Generali Investments signed the Agreement for the Acquisition of the First Property for the Generali Adriatic Value Fund II

The Schellenburg office building is located in a prime area in the centre of Ljubljana. The property lies in a well-developed, strategically accessible, and prestigious part of the city that combines excellent transport connections, advanced infrastructure, and proximity to key business and administrative hubs.

 

Jože Anderlič, director of REITENBURG OBJEKT, Melita Rajgelj Ozebek, president of the board of Generali Investments, and Marek Bečička, member of the board of Generali Investments, at the signing of the contract (from left to right)

Jože Anderlič, director of REITENBURG OBJEKT, Melita Rajgelj Ozebek, president of the board of Generali Investments, and Marek Bečička, member of the board of Generali Investments, at the signing of the contract (from left to right)

On this occasion, Melita Rajgelj Ozebek, CEO of Generali Investments, emphasized: “We are pleased to have signed the agreement for the first acquisition of a commercial property for our new real estate fund, the Generali Adriatic Value Fund II, thereby continuing the successful story of our alternative real estate funds. This is the first acquisition in a broader portfolio of similar investments in the region, promising stable returns for the fund’s investors in the future.”

Schellenburg Office Building

Schellenburg Office Building

 

The Generali Adriatic Value Fund II real estate fund is a special investment fund regulated under Slovenian law. The planned duration of the fund is eight years, comprising a two-year investment period followed by a six-year holding period. The fund is intended for investment in commercial real estate in Slovenia and Croatia – two markets with attractive growth potential, limited supply of commercial properties, and strong tenant demand, particularly in the office, hospitality, logistics, and retail sectors.
With the support and expertise of Generali Real Estate, a global specialist in real estate markets, the fund will invest in established properties and real estate projects with intrinsic value, growth potential, and stable income prospects in both the Slovenian and Croatian markets.

Successful sale of the Arkadia shopping center – Closure of Generali Adriatic Value Fund, Slovenia’s First Alternative Real Estate Fund, just begun

The Generali Adriatic Value Fund, a special investment fund managed by Generali Investments with investment advisor Peakside Capital, was the first regulated alternative real estate investment fund in Slovenia. Established in 2018 with a planned duration of seven to nine years, the fund attracted capital from leading institutional investors in the region. Its aim was to generate attractive risk-adjusted returns through a combination of rental income and capital appreciation. The portfolio comprised four strategically selected properties: the Tivoli Center and Stekleni Dvor office buildings, the Austria Trend Hotel, and the Arkadia shopping center.

Sašo Šmigić, Member of the Board, Generali Investments, added:
“We are pleased to have successfully completed the sale of the final property of Generali AVF and to start the fund’s closing process. We achieved excellent results, meeting and exceeding investor expectations. We continue our story with the launch of a new fund for the next eight-year cycle. The regional markets still represent a unique combination of opportunity and stability, and we are excited to leverage our proven, high-conviction investment process to build a high-quality portfolio and continue creating value for our investors.”

New Fund: Generali Adriatic Value Fund II
Generali Investments continues its pioneering role in developing the alternative real estate fund sector in Slovenia. In 2025, the company launched Generali Adriatic Value Fund II (AVF II), which received regulatory approval from the Slovenian Securities Market Agency (ATVP) in May and is currently in the fundraising phase with institutional investors.

The new fund is structured as a special investment fund with a planned life cycle of eight years (two-year investment period and six-year holding period). It will focus on commercial real estate in Slovenia and Croatia – two markets with attractive growth potential, limited supply of institutional-grade commercial properties, and strong tenant demand, particularly in the office, hospitality, logistics, and retail segments.

With the support of global expertise from Generali Real Estate, the fund will invest in established assets and real estate projects with intrinsic value, growth potential, and the prospect of delivering stable income streams in Slovenia and Croatia.

 

Generali Adriatic Value Fund II has been granted special investment fund status and will focus on acquiring assets across Slovenia and Croatia during its investment period. The fund has already attracted interest from institutional investors across SEE and CEE, drawn to its proven track record, professional management, and solid regional outlook.

