The US alternative asset manager Fortress Investment Group has struck up a joint venture with a subsidiary of Italian banking giant UniCredit to grow a real estate fund management business in the country.
Fortress is making the move via its Italian affiliate, Torre, according to a statement. Under the terms of the deal, UniCredit’s subsidiary Pioneer Investment Management has agreed to transfer its real estate fund management business to Torre and will retain a 37.5 percent stake in the venture. The remaining 62.5 percent will be owned by Fortezza, a subsidiary of Fortress.
The partners are hoping to amass €5 billion ($7.7 billion) of assets under management. Robert Kauffman, president of Fortress Investment Group, said: “Current market conditions offer interesting opportunities in the real estate sector. The combination of our respective skills can create a leading platform for the real estate fund management business in Italy.” Pioneer will provide distribution of real estate products on an exclusive basis, the parties added.
Pioneer manages both a listed retail closed-ended fund in the form of UniCredito Immobiliare Uno and closed-end real estate funds. The five closed-ended funds are; Pioneer RE Brixia, Pioneer RE Turin, Pioneer RE STAR, Pioneer RE Capital Fund, and Pioneer RE AMG.
If you do not receive this within five minutes, please try to sign in again. If the problem persists, please email: 
