Beni Stabili Siiq confirms sale of stake in BSPS unit

Italy's Beni Stabili Siiq has confirmed the sale of a large part of its property management arm, Beni Stabili Property Service, to Banca Finnat Euramerica and the Benetton family.

PropertyEU reported on Thursday that the office property group had signed a preliminary agreement to sell a 36% stake in BSPS to Banca Finnat Euroamerica, and another 15% interest to the Benetton family's Regia vehicle.

In a statement, Beni Stabili said the deal is aimed at 'increasing the market share in the real estate services sector, currently characterised by a large growth potential in a period of reshape of the real estate industry'.

'Beni Stabili Siiq will therefore deconsolidate its stake in BSPS, making its structure more flexible,' it said, adding that Regia and Banca Finnat were identified 'as the best partners to expand the company's activity after a careful analysis started in 2010'.

The transaction was signed this week and is now awaiting regulatory approval. Completion is expected by end-July. The disposal will be based on an estimated equity value of EUR 6.3 mln.

BSPS specialises in property management and valuation as well as offering property advisory services. It manages 760 buildings, valued at EUR 7.5 bn and generating an annual rental income of EUR 308 mln, mainly on behalf of institutional investors and fund managers, according to its website.

Banca Finnat is the Rome-based parent group of fund manager Investire Immobiliare Sgr.

Benetton's Regia is a major shareholder in Investire Immobiliare Sgr, in which it bought a 20% equity interest in 2008. With EUR 4.2 bn of assets under management, Investire Immobiliare Sgr ranks as the fourth-largest property fund manager in Italy after asset management giants IdeaFimit, Prelios and Generali Immobiliare.

Earlier this year, fund manager Investire signed a partnership with Henderson Global Investors on the distribution and marketing of European funds among Italian investors.