Patrimonio Italia, a closed-end vehicle launched by the Italian government last month to extract value to the country's public assets, has signed an agreement to buy €120 mln of assets in the country.
Patrimonio Italia, a closed-end vehicle launched by the Italian government last month to extract value to the country's public assets, has signed an agreement to buy €120 mln of assets in the country.
The vehicle focuses on assets owned by the Italian regional authorities and let to the State with the aim of putting them back on the market after repositioning.
The package includes historic buildings in a number of cities including Turin, Ascoli Piceno and Como.
Closing of the deal is expected for next month.
The operation is aimed at providing financial breathing room to the Italian local authorities, according to Elisabetta Spitz, CEO of Investimenti Immobiliari Italiani, or Invimit, an asset management group owned by the Italian finance ministry. Invimit launched the fund in September with a target size of €1.2 bn.
Created in 2013, Invimit manages funds for Italian pension funds Inail and Inps as well as for a number of other public bodies including universities and regional authorities.
