German property group Patrizia Immobilien has won a mandate to manage a portfolio worth €180 mln of real estate assets including historical buildings in the heart of Verona, Italy.
Institutional investor Fondazione Cariverona - an Italian banking foundation - has awarded the Verona Property fund mandate to Patrizia in order to unlock value from its current assets and to free up capital to further diversify, the group said.
The new mandate includes four properties totalling about 40,000 m2 in the historical centre of Verona, including Via Giuseppe Garibaldi 1 and 2, which total 30,000 m2 combined. Plans are underway to transform office space here into hotels and serviced apartments.
Meanwhile, a development project is under construction at the Ex Magazzini Generali on the edge of the city, to build Verona’s first congress centre, which will add 44,000 m2 of new offices and retail space. High-profile companies such as GlaxoSmithKline, Unicredit and Eataly have already agreed tenancies, Patrizia said.
Dario Strano, who co-manages the new mandate with Pierluigi Scialanga, said: ‘This fund 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.’
At present, Patrizia has €700 mln of assets under management in Italy.
The announcement follows news that Patrizia Immobilien has acquired a portfolio of 27 retail properties across Germany from Marathon Asset Management for around €100 mln, on behalf of its Patrizia Retail Opportunity SCS fund.
The portfolio, which has lettable space of 55,600 m2, comprises retail parks and grocery stores. The deal increases the portfolio of retail assets the company manages in Europe to around €8.3 bn.