MIPIM Japan: Italian insurer Generali is looking to ramp up its investment in London real estate.
Speaking at MIPIM Japan in Tokyo today, global head of real estate research Jacques Plas said the investor was looking to increase its exposure in the capital. Generali has around €28bn (£19bn) of property assets under management in ten markets, but currently not in the UK.
“Despite the fact that the cycle is quite advanced in relation to Europe we still see opportunities in London,” said Plas. “We are looking at a 10% allocation for all of our investment programme. One-third of that could be in the UK, so €1bn-€1.5bn in time.”
Plas said it would look at the “periphery” of the capital, but would not invest in the UK beyond London.
Generali’s real estate arm is developing the 430,000 sq ft City office scheme 120 Fenchurch Street, EC3, and last year announced it would prelet three-quarters to M&G.
Plas was speaking on an Estates Gazette panel on investing in the UK. Other speakers were Nick Loup, the former chief executive of Grosvenor Asia Pacific, who is now advising Chelsfield, and Colliers International’s head of investment services in Japan, Douglas Smith.
