PGIM Real Estate forms Italian JV with Cittamoderna

PGIM Real Estate has started a joint venture with Cittamoderna that aims to invest in properties in major Italian cities, including Milan.

The joint venture will target investment properties to renovate or convert into a residential area, with the aim of developing and managing the properties to be offered on the market through fractional sales. PGIM Real Estate has entered into this partnership as part of its European value add strategy. Cittamoderna is a real estate investment company active since 1950 in residential developments and in the redevelopment of prestigious assets.