Italian social security agency, Istituto Nazionale Previdenza Sociale (INPS), is planning a fund, which will own majority of the agency’s property assets, PropertyEU reports. The fund, consisting of 13,000 residential units and 1,200 plots of land, is estimated to have a value of about €2 billion. The agency will chose a facility and property management company along with a SGR fund management firm to unveil the fund. The pension fund is also planning to divest 75 office properties, which is expected to raise about €400 million.
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