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Zurich Investments Life, the EUR9 billion Milano-based subsidiary of Swiss Zurich Insurance Group, and Poste Vita, the EUR104 billion Rome-based insurer of Gruppo Poste Italiane, have chosen UBS Asset Management for two independent real estate mandates.
Zurich Investments is allocating EUR400 million to the UBS Zurich Italy - Real Estate Fund, which will invest in offices, retail and industrial assets, mainly in Italy and, residually, across the euro zone, a statement disclosed. Poste Vita has committed an initial EUR300 million to the UBS-Diamond Eurozone Offices Fund --which could be extended to EUR500 million--to be invested in core euro zone office markets, another statement disclosed.
"As almost all the life insurance [companies] in Italy, Zurich Investments Life has been traditionally focused...