The property arm of Italian insurance giant Generali is on the prowl for acquisitions after closing a capital-raising last summer for a new EUR 1 bn real estate investment fund called Mascagni.

After getting the green light from the Italian financial watchdog Banca d’Italia in July, the fund pumped nearly EUR 300 mln into the acquisition of the Maciachini business centre in Milan from Germany’s largest commercial property company IVG Immobilien.

'We see good investment opportunities in the market for our Mascagni real estate fund, although we would first like to digest the purchase of Maciachini,' Giovanni Maria Paviera, CEO of Generali Immobiliare Italia, told PropertyEU. The transaction - Mascagni's first purchase - represents Italy's largest single-asset deal this year.

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