ITALY – The Banca Commerciale Italiana pension fund is seeking expressions of interest for its almost 300,000-square metre real estate portfolio.

The Fondo Pensioni per il Personale della Banca Commerciale Italiana is the scheme for the bank, which merged with Banca Intesa in 1999.

It said it intends to sell its real estate properties through a “competitive procedure aimed at selecting one or more investors for the sale of the whole portfolio”. Alternatively it would sell two sub-portfolios, commercial and residential.

Slated for sale are 24 properties in Milan and 27 units – mainly branches leased to Banca Intesa – throughout Italy.

Residential properties for sale in Milan include five whole properties and more than 170 units.

The fund is being advised by Lehman Brothers.

Applicants can be Italian asset management companies or Italian and foreign subjects. Applicants must have at least €50m in net equity.

The deadline for applications is December 16.