Pirelli Real Estate is launching the first private fund focused on Italy's Sicily region. The closed-end Fondo Immobiliare Pubblico Regione Siciliana (FIPRS) will be managed by the Italian real estate giant. The portfolio consists of 34 properties, valued at EUR 263 mln, which the Sicilian region and some regional institutions provided. The term set for the fund is fifteen years.
The Grand Hotel Imperiale in Forte dei Marmi, Italy has been sold to UAE-based real estate company Emaar Properties, owner of renowned buildings such as the Burj Khalifa and the Dubai Mall.
