PATRIZIA Immobilien AG has secured a fund management mandate in Italy from Fondazione Cariverona, an Italian banking foundation based in Verona and founder of UNICREDIT Bank.
Verona Property is an Italian real estate fund with assets under management of €180 million ($204 million). It will be managed on behalf of the institutional investor, Fondazione Cariverona, with the aim of unlocking value from the current assets and ultimately recycling capital to deliver a more diversified real estate portfolio.
The fund portfolio includes four assets totaling about 40,000 square meters (430,000 square feet) in the historical center of Verona, as well as a prominent development project under way in the periphery of the city, Ex Magazzini Generali, which is located in front of the main exhibition center. When completed, the development will include 44,000 square meters (474,000 square feet) of new office and retail space with high-profile tenants such as GlaxoSmithKline, Uni
