Apleona Real Estate Management and Generali Real Estate S.p.A. are going to be working together to manage all the investment properties of Generali in Austria. For this purpose an agreement aiming at the setup of a joint venture to be named Apleona Real Estate Management AT GmbH was entered into. The joint venture is designed as a long-term partnership and will be given sole responsibility for property management services for the portfolio of Generali in Austria. The portfolio comprises a large number of directly held properties of various asset types – from retail, offices and apartments to mixed uses with a total of almost 460,000 m². Most of it is located in Vienna, mainly in the city center. The rest are spread over other Austrian urban areas such as Salzburg, Graz, Innsbruck, Bregenz and Sankt Pölten. The joint venture is still subject to the clearance from competent antitrust authorities.
Generali Real Estate S.p.A. will hold a 40% stake in the joint venture, which will be based in Vienna; it will be transferring all of its property management staff and thus their valuable know-how to the joint venture. Apleona, which already acts as property manager for Generali real estate in Germany, will take up this task also in Austria in the future and will be operationally responsible for the joint venture company. Generali Real Estate will continue to be responsible for asset management on behalf of Generali. The objective is to work with the asset managers from Generali Real Estate to continue developing the shared portfolio by adopting the processes already established in Germany alongside new, digital management and reporting tools.
Apleona CEO, Dr. Jochen Keysberg, commented, “We are delighted that Generali has now commissioned us with property management for its attractive Austrian portfolio due to its long-time of good experience with Apleona’s management expertise and innovation in Germany by assigning its attractive Austria portfolio to us through a partnership model.”
Generali Real Estate CEO, Aldo Mazzocco, added: “This prestigious Joint Venture will move our Property Management in Austria to the frontier of the best practice in this sector, now benefiting not only from Generali high quality portfolio in this country, but from dedicated investments and hedge technologies as well.”
Source : Apleona