Patrizia Immobilien AG has secured a fund management mandate in Italy from Fondazione Cariverona – one of the most important Italian bank foundations and founder of Unicredit Bank. Verona Property is an Italian real estate fund with assets under management (AUM) of €180m. It will be managed on behalf of the institutional investor, Fondazione Cariverona, with the aim of unlocking value from the current assets and ultimately recycling capital to deliver a more diversified real estate portfolio.
The fund portfolio includes four assets totalling about 40,000m² in the historical centre of Verona, as well as a prominent development project that is underway in the periphery of the city, Ex Magazzini Generali, which is located in front of the main exhibition centre. When completed, the development will include 44,000m² of new offices and retail space with high-profile tenants such as GSK, Unicredit and Eataly already secured.
The main assets in the centre of Verona include Via Giuseppe Garibaldi 1 and 2, which together total 30,000m². A value creation asset management plan is in place which aims to convert the current use from office space into a complex with hotels, serviced apartments and the first congress centre in Verona.
Dario Strano and Pierluigi Scialanga, who joined Patrizia Italy in September 2018, are managing this mandate. Dario Strano commented: “This fund management mandate demonstrates Patrizia’s ability to attract institutional investors in new territories thanks to the combination of our outstanding global reputation and on the ground expertise. Italy is very much a growth platform for Patrizia and we look forward to leveraging our local knowledge and experience across the real estate spectrum on behalf of Italian and pan-European real estate investors looking to invest here.”
