Italian life assurance firm Poste Vita has acquired 100% of the shares in Convivio, a sub-fund of the Dante investment fund, from state-owned Invimit for €249 mln.
Convivio owns a portfolio of trophy assets in Rome, Milan, Bologna, Genoa, Mantova and Padoa. The fund was put up for sale over the summer through a public bidding process.
'Despite the emergency situation related to the spread of Covid-19, dozens of operators, Italian and international, showed interest in the operation,' Invimit said in a statement. Three binding offers were received following the competitive procedure.
Nuccio Altieri, President of Invimit, said: 'The Dante operation represents a turning point in the enhancement of public real estate assets. A new vehicle with which we were able to capture the attention and needs of the market. Now this model can be replicated in the future, creating a continuous pipeline to bring resources to the state budget. Today in Italy there are thousands of unused public buildings, worth several tens of billions of euros. The conversion of this heritage into opportunities for development is one of the most important challenges to be overcome, on which we are proud to have written a new page of success.'
