Italy's Pirelli Real Estate is one of four investors in the running to acquire the property funds owned by Unicredit's asset management unit Pioneer, Italian newspaper Milano Finanza reported on Thursday. The sale of the funds is expected to be concluded in the next few days, the paper added.
Italy's Pirelli Real Estate is one of four investors in the running to acquire the property funds owned by Unicredit's asset management unit Pioneer, Italian newspaper Milano Finanza reported on Thursday. The sale of the funds is expected to be concluded in the next few days, the paper added.
According to the daily, UniCredit would retain a minority stake in the asset management company, but is looking for a partner with whom to develop and grow the Pioneer real estate business. Market sources suggest the funds for which Pioneer is seeking a partner include the quoted closed-end fund Immobiliare Uno, which is worth about EUR 400 mln, according to Pioneer's website.