 Together, Generali Investments and Generali Real Estate CEE create a unique combination of local expertise and regional insight, backed by global knowledge and top-tier specialists – delivering an exceptional approach to managing institutional real estate investments. Founded in 1994, Generali Investments is the first Slovenian multi-asset manager (authorised to provide UCITS, MiFID and AIFMD services). Since 2019 part of the Generali Group. Managing the first mutual fund, the first bond fund, the first money market fund, and the first real estate alternative fund in Slovenia, Generali Investments is recognised both locally and internationally for its excellence, innovation, and as the most trusted fund management company in Slovenia.
Generali Real Estate CEE branch (GRE CEE) was founded in 2013, and currently employs 17 people and coordinates the real estate activities of the Generali Group across 8 Central and Eastern European markets. GRE CEE has more than 130 assets. These assets are valued at approximately €1 230 million as of 2024.

Generali Investments continues its real estate success story by signing the final transaction of Generali Adriatic Value Fund and with the launch of the new real estate fund Generali Adriatic Value Fund II

 

 

Generali Adriatic Value Fund, Special Investment Fund, is an alternative investment real estate fund established in 2018 and managed by Generali Investments, with Peakside Capital as the investment advisor. The fund was established to deliver attractive risk-adjusted returns to investors through rental income and capital appreciation, by investing in four strategically selected assets across Slovenia: the Tivoli Center office building and Stekleni Dvor office building, the Austria Trend Hotel, and the Arkadia shopping center.

“The sale of Arkadia marks the success of our value creation investment strategy, which has focused on active asset management. We are pleased to see the property entrusted to a renowned operator, who will continue its development and enhance its market standing.” said Christopher Smith, Head of Portfolio Management CEE at Peakside Capital Advisors.

Thanks to a proactive management approach and active adaptation to market conditions such as Covid lockdown, the fund exceeded performance expectations. The signing of a contract for the sale of the Arkadia shopping center in Domžale in the second quarter of 2025 represents an important milestone, marking the conclusion of the fund’s investment cycle and its transition, the fund is now in its final phase.

Melita Rajgelj Ozebek, President of the Management Board of Generali Investments, commenting: “We are pleased to have signed the final transaction of the last property for the Generali AVF, Slovenia’s first regulated real estate fund and with the outcome achieved for our investors. This is an important moment – demonstrating once again our pioneering role in the development of the alternative real estate fund sector in Slovenia. With this successful story, we are proud to continue our journey by establishing Generali Adriatic Value Fund II.”

Building on the success of AVF, Generali Investments has established a new fund: Generali Adriatic Value Fund II (AVF II). The new fund received regulatory approval from the Slovenian Securities Market Agency (ATVP) in May and has already entered into the initial fundraising phase.

Backed by Generali Real Estate’s global market insights and institutional expertise, the fund will target income-producing properties and value-add opportunities that can deliver superior risk-adjusted returns. The macroeconomic fundamentals in the region—marked by economic growth above the EU average and a favourable yield environment—support a compelling investment thesis for AVF II.

“We look forward to building a high-quality portfolio with strong fundamentals and long-term value. The target markets present a unique combination of opportunity and stability, and we’re excited to continue creating value for our investors,” added Melita Rajgelj Ozebek.

Generali Adriatic Value Fund II has been granted special investment fund status and will focus on acquiring assets across Slovenia and Croatia during its investment period. The fund has already attracted interest from institutional investors across SEE and CEE, drawn to its proven track record, professional management, and solid regional outlook.

 

 

 

Together, Generali Investments and Generali Real Estate CEE create a unique combination of local expertise and regional insight, backed by global knowledge and top-tier specialists – delivering an exceptional approach to managing institutional real estate investments. Founded in 1994, Generali Investments is the first Slovenian multi-asset manager (authorised to provide UCITS, MiFID and AIFMD services). Since 2019 part of the Generali Group. Managing the first mutual fund, the first bond fund, the first money market fund, and the first real estate alternative fund in Slovenia, Generali Investments is recognised both locally and internationally for its excellence, innovation, and as the most trusted fund management company in Slovenia.
Generali Real Estate CEE branch (GRE CEE) was founded in 2013, and currently employs 17 people and coordinates the real estate activities of the Generali Group across 8 Central and Eastern European markets. GRE CEE has more than 130 assets. These assets are valued at approximately €1 230 million as of 2024.

