Immit Immobili Italiani, the real estate investment company which manages the property assets of bank Intesa Sanpaolo, said on Monday it will distribute 100% of its profits as dividends in 2008 and 2009. IMMIT chief executive Eugenio Kannes said during the presentation in Milan of the company's initial public offering that the payout ratio after that will be at least 85%, in line with the requirements stipulated by legislation on Italian real estate investment trusts.
Immit Immobili Italiani, the real estate investment company which manages the property assets of bank Intesa Sanpaolo, said on Monday it will distribute 100% of its profits as dividends in 2008 and 2009. IMMIT chief executive Eugenio Kannes said during the presentation in Milan of the company's initial public offering that the payout ratio after that will be at least 85%, in line with the requirements stipulated by legislation on Italian real estate investment trusts.
Intesa Sanpaolo-owned Immit is offering up to 51% of its capital, or about 148 million shares, in an initial public offering on the MTA segment of Milan's stock exchange. The IPO is targeted at institutional investors from Italy and abroad and will run to June 5, 2008. The company has set a price range of EUR 2.90 - 3.60 per share, which will give Immit a market capitalisation of between EUR 844mln - EUR 1bn. The listing is aimed at securing Immit the status of a real estate investment trust, known as a SIIQ in Italy.
The offering is being coordinated and led by Banca IMI and Lehman Brothers. Immit will have an open market value of EUR 1.3bn, with offices accounting for 71% of its portfolio and bank branches for 29%.
The Italian tax-efficient SIIQs are similar in structure to their European counterparts REITs, FBIs and SIICs. They enjoy breaks on corporate and regional taxes (IRAS and IREP), in return for the distribution of at least 85% of profit in dividends.
