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Venetian banks, the properties might be sold separately

31  May, Milano Finanza

The sale of the real estate assets of the two Venetian banks goes life, being probably the most delicate step of the process managed by the liquidation officers. In fact, Banca Popolare di Vicenza and Veneto Banca were the owners of some precious assets, such as the Bpvi representative office in Via Turati in Milan and in Piazza Venezia in Rome. These assets were put for sale a long time ago. The management thought initially to get rid of such properties to strengthen the equity and comply with the requests coming from the ECB. But the process has gone live only after the bailout and the arrival of the extraordinary commissioners. The initial idea was to sell the assets in one go, or at least into two tranches, to speed up the disposal process. But due to the complex nature of the portfolio and the presence of some assets of great value, the commissioners (assisted by the advisor Vitale & Co for the former Bpvi assets) decided, in the end, to sell the assets in smaller portfolios. In this way, in fact, it will be possible to revaluate the best assets of the portfolios, which have already registered the interest of some buyers. Besides the Bpvi offices in Milan and Rome, the portfolio also includes Palazzo Thiene, Palazzo Repeta and Palazzo Negri, along with some branches in exclusive areas such as Largo del Tritone in the old town of Rome. Furthermore, we must remember that a part of the real estate assets has gone to Intesa Sanpaolo with the bailout process. These are mainly commercial properties used to carry out the banking activity. Among these, there is Villa Spineda, the former headquarters of Veneto Banca, and the directional offices of the bank in Montebelluna. The sale of the properties will be an essential part of the liquidation process. In addition, the matter over the credit has been solved in the past months with the transfer for 17.7 billion of the non-performing exposures to Società Gestione Crediti.

Source: Milano Finanza

Translator: Cristina Ambrosi