Intesa Sanpaolo's management board this week approved the launch of a real estate investment trust, known in Italy as Societa di Investimento Immobiliare Quotate (SIIQ). In a statement, the company said that the new investment vehicle will have a real estate portfolio of about EUR 1 bn. Intesa Sanpaolo added that it will be the first bank in Italy to take advantage of the new tax-efficient structure, which was introduced this summer in the country .
Intesa Sanpaolo's management board this week approved the launch of a real estate investment trust, known in Italy as Societa di Investimento Immobiliare Quotate (SIIQ). In a statement, the company said that the new investment vehicle will have a real estate portfolio of about EUR 1 bn. Intesa Sanpaolo added that it will be the first bank in Italy to take advantage of the new tax-efficient structure, which was introduced this summer in the country .
The lender plans to transfer by the end of 2007 some EUR 1 bn of non-strategic real estate assets to the new vehicle. This will be entirely controlled by Intesa Sanpaolo until its listing on the Milan stock exchange. After the listing, which is scheduled to take place by April 30, 2008, the company plans to retain 49% of the vehicle.
