Italian real estate management company IDeA FIMIT sgr has selected CACEIS to act as depository for its new closed-end real estate fund, Armonia.
The Armonia fund is worth approximately €10 billion in assets under management, while its own assets total around €175 million, including 113 buildings and luxury properties.
CACEIS Italy already acts as depository for other IDeA FIMIT sgr managed funds, and this deal builds its position in the Italian real estate fund service sector.
Roberto Colapinto, CACEIS Group head of regional coverage for Southern Europe and Latin America, said: “This is a prestigious mandate for us in the strategic real estate fund service sector, in which our clients benefit from our international experience and our complete understanding of the local market. The creation of a fund such as Armonia is a positive sign for real estate funds in Italy, which have huge potential for growth.”
CACEIS is also the leading independent depository for real estate funds in France and Germany, and has a strong position in both Switzerland and Luxembourg.
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