20 December, Monitor Immobiliare
Cattolica Immobiliare and Conad del Tirreno closed the deal to increase the investments in the Mercury Fund launched in 2016 by Cattolica Assicurazioni, Conad del Tirreno, Conad Adriatico and Conad CentroNord.
The new operation will be implemented through a newly-constituted fund managed by Savills Im Sgr and 90% owned by Gruppo Cattolica and 10% by Conad del Tirreno.
The fund plans the acquisition by 2021 of 21 commercial assets for new or recent construction located in 18 Italian cities in four different regions for a total real estate value of 150 million euro.
Gruppo Cattolica Assicurazioni Ceo Alberto Minali commented: “The transfer of new capitals to the Mercury Fund allows us to achieve a better diversification in terms of sector and geographical area of our assets in conformity with the guidelines of our 2018-2020 business plan.
Cattolica has further strengthened its partnership with Conad, the leading mass distribution cooperative, with whom we intend to pursue our investment objectives to strengthen our market positions”.
Conad del Tirreno Ceo Ugo Baldi commented: “The constitution of the new fund is part of a process started with Cattolica Assicurazioni over two years ago, sharing the same values, as we both focus on the territory and on the promotion of economic growth. For Conad del Tirreno, the acquisition of commercial assets is included in our project of opening new stores. For the cooperative, it represents an opportunity for growth with positive consequences on the territory concerning wealth and new jobs. Such projects are the foundation to look at the future with positivity and to set new goals to get bigger and stronger”.
CBA assisted Cattolica Assicurazioni. The company took care of the legal and fiscal matters of the transaction on behalf of Cattolica through a team composed by Francesco Assegnati, Giuseppe Serranò, Andrea Motta and Barbara Orlando.
Conad was assisted by the solicitor Cristina Dini from the legal firm Cerrai.
Savills Investment Management SGR was supported by Galante e Associati Studio Legale in the persons of Vittorio Ardizzone (partner) and Francesco Sileo (associate) concerning the regulatory aspects of the operation.
Source: Monitor Immobiliare
Translator: Cristina Ambrosi