Italian asset manager Fabrica and CBRE Global Investors have won their first joint mandate, to advise Italian legal profession pension fund Cassa Forense on pan-European investment. Cassa Forense is seeking greater international diversification and has made an initial €200m of equity available for the new Cicerone Fund.
CBRE GI will buy core UK, French and German offices and shopping centres, while Fabrica will improve the value of Cassa Forense’s Italian portfolio, which has a high residential weighting. CBRE GI and Fabrica set up a partnership in 2012. They beat nine rival investment managers, including Aberdeen Asset Managers, BNP Paribas REIM, Cordea Savills, Henderson Global Investors, IVG and UBS to win this mandate.
Florencio Beccar, managing director for CBRE GI Italy, said: “Italian pension funds are long term investors seeking income return and to hedge inflation. Italy is a young and growing pension market, like the Dutch and UK pension plans were in the 1970s. “They recognise that they need to diversify out of Italy.” Cassa Forense has 170,000 members and pension assets of around €7bn.