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

Ljubljana, 16 June 2025 – Generali Investments, with Peakside Capital as a key partner, has signed the contract for the sale of the final (fourth) property of the Generali Adriatic Value Fund (AVF ) - the Arkadia shopping center in Domžale. This milestone marks the entry of the first regulated alternative real estate investment fund in Slovenia into the final phase, following a track record that significantly exceeded performance targets and investor expectations.

 

 

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.