Beni Stabili has signed an agreement for the sale of its 42.48% interest in the joint venture, Torino Zerocinque Trading, to Gefim Investimenti, which already has a 42.48% stake. The sales price is EUR 24 mln. At end-December, the venture was valued at EUR 19.9 mln.

Beni Stabili has signed an agreement for the sale of its 42.48% interest in the joint venture, Torino Zerocinque Trading, to Gefim Investimenti, which already has a 42.48% stake. The sales price is EUR 24 mln. At end-December, the venture was valued at EUR 19.9 mln.

In addition, Beni Stabili has purchased a property located at Corso Marconi 10 in Turin from Torino Zerocinque Trading for EUR 30 mln. The property, which was previously the historic headquarters of the Fiat Group, is for office use. Renovated work was completed in September 2009. The current process of letting the 17,200 m2 of space is proceeding according to the business plan, Beni Stabili said.

The Italian real estate firm said the transactions were designed to further simplify the group, reduce the size of its development activities and strengthen the focus on its core businesses.

The purchase is being partly financed by a new mortgage loan of approximately EUR 15 mln and partly in cash.