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

Ljubljana, 28 August 2025 – Generali Investments, in cooperation with partner Peakside Capital, has successfully completed the sale of the final (fourth) property of the Generali Adriatic Value Fund (AVF) portfolio – the Arkadia shopping center in Domžale. With this transaction, and after the planned seven-year life cycle, the process of closing Slovenia’s first regulated alternative real estate investment fund begins. The fund exceeded its business plan targets and outperformed investor expectations.

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.