Beni Stabili Gestioni, the fund management arm of Italian listed property group Beni Stabili, is believed to be in the running for a mandate to manage part of Unicredit's private pension fund's real estate portfolio.

The package, worth some EUR 500 mln, consists of 770 properties which are due to be transferred to a new real estate fund in the first part of 2012.

According to Italian press reports, other bidders for the management mandate include Hines, BNP Paribas Real Estate, Idea Fimit, Generali Immobiliare Italia and Investire Immobiliare.

KPMG is advising on the process.

Beni Stabili Gestioni manages EUR 1.6 bn of assets.