The board of Italian real estate company Beni Stabili has approved a plan to facilitate the company's adoption of SIIQ status, the Italian equivalent of a real estate investment trust. As part of the plan, Beni Stabili has approved a series of mergers with its subsidiaries Sviluppi Immobiliari, Beni Stabili Immobiliare Garibaldi, and eventually TorinoZerocinque Investment. The restructuring of Beni Stabili's investments and assets will it to meet the requirements set out in the SIIQ regulations from 1 January 2008.

The board of Italian real estate company Beni Stabili has approved a plan to facilitate the company's adoption of SIIQ status, the Italian equivalent of a real estate investment trust. As part of the plan, Beni Stabili has approved a series of mergers with its subsidiaries Sviluppi Immobiliari, Beni Stabili Immobiliare Garibaldi, and eventually TorinoZerocinque Investment. The restructuring of Beni Stabili's investments and assets will it to meet the requirements set out in the SIIQ regulations from 1 January 2008.

The board is also proposed the company buy back its own shares up to the maximum permitted by law (10% of the issued capital) for a period of 18 months from the date of shareholders' approval. The buy-back programme will involve up to a maximum of 191 million ordinary shares, representing a maximum amount of EUR 220 mln. Beni Stabili said it will hold shareholder meetings on 17 and 18 October 2007 to approve the buyback programme and the merger plan.