Real Estate

We offer high quality European and US real estate strategies, through both equity and debt structures


Generali Real Estate* specialises in real estate asset management, providing long-term investors broad solutions across equity and debt. With extensive experience managing the real estate portfolio of Generali Group, the firm offers unparalleled industry capabilities for clients who wish to invest in the real economy while seeking stable, risk-adjusted returns. 

A distinctive portfolio of green-label, landmark buildings

By managing a distinctive mix of historical and modern landmark buildings across Europe and the UK, Generali Real Estate has developed best-in-class skills in terms of technological innovation, and sustainability, and urban development.

Generali Real Estate’s strategies cover the full risk-return spectrum and the large team of around 370 professionals provides them with up-to-date visibility on the European market thanks to extensive relationships established over time in the market with international, reputable sponsors, banks, and financing partners.

ESG is at the heart of their real estate strategy. Many of the underlying assets in the strategies have Green Label Certification granted by the most reputable certifications bodies in the industry, including “outstanding” ratings from HQE and BREEAM.


Total commitment

Professionals: 400+

Offices: Milan, Rome, Paris, Madrid, Cologne, Wien, Prague

The Strategies

  • Senior, mezzanine & junior real estate debt


  • Core/Core+

  • Value-added

  • Debt

  • Commercial, shopping centres, offices

  • Residential

  • Small & mid-cap

  • Funds of funds Asia

*Full name: Generali Real Estate S.p.A.

Source: Generali Real Estate S.p.a. and Generali Real Estate SGR S.p.a., data as of Q1 2024, referring to both capital invested and committed.


Pearlmark focuses on value-add real estate strategies across the US, providing investors the opportunity to invest through both equity and debt structures.

High-quality US commercial real estate

Since 1996, Pearlmark has made over 575 equity and debt investments, totalling approximately $14.2 billion in gross investment value. Pearlmark’s complementary investment strategies in the equity and high-yield debt markets provide a holistic perspective in sourcing, underwriting, and managing investments.

Pearlmark’s equity platform targets middle-market value-add investments in compelling growth markets across the United States.

Pearlmark’s high-yield debt platform targets core+, value-add, and opportunistic investments across the United States.

To ensure alignment of interest throughout the process, Pearlmark’s managing directors and managing principals invest personally alongside investors.


Assets under Management

Professionals: 26

Offices: Chicago, Denver, Irvine, New York

The Strategies

  • Middle market core-plus

  • Value-add

  • Opportunistic real estate

Pearlmark’s AUM data as of end of Q1 2024 includes PREP Investment Advisers, L.L.C. and Pearlmark Real Estate L.L.C.’s gross investment value for equity investments, outstanding loan receivables for debt investments, and unfunded mmitments. Pearlmark is an indirect subsidiary of Conning Holdings Limited (CHL) whose controlling shareholder is Generali Investments Holding S.p.A.

Featured Insights

*Full name: Generali Real Estate S.p.A.

Source: Generali Real Estate S.p.a. and Generali Real Estate SGR S.p.a., data as of Q1 2024, referring to both capital invested and committed.


© Generali Investments, all rights reserved. This website is provided by Generali Investments Holding S.p.A. as the holding company of the main asset management companies of the Generali Group having, directly or indirectly, the majority shareholding in the companies listed below (hereinafter jointly, “Generali Investments”). This website may contain information related to the activity of the following companies: Generali Asset Management S.p.A. Società di gestione del risparmio, Infranity, Sycomore Asset Management, Aperture Investors LLC (including Aperture Investors UK Ltd), Plenisfer Investments S.p.A. Società di gestione del risparmio, Lumyna Investments Limited, Sosteneo S.p.A. Società di gestione del risparmio, Generali Real Estate S.p.A. Società di gestione del risparmio, Conning* and among its subsidiaries Global Evolution Asset Management A/S - including Global Evolution USA, LLC and Global Evolution Fund Management Singapore Pte. Ltd - Octagon Credit Investors, LLC, Pearlmark Real Estate, LLC as well as Generali Investments CEE. *Includes Conning, Inc., Conning Asset Management Limited, Conning Asia Pacific Limited, Conning Investment Products, Inc., Goodwin Capital Advisers, Inc. (collectively, “Conning”).