Italian SIIQ Beni Stabili has revealed plans to place its €1.54 bn Telecom Italia portfolio - plus associated debt worth €810 mln - into what will become Italy's biggest ever real estate closed-ended alternative investment fund (SICAF).
Beni Stabili will keep 60% of the share capital of the new, regulated investment vehicle, while Crédit Agricole Assurances and EDF Invest, the investment division of the EDF Group, will each acquire a 20% stake in the SICAF.
'This is a transformational transaction for Beni Stabili, a real success for the team and a strong, positive signal for the Italian market,' commented Alexei Dal Pastro (pictured), general manager of Beni Stabili.
'With this transaction, Beni Stabili is significantly reshaping its real estate and financial profile and is entering a new stage of its strategy,' Dal Pastro added.
The 145 properties which will be included in the SICAF have an average gross yield of 6.4% (5.8% net). Their leases have fixed terms of 14 years on average, following a round of renegotiations in 2015. As majority shareholder, Beni Stabili will provide real estate services to the investment vehicle.
The incorporation of the SICAF and the sale of the stakes are expected to take place in early 2017, subject to authorisation from the Bank of Italy.
