Pirelli Real Estate and Italian insurer Generali are in the running to manage a property fund that will hold the real estate assets of Italian lender Banco Popolare, according to a report in Italian news agency Radiocor. The news agency said both companies have expressed a preliminary interest in managing the fund to Morgan Stanley, the bank's financial advisor on the creation of the fund that could be worth as much as EUR 1bn.
Pirelli Real Estate and Italian insurer Generali are in the running to manage a property fund that will hold the real estate assets of Italian lender Banco Popolare, according to a report in Italian news agency Radiocor. The news agency said both companies have expressed a preliminary interest in managing the fund to Morgan Stanley, the bank's financial advisor on the creation of the fund that could be worth as much as EUR 1bn.
According to Radiocor, Banco Popolare could net a capital gain of about EUR 400mln from the transaction, which will see the soon-to-be created fund placed with Italian and foreign institutional investors later this year. In a preliminary step to the creation of the fund, Banco Popolare spun off property assets into a new unit last December.