 

 

 

34th SOF – Silver Award for the Generali Investments Campaign: “Venture into the secret universe of water”

 

 

The campaign was developed as part of a socially responsible collaboration under the Postojna Cave’s Protect Proteus project. As part of the initiative, Generali Investments Slovenija also became the sponsor of two olms – a symbol of how precious clean groundwater is.

Between August 20 and October 13 2024, the campaign raised awareness about the vulnerability of underground water sources and the importance of using natural resources responsibly. Through animated content about fragile natural balance and an interactive approach, visitors were invited to name the two olms – ultimately, the names Kapljica (Droplet) and Kras (Karst), symbolically united the meaning of water and the karst world.

The campaign reached over 1,250,000 Slovenian online users and generated more than 78,000 interactions, demonstrating a remarkable public response to this pressing environmental issue.

With its message, creative concept, and effective digital strategy, the campaign impressed the SOF professional 9 members jury, earning a silver award in its category.

“Together, we’ve taken a step closer to a more aware society when it comes to the importance of clean drinking water.”

 

WATCH THE VIDEO

 

 

 

 

 

Generali Adriatic Value Fund concluded the sale of two properties: Stekleni dvor and Tivoli Center

 

The Stekleni dvor complex is located in a prime location near the Ljubljana ring road. It consists of two separate office buildings connected by a shared underground garage. The southern tower features a three-level underground parking area, a ground floor, mezzanine floors, and eight additional floors, totaling 8,700 square meters of rentable space.

The Tivoli Center office building is situated in the heart of Ljubljana, offering approximately 7,700 m² of gross leasable area (GLA) across two interconnected buildings.

The buyer of both properties is Agromarket Logistic d.o.o., based in Kragujevac, Serbia.

These transactions represent the second and third property sales for the Generali Adriatic Value Fund, managed by Generali Investments in cooperation with the international real estate private equity firm Peakside Capital. The fund’s investment objective is to deliver returns to investors through rental income and capital appreciation by investing in commercial real estate.

Following successful management, the fund is now in its final phase, focused on asset divestment and the realization of investor returns in line with its original strategy.

 

Generali Investments raises awareness about clean groundwater and using natural resources responsibly  

 

Generali Investments has successfully concluded its campaign ‘Venture into the secret universe of water and name two olms’. Running from 20 August to 13 October 2024, the campaign aimed to highlight the vulnerability of our groundwater and the importance of using natural resources responsibly. With over 1,250,000 Slovenian web users reached and more than 78,000 interactions generated, the campaign is a result of our commitment to fostering positive change, beginning with small acts.

 

 

In collaboration with the Postojna Cave as part of the Protect Proteus Project, we are proud to sponsor two olms, a symbol of how precious clean groundwater is – a resource that supplies drinking water to 97% of Slovenians. The olm, a marvel of nature and a symbol of environmental sensitivity, can survive only in the cleanest water – reminding us that preserving clean water resources is vital for our future.

From more than 3,600 online suggestions and more than 500 additional suggestions on social media, we selected the names Kapljica and Kras. These names, proposed by different participants, embody both the unique qualities of this remarkable creature and the values upheld by Generali Investments.

  • Kapljica: Meaning ‘Droplet’ in English, the name Kapljica symbolises water, which is essential to the olm’s survival. The name also conveys something small yet vital, highlighting the sensitivity and beauty of the olm’s habitat and its gentle nature. A droplet embodies purity, life and the power of small actions. Just as one droplet can trigger significant change, a single act to preserve nature can have an impact on society at large. Living in clean groundwater, the olm illustrates the importance of our commitment to protecting drinking water and managing natural resources sustainably.
  • Kras: The name Kras connects the olm to its natural environment, the Kras region, known for its distinctive karst phenomena such as caves, karst underground and subterranean waters that olms depend on. With its unique water systems, subterranean rivers and sensitivity to pollution, Kras symbolises the importance of environmental protection and clean groundwater preservation, essential for life in Slovenia.

Both names, Kapljica and Kras, capture the essence of the olm and the importance of responsible behaviour. These names align our commitment to protecting natural resources with our mission of creating a responsible future. They embody the values that Generali Investments promotes – values that will impact future generations.

Who is the olm?

The olm, or ‘human fish’ (Proteus anguinus), is a fascinating cave-dwelling creature found in the underground waters of the Dinaric karst, including the karst systems in Slovenia. It is the only European amphibian adapted to life in total darkness underground. Without eyesight, its other senses are highly developed. Surviving only in the cleanest underground waters, the olm is a powerful symbol of ecological sensitivity and sustainable management of water resources. Just as the olm requires a clean environment to survive, humans depend on preserving clean water for our health and future.

Positive impact of the campaign

“70% of our planet is covered by water, but only 0.007% is in the form of accessible drinking water.” This is one of the key facts that was central to our campaign. Most of the world’s water is in the oceans, and less than 3% of global water is freshwater. Of this fresh water, the majority is locked in glaciers and permanent snow, and less than 1% is drinking water. Although water is abundant, access to drinking water is limited. Slovenia is fortunate to enjoy the privilege of clean drinking water, and it is our duty to preserve this precious resource for future generations.

At Generali Investments, we believe that raising awareness can drive significant change. Through our campaign, we aim to inspire greater responsibility in environmental protection and encourage positive action for the sake of the planet. Just as a droplet of water shapes rivers, small local acts can contribute to global change.

Our commitment to responsible behaviour is not only an essential part of our mission, but also of our vision: to create a better world through responsible investment and raising awareness about the protection of resources that will sustain life for generations to come. Join us in this journey by investing in Generali Umbrella subfunds. Learn more HERE.

 

 

Generali Investments concluded the sale of Austria Trend Hotel

 

The Austria Trend Hotel is located in a prime location, in the immediate vicinity of the Ljubljana ring road or connection to AC. The hotel has 214 rooms and 12 suites. Inside the hotel there is also a restaurant, lounge, wellness with saunas and fitness, 11 conference rooms, parking spaces are also available in front of the hotel and in the garage under the hotel. The buyer is Agromarket d.o.o., Kragujevac.

Generali Adriatic Value Fund, a special investment fund, is an alternative investment fund with the recognized status of a special investment fund. The fund’s objective is to achieve income and capital growth through investments in commercial real estate.

Sincerely,
Generali Investments LLC

 

 

 

Generali Investments again with the Best Asset Manager in Slovenia

 

Aleš Lokar, the head of the portfolio management team in charge of the Generali Umbrella Fund subfunds Generali Galileo, Generali Global and Generali Rastko, with a total of EUR 225 million under management, previously clinched the best fund manager title in 2017. On this occasion, he said: “This accolade is the result of the outstanding efforts of the entire Generali Investments team. The market complexities and rapid developments make effective teamwork indispensable. Therefore, this recognition belongs to each and every one of my colleagues.”

 

Aleš Lokar, head of equity investment management and Best Asset Manager; Foto: © Jure Makovec / Moje finance

 

David Zorman, who won the prestigious Best Asset Manager title in 2011, also made it among the five best asset managers in Slovenia this year.

Over the course of the 14-year history of these awards, Generali Investment managers won the Best Asset Manager titles an impressive eight times. This achievement firmly establishes Generali Investments as one the most acclaimed asset management companies in the history of the awards, underscoring the unwavering performance demonstrated by its manager teams. The Best Asset Managers by years were: David Zorman (2011), Primož Cencelj (2014, 2016 and 2018), Aleš Lokar (2017), and Luka Flere (2019). Additionally, Primož Cencelj was honoured with the title of the Best Asset Manager of the Decade (2010–2019).
The key criterion for determining the best manager is the consistent outperformance of the relevant fund they manage in comparison to the benchmark. Generali Investments, celebrating its 30th anniversary this year, ranks among the oldest asset managers with long-standing tradition and experience in Slovenia. Throughout its history, it has won numerous domestic and international accolades for its high-quality work, excellent asset management, and product and service development.

At this year’s event, stars were assigned to funds based on their performance over three-year and ten-year periods, representing the highest distinction in the mutual fund industry and expressing unparalleled excellence in fund management.

This year’s top awards – five stars – went to the following funds:

Generali Galileo*****, Mixed Flexible Fund, in the Mixed Global category over a three-year period,

Generali Rastko*****, Equity, in the Equity – Europe category over a ten-year period,

Generali Bond*****– EUR, in the European Bond category over a ten-year period.

