GE Real Estate has hired Fabio Donato as managing director for its Italy office.
Donato was formerly with AXA REIM Italy, where he worked for eight years. At AXA he first served as director for AXA Insurance, and after that he served as chief executive and general manager of AXA REIM Italy. More recently he was president of AXA REIM Italy. Before AXA, Donato worked in the real estate division of RAS-Allianz in Milan.
At the same time as announcing the hire, GE Real Estate Italy also revealed the acquisition of Fondo Polis, an 8,000 square foot site in Rome. The property is currently unoccupied.
GE Real Estate Italy currently has €900 million ($1.4 billion) in commercial assets. GE Real Estate also invests in non-performing loans in Italy, managing about €5 billion of this type of credit which it acquired between 2006 and 2007. GE Real Estate has been active in Italy since 2002, and now has a team of 14 people based in Milan.
In November of last year the firm acquired 70 percent of the units of the Redwood Fund, a real estate closed end fund dedicated to retail investments in Italy. The fund was initially seeded with a portfolio of retail properties with a commercial value of over € 130 million. The initial portfolio of the Fund was comprised of 22 retail units situated in both town center and retail park locations throughout Italy.