estate banking assets.
The fund has a 10-year duration and it has raised €31.5m equity which will allow for an initial investment of €75m, the company said.
The banks involved in the fund are currently six: Banca di Piacenza, Banca Popolare di Sondrio, Cassa di Risparmio di Cento, Banca San Felice 1893, Banca di Cavola e Sassuolo and Banca Popolare del Frusinate.
“The fund marks a significant innovation. Banks are increasingly managing real estate assets collected with legal enforcement and they will be able to profit from the allocation of these assets to the fund,” said Roberto Ruozi, chairman at Polis.
The real estate investment fund management company was established in 1998 following an initiative of Unione Fiduciaria and 14 banks.