by InTrieste
Generali has won the bid to restore Palazzo Carciotti, the birthplace of Assicurazioni Generali and a prime symbol of Trieste’s Neoclassical architecture. The announcement, made today by the Municipality of Trieste, marks a significant step in the company’s long-standing connection to the city and its heritage.
It was a successful fifth attempt. After years of declining interest and four failed auctions, the Municipality of Trieste has finally sold Palazzo Carciotti, a landmark of the city’s Neoclassicism. Situated along the Rive and bordering the Grand Canal, the building was purchased by Assicurazioni Generali, which was founded in 1831 in the very same Palazzo Carciotti.
Generali secured the property with a bid of €13.2 million, surpassing the base auction price of €8.8 million. Their offer narrowly edged out that of Carciotti Srl, a newly established company led by Paolo Gerin, whose bid was just €48,000 less. A third bidder, Flavio Dalle Fratte, offered slightly over €9 million.
Generali will undertake an extensive and costly renovation of the historic structure, which shows signs of aging, before repurposing it for innovation and training initiatives in collaboration with public and private partners. A residential component is also planned.
Mayor Roberto Dipiazza expressed enthusiasm about the outcome, calling it a significant achievement for the city.
Generali Chairman Andrea Sironi and Group CEO Philippe Donnet shared their satisfaction in a joint statement, promising to restore the building “to new life with the same innovative spirit that distinguished it at the time of its construction.”
Designed by architect Matteo Pertsch and built between 1798 and 1805, Palazzo Carciotti stands as a testament to the visionary patronage of its original commissioner, Demetrio Carciotti. The acquisition adds to Generali’s already impressive real estate portfolio and strengthens its commitment to preserving cultural landmarks while fostering urban regeneration.
The restoration will align with Generali’s broader strategy, which has recently seen projects such as the redevelopment of Palazzo Berlam in Trieste, the Procuratie Vecchie in Venice, and the transformation of historic headquarters in Milan.
Generali, founded in 1831, is one of the world’s largest insurance and asset management providers, with a presence in over 50 countries. The company continues to integrate sustainability into its strategic vision, aiming to create value for both its stakeholders and the broader community.
