Generali Real Estate, the property management arm of the Italian insurance giant, has launched a competitive tender for the outsourcing of facility and property management services across its Italian portfolio. Valued at over €12 billion this real estate portfolio generates approximately €400 million in annual rental income. The tender encompasses a range of operational services, from maintenance to security, currently managed by around 100 in-house staff.
Under the leadership of Aldo Mazzocco who has been at the helm since 2017, Generali Real Estate oversees a diverse portfolio spanning 37 billion euros in assets. This includes more than 2,000 properties primarily office spaces, luxury retail outlets, and an expanding logistics sector. The portfolio is predominantly located in Italy, France, and Germany, with growing investments in Eastern Europe. Notable properties under management include the historic Le Procuratie Vecchie in Venice, the iconic CityLife towers in Milan, and the prestigious Palazzo Bonaparte in Rome.
International Contenders for the Italian Property Management Contract
The tender process, advised by Deloitte has attracted significant interest from leading global real estate firms. Among the key contenders are ColliersCBRE and Cushman & Wakefield each bringing substantial expertise and resources to the table.
The Canadian Powerhouse: Colliers
Colliers headquartered in Toronto, operates in 66 countries and offers strategic consulting and asset management services. With a portfolio exceeding 110 billion dollars in assets and managing 4,700 properties Colliers is particularly focused on high-yield sectors such as technology and data centers. Their global reach and specialized expertise make them a formidable candidate for the tender.
The Global Leader: CBRE
CBRE based in Dallas, is the world’s largest commercial real estate services company. Listed on the New York Stock Exchange, CBRE provides a comprehensive suite of services including advisory, capital markets, property and facility management, and real estate development. In 2026, CBRE reported revenues exceeding 35 billion dollars employing over 140,000 people across more than 100 countries. Their extensive experience and global presence position them as a strong contender for the Italian property management contract.
The Iconic Asset Specialist: Cushman & Wakefield
Cushman & Wakefield headquartered in Chicago, is renowned for managing iconic real estate assets. Also listed on the NYSE, the company reported revenues of 10.3 billion dollars in 2026. With a workforce of 53,000 employees and over 350 offices in nearly 60 countries, Cushman & Wakefield offers a wide range of services including advisory, capital markets, property, and facility management. Their expertise in managing high-profile assets aligns well with Generali Real Estate’s prestigious portfolio.
The outcome of this tender will not only impact the operational efficiency of Generali Real Estate but also set a precedent for similar outsourcing initiatives in the real estate sector. As the process unfolds, the strategic decisions made by Generali Real Estate will be closely watched by industry observers and competitors alike.
