The Italian economy and finance ministry said it has chosen Banca Nazionale del Lavoro SpA and Pirelli & C Real Estate SpA to manage two funds being set up to manage State-owned real estate.
Banca Finnat Euramerica unit Investire Immobiliare SGR has been selected as overall manager of the real estate, while BNL Fondi Immo and Pirelli RE SGR will manage two of three funds, it said.
'Given the large size of the real estate, with a market value of between 3.5-4 bln eur, it is planned to subdivide the portfolio into three funds with similar characteristics,' it said.
'Investire Immobiliare will delegate the management of two of these to BNL Fondi Immo and Pirelli RE,' it said.
The selection follows a competitive tendering procedure, it said.