IDeA FIMIT, a real estate management company in Italy with €10bn in AuM, has selected CACEIS as the depositary for its new closed-end real estate fund, Armonia.

The Armonia fund has assets of €175m and comprises 113 buildings, including some luxury properties. CACEIS Italy is already the depositary for several funds managed by IDeA FIMIT.

“This is a prestigious mandate for us in the strategic real estate fund service sector, in which our clients benefit from our international experience and our complete understanding of the local market," said Roberto Colapinto, head of regional coverage for southern European and Latin American clients for CACEIS Group.

"The creation of a fund such as Armonia is a positive sign for real estate funds in Italy, which have huge potential for growth.”

CACEIS acts as an independent depositary in France and Germany for several real estate funds as well as in Switzerland and Luxembourg.