Italian listed property company Beni Stabili has confirmed newspaper reports that it has signed a framework agreement with the Operae Group and Duse Sarl (a subsidiary of Cordea Savills) in relation to the sale of the residential component of the former Comit Fund portfolio, which Beni Stabili acquired in July for EUR 300 mln. Beni Stabili said the residential property portfolio will be sold for EUR 320 mln, which after deduction of 50% of the transfer tax (around EUR 3.8 mln) will represent a gain of 5% of the purchase price.
Italian listed property company Beni Stabili has confirmed newspaper reports that it has signed a framework agreement with the Operae Group and Duse Sarl (a subsidiary of Cordea Savills) in relation to the sale of the residential component of the former Comit Fund portfolio, which Beni Stabili acquired in July for EUR 300 mln. Beni Stabili said the residential property portfolio will be sold for EUR 320 mln, which after deduction of 50% of the transfer tax (around EUR 3.8 mln) will represent a gain of 5% of the purchase price.
The agreement envisages the establishment of a joint venture, in which Beni Stabili group, through subsidiary Sviluppi Immobiliari, will hold a 33% stake, with the other two partners owning the rest. Sviluppi Immobiliari will contribute equity of yup to EUR 15 mln.
