Generali has chosen to raise cash by selling a one billion euro pan-European real estate portfolio. The insurance company, after an initial phase of market exploration, is moving forward with the project called 'Stardust'.
The non-binding offers have arrived in recent days and the tender now seems to be reduced to four subjects. Among them is a large German fund and a Swiss bank, but for the moment the operation remains highly confidential.
However, the sale procedure managed by Morgan Stanley is going ahead and has not been affected by the change of management at the top of the Leone with the arrival of Donnet in place of Mario Greco.
Times won't be very short, but the goal remains to complete the sale by the end of the year. The real estate portfolio includes properties in Germany, Austria and France, but also a small Italian component with three properties valued at around 150-200 million euros.
