Italian pension fund Enpaia has emerged as the buyer of a 50% stake in the Rubens property fund managed by Generali Real Estate Sgr, in a deal valued at 鈧�160 mln.
The fund is the owner of the 175-metre-high Libeskind tower in Milan鈥檚 CityLife district. The other 50% owner is the Generali Group, through its Generali Europe Income Holding (GEIH) fund.
The Leed Gold-certified building provides 33,500 m2 of space on 34 storeys and was completed in October 2020. It is entirely leased to PwC under a long-term lease contract.
鈥楾hrough this investment, which will yield an important return, Enpaia intends to set the path for further real estate operations that the Foundation intends to carry out in the future,鈥� said Enpaia鈥檚 president Giorgio Piazza. 鈥楢s for the financial portfolio, also in the real estate sector we are interested in further institutional partnership transactions with co-investors, management companies and top-level tenants in order to guarantee the fund long-term investments that can optimize the risk-return ratio.鈥�
Enpaia aims to diversify its portfolio with investments in Rome, Milan and other important European cities with a return target of around 3.5% net, said the director general of Enpaia, Roberto Diacetti.
Aldo Mazzocco, CEO of Generali Real Estate SpA and President of CityLife, added: 鈥榃e are proud to put our experience in real estate investment at European level at the disposal of an institutional client who intends to pursue a strategy of diversification of investments on real estate projects of scale as important as this one, and that knows it can find in Generali a partner with a truly pan-European presence and able to offer an alignment of interests in the long term.鈥�
