Generali Inks €109M Deal For Rest Of Milan RE Project

Law360, Washington (November 12, 2013, 2:57 PM EST) -- A unit of Italian insurer Assicurazioni Generali SpA has agreed to a €109 million ($146.4 million) deal with an Allianz SE subsidiary to purchase Allianz’s minority stake in the ongoing Milan CityLife real estate development project, giving it full ownership, the companies announced Tuesday.

Under the terms of the deal between Generali Properties and Allianz Italia, which finalizes the so-called industrial plan for the construction of the CityLife project, Generali will pick up Allianz’s 33 percent stake in the project, making it the sole shareholder. The...
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