Italy's Ideafimit seeks buyers for Atlantic 2 assets

Italian fund manager IdeaFimit is believed to be looking for a buyer for a sub-portfolio of assets owned by Atlantic 2-Berenice closed-end property fund, PropertyEU has learned.

According to well-informed market sources, the group has appointed CBRE to market a portfolio of nine assets, largely office buildings located in Milan, Rome and Northern Italy.

The package is expected to fetch over €130 mln, according to those who track the market.

Also this month, Rome-based IdeaFimit has received an offer for its Atlantic 1 closed-end fund, currently in liquidation. US private equity group Blackstone, through its Luxembourg-based unit Oceano Immobiliare, has presented an offer of €295 per fund unit, valuing the entire fund at around €154 mln. This represents a discount of roughly 50% to the fund’s net asset value per unit of €505, or €263 mln in total.

Unitholders have until April 2 to tender their units to Blackstone, and the offer is conditional upon the tender of at least 50%+1 of the fund’s units.

Also in Italy, banks Banco Popolare and Unicredit Leasing are both understood to have put a chunk of their portfolios on the market. Banco Popolare is selling 20 buildings valued at around €400-500 mln, while Unicredit Leasing is looking to divest a portfolio of roughly 100 repossessed assets.