Italian property company Beni Stabili has won the public contest for Fondo Immobiliare Pubblico (FIP) no. 1 for a total of EUR 180 mln. The portfolio, put on the market last March, received about 40 bids from national and foreign investors, Beni Stabili said in a press release. Final binding offers were made on 25 May 2007. The transaction is expected to be completed by end-June.
Italian property company Beni Stabili has won the public contest for Fondo Immobiliare Pubblico (FIP) no. 1 for a total of EUR 180 mln. The portfolio, put on the market last March, received about 40 bids from national and foreign investors, Beni Stabili said in a press release. Final binding offers were made on 25 May 2007. The transaction is expected to be completed by end-June.
The portfolio comprises 20 service-sector properties with a gross surface of 97,700 m2. The portfolio is entirely let with long term leases to Agenzia del Demanio, Italy's state-owned property agency. The deal reflects an initial yield of 5.4%. The portfolio is located 70% in north-east Italy, 16% in Rome and the remaining 14% in southern Italy.
'This is an ideal package of assets for the repositioning (of Beni Stabili) within Gruppo Fonciere des Regions and for Beni Stabili's future transformation into a SIIQ, the Italian equivalent of real estate investment trusts,' said Aldo Marzocco, managing director of Beni Stabili.
