Italy's Banca Monte Paschi di Siena is planning to sell EUR 1.5 bn of securities in the country's first residential mortgage-backed securities operation since the start of the credit crisis. Market regulator Consob last week authorised Italy's oldest bank to go ahead with its offer of asset-backed securities, planned for 22 December.
Italy's Banca Monte Paschi di Siena is planning to sell EUR 1.5 bn of securities in the country's first residential mortgage-backed securities operation since the start of the credit crisis. Market regulator Consob last week authorised Italy's oldest bank to go ahead with its offer of asset-backed securities, planned for 22 December.
The operation is a 'significant step' in the bank's process to rationalise and extract value from its real estate portfolio, which started in 2008 with the launch of a process to dispose of a portfolio of 683 commercial assets.
The properties were divested to Perimetro Gestione Proprietà Immobiliari, in a EUR 1.7 bn sale-and-leaseback operation. Perimetro GPI is currently owned by Italian property company Sansedoni (49%), AXA Real Estate (30%), investment bank Mediobanca (11%) and MPS (30%), with plans to find new investors in the coming months. The acquisition was entirely financed by MPS.
