Milan-listed office-focused firm Beni Stabili has signed an agreement with Italy's Real Estate Services for the creation of a new joint venture, Beni Stabili Retail. The new entity will be majority-held by Beni Stabili (55%), and 45% owned by RES, an Italian real estate company specialised in the retail sector and headed by businessman Guglielmo Tabacchi.

Milan-listed office-focused firm Beni Stabili has signed an agreement with Italy's Real Estate Services for the creation of a new joint venture, Beni Stabili Retail. The new entity will be majority-held by Beni Stabili (55%), and 45% owned by RES, an Italian real estate company specialised in the retail sector and headed by businessman Guglielmo Tabacchi.

The new partnership will seek to purchase, renovate, redevelop and lease high-street retail properties across Italy's major cities. The aim is to lease the properties to prime tenants and retail chains, Beni Stabili said.

Beni Stabili Retail's newly-appointed board of directors has elected Tabacchi and Stefano Vittori to serve as CEO and Chairman respectively.

Beni Stabili posted a net loss of over EUR 51 mln in 2009, after a net profit of nearly EUR 37 mln a year before. Previously, the company had been active in the retail segment through a 50/50 joint venture with IGQ Siiq, named RGD.