 

Melita Rajgelj Ozebek, the President of the Management Board of Generali Investments, said: “The accolades received, along with the performance rates yielded by our funds, underscore the excellence of our management team, of whom we are immensely proud. We work in a rapidly changing environment that necessitates us to adapt on a daily basis, and this is where our long-standing experience proves invaluable. Over the past 30 years, we have always known the paramount importance of quality in asset management. We remain steadfast in our commitments to honour the trust bestowed upon us by our investors, and we thank them for their trust on this occasion.”

The numerous awards received, and, most importantly, the trust placed in the company by its clients, its long-standing relationships, prudent investment policy, high-quality products, top-notch team with a winning mindset, as well as professionalism and international focus, are certainly the motivating factors driving the oldest asset management company in Slovenia and its team. They also serve as proof that Generali Investments is on the right track.

 

From left to right: Geza Norčič, asset manager, Matej Krajnik, analyst, Sašo Šmigić, member of the Management Board, Aleš Lokar, head of equity investment management and Best Asset Manager of 2023, David Zorman, head of ESG analysis, and Matej Škerlep, analyst (missing: Beti Bacetič Kern, asset manager, and Grega Meden, senior asset manager).

 

Generali Investments celebrated its 30th anniversary with a conference focused on the main challenges facing investors in Slovenia

 

The panellists at the roundtable discussion – Prof. Dr. Aljoša Valentinčič from the School of Economics of the University of Ljubljana, Ms Melita Rajgelj Ozebek, President of the Management Board of Generali Investments, Mr Primož Pinoza, Deputy Director of the Securities Market Agency, Mag. Žiga Hieng, President of the Management Board of Salus, d.d., Mr Primož Cencelj, Executive Director of the Asset Management Division, Modra zavarovalnica, d.d., and Mr Karel Lipnik, analyst at the Delo media company – concurred that the financial assets of an average Slovenian lack diversification. This deficiency, they agreed, hampers the potential long-term growth of individuals’ financial assets and also the overall prosperity in Slovenia.

 

Participants of the round table with the moderator, prof. dr. Aljoša Valentinčič, Faculty of Economics, University of Ljubljana (from the left to right): Mrs. Melita Rajgelj Ozebek, CEO of the Generali Investments, Mr. Primož Pinoza, Deputy Director of the Securities Market Agency, M.Sc. Žiga Hieng, President of the Management Board Salus, Mr. Primož Cencelj, Executive Director of the Asset Management Sector Modra zavarovalnica, and Mr. Karel Lipnik, Analyst at Media house Delo.

 

Slovenian households primarily hold their savings in banks – at the end of November 2023, household deposits totalled EUR 29.0 billion. This is very likely the result of inadequate financial asset management strategy, very conservative saving habits among older generations, and negative experience during the last financial crisis.

Melita Rajgelj Ozebek, President of the Management Board of Generali Investments, said: “Over the long term, investors maintaining a basic mutual fund portfolio comprising 30% bond funds and 70% equity funds could realise a return of 30% on their initial investment within five years and around 60% within 10 years.”

The preference for keeping money in banks, at home, or in bonds rather than in mutual funds or the stock exchange results in opportunity loss. Primož Cencelj, Executive Director of the Asset Management Division at Modra zavarovalnica, estimates this loss to be in the billions, attributable, on the one hand, to inflation, and on the other hand to the returns from capital markets. “Slovenian savers have failed to actively participate in capital markets over the last 10 years, yielding an opportunity loss of EUR 10 to 15 billion.”

Prof. Dr. Aljoša Valentinčič said: “Capital markets are important in several ways. They are very important for companies to access cheaper and diverse sources of capital, to be used for developing products and services. Capital markets are also very important for savers to achieve better long-term objectives through smart and diversified allocation of their savings. Both companies and individuals are supported by financial intermediaries, including asset management companies and mutual finds, while the regulator’s role is to maximise transparency and minimise risk. Every one of us who can contribute to higher yields for individuals and benefits for the society at large plays a role in this network.”

While Slovenia is among the top European countries in terms of the saving rate, Slovenians are still reluctant to invest in mutual funds and capital markets, despite the many advantages of this type of investment.

