Italy’s UniCredit to launch real estate fund
The fund will be managed by Torre SGR, 62.5% of which is controlled by Fortress while the remaining 37.5% is controlled by Pioneer Investments – UniCredit’s asset management arm.
The fund has a starting capital of €100m and will mainly invest in private real estate and only at a later stage on commercial and luxury properties mainly in Milan and Rome, a person close to the matter confirmed.
The fund aims at taking advantage of the liquidity coming from the expiry of several real estate funds as well as of consequent lower prices of the properties listed in these portfolios.
Regulatory approval is still underway and the authorisation from Consob is expected to arrive in the next days, the Italian press said.