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Generali looking to sell real estate assets


(Reuters) — Italy’s biggest insurer Assicurazioni Generali S.p.A. is studying the sale of a series of real estate assets belonging to the group, sources close to the company said on Tuesday, adding the project was still at an early stage.

A proposal will be submitted to the insurer’s investment committee for assessment in due course, the sources said.

According to Italian financial daily Il Sole 24 Ore, Generali aims to sell a portfolio of 69 real estate assets worth around €1 billion ($1.1 billion).

The paper said the transaction, dubbed “Stardust”, would be completed before the end of the year and had already attracted non-binding offers from four investors.

A Generali spokesman declined to comment on the report.

Earlier this month, Generali appointed its Italian country head Philippe Donnet as CEO to replace Mario Greco who left the group abruptly to take over at rival Zurich Insurance Group A.G.

Donnet has since said he would stick to his predecessor’s strategy based on cost-cutting and the sale of assets.

Il Sole 24 Ore said the property sale plan had not been affected by the top management change.

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