Generali Property Investments, the property asset management unit of Italian insurer Generali, said it has been chosen to set up and manage an EUR 1bn property fund for Italian lender Banco Popolare. The fund, which will be placed later this year with Italian and foreign institutional investors, will have a life of 25 years and will contain the bank's central and branch office buildings.
Morgan Stanley spin-off, Proprium, made a 20-times multiple on its €65 mln equity investment in 2007 in Motel One.
