Italian insurer Generali's property arm has announced that it has reached an agreement with Spanish operator Meliá Hotels International for the redevelopment of a Gran Meliá five-star luxury hotel in Milan's central Piazza Cordusio square, near Piazza del Duomo.
Big pension funds, insurers and major asset managers intensified their investment activity in the week before Expo, with well over €2 bn of real estate changing hands.
