UniCredit to launch 2 bln euro property fund-paper

MILAN, July 20 (Reuters) - UniCredit (CRDI.MI) plans to use parts of the buildings where its branches are located and other properties to launch a real estate fund worth around 2 billion euros ($3.2 billion), an Italian newspaper reported on Sunday.

Business daily Il Sole 24 Ore said Europe's fourth-largest bank was actively looking for banks to advise it on the operation and place stakes in the fund, mainly among foreign investors. It was also seeking an asset management company to manage the assets, the paper said without citing sources.

A UniCredit spokesman declined to comment.

The paper also reported that hedge and private equity firm Fortress Investment Group LLC (FIG.N) was in talks with UniCredit to enter a partnership to manage real estate funds held by the bank's fund management arm Pioneer Global Investments Ltd.

"The operation is ongoing even if it slowed down in the last few weeks," the paper said.

(Reporting by Valentina Za; Editing by Richard Hubbard)