IdeaFimit has launched Banca Marche first real estate fund after reaching an agreement with the Italian bank in early 2011. The move, which was tipped by PropertyEU in February, involves Banca Marche selling a portfolio of 135 properties, 128 of which are bank branches, to a new investment vehicle called Conero.

In a statement on Thursday, Banca Marche said 80% of the fund units have already been placed with institutional investors. The real estate assets have a value of EUR 243 mln and are largely located in the Marche region of Italy.

All the assets are leased back by Banca Marche through long term leases of 15 and 25 years with renewal options. The fund will have a life term of 12 years. The transaction was 60%-financed through a bank loan provided by a consortium of lenders Bnp Paribas, Banca Imi, Unicredit, Natixis and Societè Generale.

The operation is in line with Banca Marche's strategy aimed at strengthening its finances, said managing director, Massimo Bianconi.

IdeaFimit is a new combine made up of First Atlantic and Fimit, which will become fully operational on October 1.