Generali And BPCE Create Europe’s Second-Largest Asset Management Company

by THEFUTURE.TEAM

January 21, 2025

Assicurazioni Generali and BPCE have reached a preliminary agreement to form a joint venture, resulting in the creation of Europe’s second-largest asset management company, valued at nearly €10 billion. The deal, as reported by Bloomberg, will combine the investment units of both firms, creating a massive entity managing approximately $2 trillion in assets.

Key Facts

Ownership: Generali and BPCE will each hold a 50% stake in the new company.
Asset Management: The combined entity will rank as one of Europe’s largest asset managers, just behind Amundi SA, with a substantial portfolio of assets.
Geographic Reach: The holding company for the joint venture will be based in Amsterdam, with operational hubs remaining in France, Italy, and the United States.
Regional Breakdown: 61% of the total assets will be managed in Europe, while 34% will be in North America.
Capital Investment: Generali, managing fewer assets, will contribute €15 billion in seed capital and additional funds over the next five years to help accelerate the growth of the business.
Client Base: More than 50% of the joint venture’s assets will come from insurance and pension funds.
Leadership: BPCE CEO Nicolas Namias will serve as chairman, while Generali CEO Philippe Donnet will take the role of vice-chairman on the board.

Industry Context

This joint venture aligns with a broader trend among European asset managers seeking to enhance their scale through acquisitions and partnerships. In the past year, BNP Paribas acquired AXA’s funds division, and Amundi has been in talks with Allianz regarding its investment arm, Allianz Global Investors. The Generali-BPCE partnership follows this strategic push to increase market presence in a competitive sector.

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Management And Strategy

Both companies will retain full control over their respective asset distribution decisions. Natixis Investment Managers, part of BPCE, owns U.S. firms such as Harris Associates and Loomis Sayles, while Generali has affiliates like Conning & Co., which recently expanded by acquiring MGG Investment Group. This venture allows both firms to operate with a degree of autonomy while benefiting from increased scale.

Conclusion

The Generali-BPCE joint venture signifies a significant reshaping of Europe’s asset management landscape. By combining their resources and capital, the two firms aim to secure a more competitive position in the global market while remaining focused on their strategic objectives and regional expertise.

The Future Forbes Realty Global Properties

Cyprus Permit Delays Can Add €61,000 To The Cost Of A New Home

by THEFUTURE.TEAM

August 25, 2026

Housing affordability in Cyprus is being affected not only by property prices, construction costs and interest rates, but also by delays in securing planning and building permits. For developers, years of waiting can add millions of euros to project costs and tens of thousands of euros to the price of an individual home.

Property Prices And Rents Continue To Rise

House prices in Cyprus rose 3.4% year on year in the first quarter of 2026, according to Eurostat, leaving prices about 50% above their 2015 level. Rents have also continued to increase, with the Cyprus Statistical Service reporting annual growth accelerating from 2.5% in January to 4.5% in April.

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Strong demand and limited supply are adding pressure to both markets. Delays earlier in the development cycle can further restrict the number of homes reaching the market.

Four-Year Delay Adds €6.3 Million To Project Costs

A recent analysis by Yiannis Misirlis, chairman of the Cyprus Land and Building Developers Association, illustrates the financial impact. The example involves a 125-apartment project with €7 million allocated to land and an estimated €25 million for construction, bringing the initial cost to €32 million.

If permits are secured within six months, the average sale price would be about €307,000 per apartment. A four-year permitting delay, however, would add about €1.7 million in financing costs tied to the land, €800,000 in additional overheads and €3.8 million from construction cost inflation.

Combined, those costs would add about €6.3 million to the project without increasing the developer’s profit. The average apartment price would rise to about €368,000, adding roughly €61,000 to each unit.

Delays Also Affect Rental Supply

Higher development costs can affect renters as well as buyers. When projects are delayed, fewer homes enter the market over a given period, limiting supply while demand continues to grow.

Build-to-rent projects face the same pressures from land costs, financing, overheads and construction inflation. Developers may ultimately pass some of those additional costs through to rents.

Government Moves To Increase Housing Supply

Reducing permitting times would not require weaker planning controls or construction standards. More predictable approval timelines would instead allow developers and investors to plan projects with greater certainty and reduce the costs associated with prolonged delays.

The Ministry of Interior has introduced planning incentives and additional building coefficients that are expected to support the construction of more than 2,500 homes over the next two years. The measures are intended to increase housing supply in a market where demand remains strong.

Permitting Delays Have A Direct Financial Cost

For developers, longer approval periods increase financing and overhead costs while exposing projects to higher construction prices. Those costs can ultimately affect sale prices, rents and the number of homes that reach the market.

Cyprus’ housing affordability challenge therefore extends beyond land and construction costs. The time required to move a project from planning to construction can also determine how much buyers and renters eventually pay.

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