Italy picks Deloitte to set up 500 million-euro real estate fund

FILE PHOTO: Offices of Deloitte are seen in London, Britain, September 25, 2017. REUTERS/Hannah McKay/File Photo

Invimit, an asset-management company owned by Italy’s economy ministry, will team up with Deloitte to create the fund, which will be called Dante. Its assets will be public properties in city centers that are already rented out or soon will be. Legal firm DLA Piper will also act as adviser. Invimit is required to contribute 610 million euros, 500 million through the Dante fund and 110 million through the direct sale of properties.

Under European Union budget rules, property disposals reduce both public debt and deficit. They will help Italy to meet a 2019 budget deficit goal of 2% of its gross domestic product that it agreed with the European Commission earlier this month.

Source: Real Estate Daily Report (realestatedailyreport.net)

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