Zurich Italy launches €400m real estate fund
Zurich Italy Life Investments SpA, a fully owned subsidiary of Zurich Insurance Group, has launched Zurich Italy Real Estate Fund.
The €400 million ($440 million) fund will be managed by UBS Real Estate Asset Management. It will expand Zurich’s real estate portfolio in the Euro area with a focus on Italy. The primary targets will be office and retail acquisitions, specifically core assets in Rome, Milan and other major European cities.
As of March 31, 2016, Zurich’s current asset allocation to real estate is 6 percent of $203 billion of total investments. The firm plans further portfolio growth in 2016, continuing to invest directly in properties in good locations and increasing the global diversification of the real estate portfolio.
The first quarter had a cautious start but Italy continues to be an attractive target market. CBRE states that investor confidence will continue to strengthen during the second half of the year. Approxim