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The properties of Banca Popolare di Vicenza will be put on the market by the summer

05 May, Il Sole 24 Ore

Historical buildings and small bank branches scattered all over the national territory, trophy assets that might interest investors such as Hines, Allianz and Generali, while the whole portfolio might be acquired by Cerberus, Blackstone and other players focused on opportunistic investments.

This is the composition of the real estate portfolio of Banca Popolare di Vincenza coming up on the market by the summer. The operation is valued over 400 million euro, it includes more than 200 properties, and it’s coordinated by Vitale&Co, the real estate advisor chosen after a selection lasted three months. The properties are owned by Immobiliare Stampa, a subsidiary of Popolare di Vicenza, currently in administrative compulsory liquidation and excluded from the transfer of activities from the Venetian banks to Intesa Sanpaolo.

Among the most exclusive properties, there is the one located in Milan in Via Turati 12, as well as the building in Via de Traforo 146 at the corner with Via del Tritone in Rome, Palazzo Thiene in Vicenza and the Banca d’Italia office always in Vicenza. It’s still not known whether these trophy assets will be sold separately from the rest of the portfolio. There are also the operational and administrative offices of Popolare di Vicenza in the regions where the bank used to carry its business like Veneto, Tuscany and Sicily. The portfolio includes also the Fineco office in Milan close to Piazzale Loreto. The properties in Via Turati and Via del Tritone will be emptied and requalified, while the Banca d’Italia office in Vincenza is already empty and might be turned into a hotel or into apartments. Nearly half of the branches will be kept by Intesa through leasing contracts. The acquisition by Intesa Sanpaolo of the two Venetian banks implied that a quota of Immobiliare Stampa, of whom Intesa is a minority shareholder, will be leased to Intesa itself.

The disposal process includes also an evaluation and execution phase consistent with the current repayment plan of the financial debt. The plan was agreed with the liquidation officers appointed by the Ministry of Economy in June 2017 after having ordered the administrative compulsory liquidation of the two banks. The operation will attract the attention of the real estate market due to the dimensions of the portfolio and the value of the assets included in it. All the main international investors were invited to the bid: Allianz, Invesco, Hines, Blackstone, Cerberus, Texas Pacific Group, Starwood Capital, Tristan, Apollo, Lone Star and many more.

Source: Il Sole 24 Ore

Translator: Cristina Ambrosi