Banco Popolare, Italy's sixth-biggest bank by market value, has contributed 456 buildings with a market value of 751 million euros ($990 million) to the fund, the bank has said.
It has also said it expects to generate a capital gain of around 500 million euros and boost Core Tier 1 -- a standard of capital held against risky assets -- by 45 basis points.
Sales of stakes in the fund have attracted "a good interest from institutional investors. There was a deadline around the middle of the day and then there needs to be further time to conclude the placing," a source close to the operation said.
The fund will have a 25-year life and be managed by Generali Immobiliari, the sources said, adding Banco Popolare will have a first refusal right on the sale of the buildings.
