Italian banking group UniCredit is on the cusp of selling its German real estate investment unit Wealthcap, according to several observers. The move would be part of bank CEO Andrea Orcel's strategy to bring the bank back to a stronger focus on its core businesses.
Orcel has been initiating a number of moves over the last few months to shift the Milan-based UniCredit's focus back on to its more profitable business lines.
A sale of Wealthcap could bring in as much as €150m. The company has 240 staff in two locations, and manages about €10bn of real estate assets. Through its funds it offers access to investors to German office, residential, retail and logistics assets helped by its distribution network of banks throughout Germany, and also for investors into the USA real estate market. Unicredit is thought to already be at an advanced stage with a German financial institution to buy the unit.
