Italy's Beni Stabili Gestioni SGR, the fund management company of Beni Stabili Group and German IVG have signed a joint venture to promote and manage fund products for Italian institutional investors.
Italy’s Beni Stabili Gestioni SGR, the fund management company of Beni Stabili Group and German IVG have signed a joint venture to promote and manage fund products for Italian institutional investors.
According to the deal, Beni Stabili has acquired a 5% stake in IVG SGR, which will be gradually increased to 49%.
The two partners aim to collect €100m for a pan-European real-estate fund from institutional investors by mid-2013, and a final closing with total equity of up to €200m is scheduled for the end of 2013.
The fund will invest in office and retail properties in key European cities and the targeted total investment volume is €400m.
“With this partnership we complete our range of skills in the fund management business and we create a common platform with one of the most reputed asset managers in Europe”, said Aldo Mazzocco, chief executive of Beni Stabili Siiq and chairman of Beni Stabili Gestioni SGR.
Wolfgang Schäfers, chief executive of IVG Immobilien added: “With this joint venture, following the acquisition in 2011 of Hypo Real Invest AG, IVG continues to vigorously expand its international investment platform, primarily in order to address new investor groups and thus tap into growth potential for IVG
Beni Stabili Gestioni manages 13 investment funds with total asset value of more than €1.5bn.
IVG Immobilien AG is one of the major real estate and infrastructure companies in Europe with assets worth €21.4bn.