Italy’s Generali places 30% of property fund

Assicurazioni Generali has placed more than 30% of Italy's largest private property fund with domestic investors for €218 million ($346.4 million), the Italian insurer said.

The Scarlatti real estate fund was set up in December 2006 with property assets worth €1.4 billion, consisting mainly of offices in Milan and Rome, it said in a statement.

“The unit price was based on NAV (net asset value) at 31 March 2008, net of income for the period,” Generali said.

With a residual life period of 8.5 years, the fund is managed by Generali Immobiliare Italia SGR, a unit of the insurer’s asset management arm Generali Investments SpA.

Sources close to the matter told Reuters on Monday Generali Immobiliare Italia SGR was competing with a number of other Italian companies to manage a property fund UniCredit was considering launching. One of the sources said the Italian bank’s fund would be worth between €1.6 billion and €1.8 billion. A press report had previously indicated the value of the fund at around €2 billion. (Reuters)

Automotive

ALD Automotive | LeasePlan Unveils New Global Mobility Brand Ayvens

Government

Orbán: Peak Flood Expected to Leave Hungary by Mid-Next Week

Energy Trade

MVM H1 Revenue Falls 22% Y.O.Y.

EU

EU to Deduct EUR 200 mln Fine From Hungary Funding

SUPPORT THE BUDAPEST BUSINESS JOURNAL

Producing journalism that is worthy of the name is a costly business. For over 30 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.