Italian government sells 19 military assets

Italy has taken another important step in the sale of 19 barracks in the Emilia-Romagna region. The economics ministry, the municipality of Bologna amd Demanio, the public real estate agency have signed an agreement for the redevelopment and subsequent sale of a state-owned portfolio consisting of the 19 real estate assets. The anticipated investment volume was not disclosed.

Under the new agreement, Demanio will proceed with the disposal of 10 properties, which have already been brought up to standard, while the remaining nine assets will be redeveloped in the near future. The properties are mostly former military barracks such as the Caserma Mameli and Caserma Masini buildings, and are part of a plan by the Emilia-Romagna region to extract value from its real estate portfolio.

'This is an important real estate portfolio that, thanks to the signing of the agreement, is ready to be put on the market,' the Demanio agency said in a statement. In case of sale, the Bologna municipality will receive 15% of the proceeds from the operation. The new agreement also envisages the conversion of the Caserma Chiarini and S. Mamolo into new government offices for the Ministry of Interior and the Ministry of Cultural Heritage and Activities (MIBAC).

In particular, the S. Mamolo asset will become a new centre of services and institutional activities for MIBAC, bringing together all of the ministry's regional offices.

In a separate statement, Demanio announced plans to sell the former Piave military barrack in Albenga, near Savona, in the Liguria region. The property is part of a plan by the Liguria region to extract value from a portfolio of 32 properties, which will be converted for residential, hotel or services use.

Back in 2007, Demanio and the defence ministry signed a decree authorising the transfer of 198 former barracks to the state's disposable real estate portfolio. The properties were valued at EUR 1.1 bn.