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Poste: a fund to dispose of its real estate assets

10 December, Il Sole 24 Ore

If it’s finalised by the end of the year, it will be one of the biggest operations of 2018. Poste Italiane is currently evaluating a spin-off operation for all of its non-instrumental real estate assets directly owned or owned by Europa Gestione Immobiliare (Egi).

According to the rumours, Poste might constitute a real estate fund which will receive the asset. The fund will be managed by Cassa Depositi e Prestiti Investimenti Sgr (Cdpi Sgr) pursuing the progressive disposal of the assets. The total value of the portfolio is assessed around 500 million euro.

Europa Gestione Immobiliare is 55% owned by Poste Italiane and 45% by Poste Vita. It was constituted on 2001 through the transfer by Poste Italiane of its real estate division dedicated to its non-instrumental assets. The company has been studying the asset disposal for years without never completing the operation. The former Poste building in Piazza Cordusio was one of the Egi’s assets. The building went first to Ream Sgr and then to the American Blackstone.

What’s inside the Egi portfolio? Several offices that are currently vacant or leased to third parties (hence, not occupied by Poste employees). There are other former Poste Italiane offices in Trento, Venice and Florence, offices in Naples, offices of the Ministry of the Economy in Genoa, and an asset in Milan in Piazzale Lugano. Finally, some other properties had been directly transferred by Poste.

Once incorporated the fund, the operation might proceed with the sale of the interests or with the progressive asset disposal. Some value-added international investors are allegedly interested in the portfolio aiming at requalifying the assets through their direct or indirect acquisition.

The operation is aligned with the Government’s objective of reducing the public debt through real estate operations as proposed in the new budget which was presented in Brussels. Besides, there are also other operations currently under evaluation by Cassa Depositi e Prestiti implying the requalification of neglected public buildings and the constitution ad-hoc real estate funds.

Source: Il Sole 24 Ore

Translator: Cristina Ambrosi