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Assicurazioni Generali SpA's Generali Properties Buys Allianz SE's Allianz Italia Stake in Milan's CityLife Real Estate Project-Reuters

Monday, 11 Nov 2013 07:00pm EST 

Reuters reported that Assicurazioni Generali SpA's Generali Properties (Generali) has agreed to buy for EUR 109 million a 33% stake owned by Allianz SE's Allianz Italia (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 skyscrapers that are part of the project, and part of the residential district for EUR 367 million. 

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