The Bank of Italy is holding a tender process to appoint the adviser to manage the sale of of its real estate portfolio. The mandate would be for three years, the bank said, with an option for a two-year renewal. The bank owns properties valued at around EUR 330 mln in the country, mostly consisting of commercial real estate assets and a minority of residential units.
The Bank of Italy is holding a tender process to appoint the adviser to manage the sale of of its real estate portfolio. The mandate would be for three years, the bank said, with an option for a two-year renewal. The bank owns properties valued at around EUR 330 mln in the country, mostly consisting of commercial real estate assets and a minority of residential units.
The majority of the properties are former bank offices which are no longer in use. The portfolio comprises over 235,000 m2 of space including the Salone Margherita theatre and conference centre in central Rome and 39 bank branches. The bidding process for the sale mandate runs until June 22.
The announcement follows hard on the heels of the Greek government's appointment of investment bank Lazard to advise on its public finances including the sale of a number of state-owned assets and the potential launch of a real estate investment trust to which the state will transfer a large part of its real estate portfolio.
