BNL's first fund, Portfolio Immobiliare, closed in May 2000. Both funds are managed by AEW Italia, a subsidiary of Curzon Global Partners, Curzon Global Partners Chief Executive Ric Lewis said: 'While closed-end real estate funds have been popular for a few years, this fund is novel in that it appeals to investors that are willing to accept a slightly higher degree of risk in exchange for higher return performance.'

The fund will pursue an income and growth investment strategy focused on improving submarkets, including Florence, Bologna and Venice, as well as the main Italian markets of Milan and Rome. The diversified portfolio will include office, retail and logistics properties with the aim of achieving a net return in excess of 7.5%.

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