Corporate overview
Generali Real Estate (GRE) ranks among the world’s leading real estate asset and investment managers, overseeing approximately €36.5 bn in assets under management as of 30 June 2025. Generali Real Estate operates through a fully integrated model that spans the entire real estate value chain, from asset management to urban development, supported by over 360 professionals based in key European cities.
The regulated investment fund management company, Generali Real Estate SGR, manages both real estate equity and commercial real estate (CRE) debt funds, enabling investors to strategically allocate capital. Generali Real Estate SGR has launched 14 cross-border, sector- specific investment vehicles that are geographically diversified, allowing investors to tailor their portfolios to individual needs. With a focus on long-term value creation for investors targeting core and core+ strategies, Generali Real Estate prioritises assets in prime locations with strong liquidity and solid leasing fundamentals. Its portfolio is a distinctive blend of historic and modern assets, including landmarks such as Procuratie in Venice, Palazzo Cordusio in Milan, Alcalà 21 in Madrid, and contemporary icons like CityLife in Milan, Tour Saint-Gobain in Paris, One FenCourt in London. This diversity positions Generali Real Estate as a leader in innovation, sustainability, and urban regeneration.
Generali Real Estate is part of Generali Investments, a platform of asset management firms delivering a portfolio of specialist capabilities with €632.2 bn and more than 2,200 employees, bringing extensive real estate expertise to its operations.
Sector forecasts
INDUSTRIAL:
The outlook for the European logistics market remains attractive, driven by continued growth in e-commerce and the need to shorten supply chains and increase inventory levels - shifting from a “just-in-time” to a “just-in-case” model. Over the past two years, the market has absorbed the rapid expansion seen during the pandemic. Currently, investment demand for well-located assets along major European transport corridors remains strong, as these areas benefit from low vacancy rates and limited new supply. The reversionary potential of these assets is expected to contribute positively to future cash flow growth.
OFFICE:
As companies seek to reverse the work-from-home trend and attract top talent, factors such as accessibility, abundant amenities, and adherence to modern ESG standards are increasingly influencing tenant and investor decisions. Over the past decades, rent as a percentage of total operating costs has declined significantly across most industries, leading to greater demand for well-located, high-quality office space. Current low vacancy rates and limited new supply are expected to act as catalysts for further rental growth.
RESIDENTIAL:
Residential markets have recently coped with higher interest rates, declining household incomes, and government interventions aimed at preventing overheating in the sector. Nevertheless, underlying structural trends, such as urbanisation and sustained housing demand, continue to provide resilience. The strong and persistent demand for rental housing is expected to continue, supporting liquidity across the sector. Residential assets are generally less volatile and more granular, offering long-term stability and attractive risk-adjusted returns for investors.
RETAIL:
Top-quality shopping centres that dominate their catchment areas are performing strongly. While the sector has been impacted by the rapid rise of online shopping, it has spent the past decade contending with rental pressure and rising yields. With asset values now adjusted and new supply at historically low levels, the sector has shown solid performance over the past few years, and the outlook remains positive.
HOSPITALITY:
The growth in global tourism is driving a wave of renovations of outdated properties and the development of new hotel projects. The leisure travel segment has been the primary driver of this recovery, and investors are increasingly seeking opportunities in the sector. Beyond traditional resort destinations, travel demand is rising rapidly in both primary and secondary urban markets known for their strong cultural offerings. As tourism continues to expand, the hotel sector remains a promising area for both value-add and long-term core and core-plus investment strategies.
ALTERNATIVE LENDING IN REAL ESTATE:
As traditional banks adopt a more cautious stance toward financing complex real estate projects, alternative lenders are increasingly stepping in to fill the gap. These non-bank institutions are providing capital in particular through senior real estate loans, which are typically structured with floating interest rates and conservative loan-tovalue (LTV) ratios—generally around 60%. These loans offer greater resilience in volatile market conditions, helping to mitigate risk and serving as a natural hedge against rising interest rates. As a result, these loans present an attractive option for investors seeking stability amid economic uncertainty.
Investment principles & strategy
Generali Real Estate manages real estate assets on behalf of both Generali Group companies and external institutional investors, with a focus on core and core-plus investments in major European cities. Key sectors include office, logistics, hospitality, shopping centres, and commercial real estate debt. Generali Real Estate applies a disciplined approach to risk-return management, ensuring a high-quality, diversified portfolio that delivers longterm value.
Generali Real Estate SGR has launched a range of European cross-border funds, each with a specific investment strategy and sector focus, targeting high-quality assets.
ESG principles are embedded throughout Generali Real Estate’s operations, with sustainability practices applied across the entire asset lifecycle.
Strategic corporate development
In line with the Generali Group’s strategy to broaden its external investor base, Generali Real Estate SGR has advanced a cross-border investment programme that provides diversified exposure across real estate sectors, geographies, and risk-return profiles. Generali Real Estate SGR currently manages 14 real estate investment funds dedicated to external institutional clients and plans to expand its offerings in the coming years.
Beyond growing its fund catalogue, Generali Real Estate SGR cultivates longterm partnerships with like-minded institutional investors through joint ventures and co-investments. With decades of experience across Europe, Generali Real Estate SGR is well-positioned to deliver tailored investment solutions aligned with investors’ strategic objectives - reinforcing its role as a trusted partner in real estate investment management.
Performance verification
Generali Real Estate SGR regularly assesses its performance against globally recognised benchmarks, adhering to best industry practices. Independent third parties evaluate and analyse the performance of each fund on a routine basis, ensuring transparency and accountability.
COMPLIANCE STATEMENT
Generali Real Estate S.p.A. Società di Gestione del Risparmio (“GRE SGR”), in charge of managing both commercial real estate equity and debt funds through its experienced professionals located in Italy and France. Generali Real Estate SGR is passported and authorized by the Bank of Italy, the local regulator, to manage real estate investment funds in the EU under the AIFMD. This document constitutes a marketing communication pursuant to ESMA guidelines ESMA34-45-1272. The contents of this document, including any opinions, do not constitute legal, tax or investment advice. For additional information, please refer to the Private Placement Memorandum.