Karel Lipnik, an analyst for the Delo newspaper, underscored the multiplier effects of people actively investing in capital markets for the entire country: “If an individual had invested their employer’s contribution in equities at the Ljubljana Stock Exchange over the past 20 years, they would have invested one average gross salary per year, totalling a direct investment of EUR 37,000 (provided this money was invested in and retained at the Exchange). Today, the stock market value of those invested assets would stand at EUR 110,000, with dividends of EUR 3,800 earned in 2023 alone. Had pension saving schemes been introduced in Slovenia in 2000, significant economic development could have been achieved, including the ‘third development axis’. We would have eliminated the need to speculate about the timing of the first wind park as there would have been ample funds available. We would have three-lane roads and healthy public finance. If people in Slovenia, a country that pays about EUR 800 million in interest on its public debt, invested more actively in capital markets, the money for the interest on the country’s public debt would also stay within Slovenia, and we could afford an investment the size of the second railway track project every year.”

“Restoring the confidence of Slovenian investors in capital markets necessitates showcasing as many positive stories as possible. We can learn lessons from the recent government retail bond issue – i.e. both the state as the issuer, but also municipalities, which could issue municipal bonds, a sought-after financial instrument at the Ljubljana Stock Exchange in its initial times. It is important that investors learn how the capital markets work. Negative experiences are inherent to any capital market. Capital markets must be viewed as operating with a long-term perspective. In the short term, they are highly volatile. We Slovenians have a tradition of saving and hold significant amounts in bank deposits. On the other hand, we are also relatively inclined to speculation, especially the young generations investing heavily in cryptocurrencies. Young people must be educated as early as possible,” said Primož Pinoza, Deputy Director of the Securities Market Agency.

Companies are not sufficiently aware of the financing opportunities offered by capital markets. We should showcase as many success stories as possible, as Slovenia has witnessed both negative as well as positive stories. People must be informed more often about positive stories because it is success stories that attract the crowds. This is how Žiga Hieng, the President of the Management Board of Salus, summarised the story of NLB, which “went through a difficult period and various phases, to ultimately achieve a relatively successful privatisation, with a concept. The latter could be useful and suitable for other Slovenian companies, too. Following this avenue, with the current situation in the capital markets, we could attract additional investors or at least further motivate the existing ones with an IPO or SPO, similar to the engagement seen with government retail bonds.”

The panellists concluded the roundtable by agreeing that given the anticipated unfavourable demographic changes, the current discouraging system of saving for old age, and the significant gaps in the financial education and literacy of the Slovenian population (which impact both the younger generation, affecting their ability to distinguish between current and future consumption, and the older generation, whose savings allocation does not match the their retirement saving goals), it is high time for each stakeholder to assume their share of responsibility. This includes the general population, who should appropriately reallocate their savings.

 

Generali Investments has closed the sale of its stakes in the companies Generali Investments GP 1 d.o.o. and Generali Investments GP2 d.o.o., and the sale of its equity shares in Generali Investments CP d.o.o. k.d., transferring, as of 13 June 2023, the management of Generali Growth Equity Fund, a private equity fund, to a new manager, ALFI PE d.o.o.    

 

The finalised transaction and transfer of the Fund’s management to the new manager will not alter the Fund’s policy nor will it affect the Fund’s investors. The Generali Group continues to be the Fund’s second largest investor, after the European Investment Fund (EIF). To close the transaction, all the necessary approvals of the Fund’s bodies and regulatory authorisations have been obtained.

Generali Investments continues to manage alternative investment funds, including the very successful Generali Adriatic Value Fund, a real estate fund. Generali Group thus remains a strong supporter of the Slovenian economy, not only through its insurance and asset management services but also as an investor making direct investments in Slovenian companies. Moreover, Generali Investments continues to strengthen its asset management activities in Slovenia, standing by Slovenian investors as a partner in both asset management and financial advisory.

 

Generali Growth Equity Fund was founded in 2019 as part of the Slovene Equity Growth Investment Programme (SEGIP), which was launched upon the initiative of the SID Bank in cooperation with the EIF. It offers equity and quasi-equity financing to Slovenian SMEs and mid-cap companies. The SID Bank committed to contributing EUR 50 million of its own funds to SEGIP (without state guarantee), and the EIF has provided an additional EUR 50 million under the European Fund for Strategic Investments (with EFSI guarantee). By mobilising additional funding from other private investors through the SEGIP programme, overall investments for Slovenian companies exceeds EUR 150 million, which is 3-times the contribution of the SID Bank.