Transaction / Assets Leasing portfolioSeller ING BankBuyer Goldman Sachs€ MM 2.5 billion
Ing transferring its Italian real estate leasing portfolio to Goldman Sachs
03 November, Milano Finanza
Ing Group wants to sell its portfolio of Italian real estate leasing contracts pursuing its operations to reduce the activities in this sector outside the domestic market. The buyer is allegedly the American Goldman Sachs. The sale concerns a portfolio of real estate leasing contracts both performing and non-performing. According to the letter sent by the bank to the unions, the operation is supposed to be officialised by both parts by the beginning of December and completed by the first quarter of 2019. The transfer will imply a cut in the staff by 31 employees.
After having evaluated several offers, Ing chose Godman Sachs, Finanziaria Internazionale partner in Italy. In 2006 Ing estimated its real estate leasing portfolio as amounting to 2.5 billion euro, namely the best performance among the bank’s local offices. In 2013 Ing started the divestiture process of the portfolio due to the reduction in the returns.
Source: Milano Finanza
Translator: Cristina Ambrosi