Generali buys Allianz's stake in CityLife project

MILAN Tue Nov 12, 2013 6:00am EST

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MILAN Nov 12 (Reuters) - Italian insurer Generali has agreed to buy for 109 million euros ($146.14 million) a 33 percent stake owned by German competitor Allianz in Milan's CityLife real estate project.

With the sale, Generali will become the sole shareholder of the CityLife consortium, which is re-developing 360,000 square meters in semi-central Milan.

As part of the deal, Allianz has agreed to purchase the Isozaki Tower, one of three landmark skyscrapers that are part of the project, and part of the residential district for 367 million euros. ($1 = 0.7459 euros) (Reporting By Lisa Jucca)

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