Sorgente, new fund with Hines and peace with Enasarco

27 October, Milano Finanza

Sorgente has reconciled with Enasarco. In fact, a new fund of the asset manager underwritten together with Hines and other investors will buy the properties included in the Megas fund (also managed by Sorgente), underwritten by Enasarco and by Cassa di Risparmio di Chieti. The Enasarco Borad of Directors should have already started the operation that will be followed by a due diligence for the purchase of the many properties of the Megas fund, for an investment of 402 million net of debt. The operation highlights the more relaxed relationships between Sorgente and Enasarco, which became particularly difficult lately after the former president Brunetto Boco put a lot of pressure on the Sorgente sgr management. The asset manager denounced this pression to the commission for social security enterprises as an attempt to transfer the management of the fund to a third party. The denounce was followed by a summons to Court. But the new fund should end the quarrel and make everybody happy. Enasarco can exit from the investment, reducing its exposure in the property segment, as it requested. Sorgente sgr will continue managing its assets accumulated through the years, stronger thanks to their appreciation, and it will be supported in this by an international giant of real estate such as Hines. Besides the Alberto Sordi Gallery in Rome, the fund included also exclusive properties as the Rinascente building in Piazza Fiume in Rome, the liberty-style building headquarters of Banco Santander in Milan, and a participation in the Flatiron in New York.

Source: Milano Finanza

Translator: Cristina Ambrosi

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