Deloitte to set up Italy’s €500 million real estate fund to ramp up profits

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Deloitte to set up Italy’s €500 million real estate fund to ramp up profits

Finance ministry of Italy, the third-largest national economy in euro zone and the world’s eighth largest by nominal GDP, had decided to pick up NY-based consultancy firm, Deloitte Touché Tohmatsu Limited, widely dubbed as Deloitte, as its financial adviser in order to set out a €500 million real estate fund, called as Dante, in a bid to squeeze money out of the real estate businesses it owns, an official of Italy’s economy ministry briefed on the subject matter had unveiled on Friday, the 26th of July 2019.

Aside from that, another top Italian government official had added following reveal of the subject-matter that Italy’s economy ministry-owned asset management firm, Invimit, would partner up with Deloitte in order to create the fund.

Besides, legal firm DLA Piper was singled out to act as a financial adviser for project Dante, said the government official. In point of fact, Italy, one of most influential euro zone economies, had been seeking to raise as much as €950 million ($1.1 billion) from the rental and sales of its state-owned properties this year and another €300 million over the next two years, while rented-out or ‘to-let’ public properties in city centers would be contemplated as assets for Dante.

Adding that the state-owned asset management firm Invimit was required to invest a total of €610 million, €500 million through Dante fund and the rest by direct sales of some properties, CEO of Invimit, Della Posta said to the reporters following reveal of Deloitte appointment, “We expect to become the hub for investors who want to enter the public real estate market in Italy”.