Italian bank Monte dei Paschi has announced it intends to sell its property unit, Valorizzazioni Immobiliari, and a city-centre building in Rome this year. The bank said that the move is in line with its strategy to dispose of its non-strategic property assets.Valorizzazioni Immobiliari was set up in 2005 explicitly to hold these assets worth some EUR 105 mln. In addition, the bank is selling a 6,000 m[sup]2[/sup] historical building located in front of the Coliseum in Rome. Italy's Reag Spa is advising the company on the disposal.
Italian bank Monte dei Paschi has announced it intends to sell its property unit, Valorizzazioni Immobiliari, and a city-centre building in Rome this year. The bank said that the move is in line with its strategy to dispose of its non-strategic property assets.Valorizzazioni Immobiliari was set up in 2005 explicitly to hold these assets worth some EUR 105 mln. In addition, the bank is selling a 6,000 m2 historical building located in front of the Coliseum in Rome. Italy's Reag Spa is advising the company on the disposal.
Monte Paschi di Siena is a financial institution dating back to the 15th century. The bank owns about EUR 1.6 bn in property and it was recently reported it was considering the launch of a new property company with EUR 1.2 bn of strategic assets. Italian newspaper Il Sole 24 Ore said that the new unit would be a joint venture with institutional investors. The bank would own 50.1% of the vehicle.
