Fully owned by Generali Group (one of the biggest European insurance Group with € 70bn of annual Gross Written Premiums, operations in > 60 countries and 12th largest real estate investor in the world) GRE is the real estate investment arm of the Group GRE manages the overall real estate value chain being responsible for cash flow generation, investment allocation and for maintenance/ value enhancement of assets
Generali
The strong reputation and network of Generali and Axis Retail Partners already yielded a strong pipeline of opportunities for efficient deployment of equity.
Ratings
FITCH AAM
BEST A
€ 530 bn IN ASSETS UNDER MANAGEMENT
60 COUNTRIES IN THE WORLD IN WHICH GENERALI OPERATES
€ 70 bn IN ANNUAL PREMIUMS
74,000 EMPLOYEES
GENERALI IS ONE OF THE WORLD’S LARGEST COMPANIES
Ambition
The ambition is to create the “go to” shopping centre fund in Continental Europe providing access to top quality assets within the unlisted space. The forecast is to grow the fund to EUR 5 billion GAV (EUR 3.5 million of equity + 30% LTV) over a period of 10 years, targeting an annual total return of 7%.
Impact
The impact of technology is changing the world as we know it and is forcing the industry to adapt, resulting in a negative investor sentiment towards retail. This provides a unique window to buy winning shopping centres in Europe as owners are reducing their retail exposure or solving corporate issues.
Partnership
A unique partnership has been created between Generali and Axis Retail Partners (51% owned by Generali and 49% by the partners). Axis Retail Partners is a specialist retail boutique fully dedicated to the fund to provide transaction and asset management services.
Commitment
Generali has committed EUR 500 million to the fund and targets to commit an additional EUR 1 billion in order to maintain a stake of ca. 30% in the fund. The partners at Axis Retail Partners are personally aligned as shareholders of the boutique and will in addition co-invest a significant amount in the fund.
Online and Offline should be seen as two facets of the same system
-Wijnand Jongen
Author of The End of Online Shopping
