22 November, Il Sole 24 Ore
Inps sold its real estate holdings held in Dea Capital Real Estate Sgr. The social security institution decided to sell its 29.7% share in the real estate asset management company of the holding Dea Capital. This latter acquired the holdings through the subsidiary Dea Capital Partecipazioni. As a result, the company of the De Agostini group holds now 94% of the asset manager, while Fondazione Carispezia keeps the remaining 6%.
“The operation amounted to 40 million euro, and it was entirely funded by own shares and aligned with the pro-rata book value of the equity”, as a memo reads. The deal also implies an earn-out mechanism for up to 4.5 million euro within the 2019-2021-timeframe. It will depend on whether the company will achieve the set objectives concerning new assets under management.
The operation is based on a strategy of capital strengthening in order to expand further.
Dea Capital Ceo Paolo Cerretti commented: “This operation is included in the consolidation strategy of our Alternative Asset Management platform. We’re pursuing this development process in Italy, where we are already market leaders, as well as abroad, with our first operation in the French real estate market”.
The asset manager guided by Emanuele Caniggia is the leader of the Italian market with managed assets for 9.5 billion and 45 real estate funds. The company is currently targeting other countries such as France and Spain, where it will open a company shortly. In France, Emanuele Dubini and Emanuele Caniggia are respectively Dea Capital Real Estate France Ceo and president. The French company was specifically incorporated to develop the Opportunistic, Value Added and Core Plus segments.
In the past few days, the asset manager has also completed the sale of 13 commercial properties leased to Carrefour included in the Atlantic 1 fund portfolio, following a strategy of portfolio rotation.
Source: Il Sole 24 Ore
Translator: Cristina Ambrosi