Italian fund manager EstCapital has announced that its Città di Venezia real estate fund has become operational with the transfer by the city of Venice of seven properties in exchange for fund units worth EUR 41 mln. In addition, the fund acquired a further 11 properties in January from the municipality for a total sum of EUR 41.5 mln. The transaction price includes EUR 35.5 mln in debt provided by Unicredit Corporate Banking, while a further EUR 6 mln in equity will be disbursed in March 2010.
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