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(Visited 176 times, 1 visits today)
  • Transaction / Assets
    Telecom Italia real estate portfolio
  • Seller
    Beni Stabili
  • Buyer
    NA
  • € MM
    1.5 billion

Beni Stabili transfers 40% of Tim’s real estate

 

Beni Stabili Siiq, property company leader in the Italian real estate sector, 52% subsidiary of Foncière des Régions, finalized yesterday the transfer of 40% of the shares of the main Italian real estate Sicav, incorporated at the beginning of the year through the transfer of the portfolio assigned to Telecom Italia (for a value around 1.5 billion) and the related debt (approximately 800 million). It was communicated in a memo by the company.

Crédit Agricole Assurances and Edf Invest, the investment division of the Edf group, have acquired from Beni Stabili a participation of 20% each of the Sicav. Beni Stabili, holding the 60% of the shares, will keep control of the Sicav and will provide real estate management services.

“This important operation” reads the communication, ”confirms the interest of the foreign investors, also with a long term profile, for the Italian real estate, as well as it represents an essential phase for the strategy adopted by Beni Stabili since the end of 2015”. A strategy that is based on three pillars. First: tenant diversification. After the Sicav operation, the exposure of Beni Stabili towards Telecom Italia will be reduced to the 27% of its portfolio, compared to the 38% at the end of 2016 before the transaction. Second: strengthening the capital structure. With this operation, of a value equal to approximately 620 million euro real estate belonging to Telecom Italia, the pro forma 2016 Loan to Value is now below 45%, compared to the 51.6% before the transaction.

Third: increase of the exposure in  Milan, with the 60% of the portfolio compared to the 53% at the end of 2016, getting closer to the target of 80% by 2020.

Thanks to the current excellent partnerships, to the strategy of rotating the portfolio aimed at optimizing the quality and to the development projects in Milan, Beni Stabili continues to confirm its ambition, offering a financial profile that unites value generation and steady income on the long term.  Beni Stabili is listed in the Milan and Paris Stock Exchanges and manages a real estate portfolio of 20 billion euro in France, Germany and Italy.