Fundraising - AUGUST 8, 2016

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Savills Investment Management launches €300m fund

by Andrea Waitrovich

Savills Investment Management has launched the Mercury Fund, which it will manage on behalf of CONAD, an independent retailer based in Italy, and Gruppo Cattolica Assicurazioni, an Italian insurance company.

The fund is structured to allow three CONAD cooperatives to sell and lease back retail properties worth a combined €300 million ($332 million) across central and northern Italy on long-term leases. This will enable CONAD to focus on its core retail activities in Italy, accelerating the growth that has characterized its strategy in recent years.

The fund consists of three subfunds, each managed by Savills IM SGR.

A preliminary loan of €170 million ($191 million) has been granted to the Fund by the two Italian banking groups, Banca IMI (Gruppo Intesa) and Unicredit.

The fund meets the investment objectives of Gruppo Cattolica Assicurazioni in an era of low interest rates, ensuring stable dividends over a long-term horizon. Each of

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