Italy's Pirelli RE, together with Fingen and Maire Group, has won the contest organised by Fintecna Immobiliare, a state-owned company operated by the Italian treasury, to buy four major real estate assets in central Rome valued at some EUR 368 mln. Under the deal, Pirelli RE consortium will set up a new joint venture in which Fintecna will hold a 50% stake. Of the remaining share, Pirelli RE will own a 35% interest, the luxury hotel company Fingen 35%, and Maire Group 30%.

Italy's Pirelli RE, together with Fingen and Maire Group, has won the contest organised by Fintecna Immobiliare, a state-owned company operated by the Italian treasury, to buy four major real estate assets in central Rome valued at some EUR 368 mln. Under the deal, Pirelli RE consortium will set up a new joint venture in which Fintecna will hold a 50% stake. Of the remaining share, Pirelli RE will own a 35% interest, the luxury hotel company Fingen 35%, and Maire Group 30%.

The new partnership will take over the assets, refurbish them for an expected initial investment of EUR 110 mln and a total of EUR 200 mln in the medium period, and subsequently put them on the market. The most important of the four assets, the 54,000 m2 Istituto Poligrafico e Zecca dello Stato, will be converted into a 170-room five-star hotel and 250-300 luxury apartments, Pirelli RE said in a statement.

Fintecna put the assets up for sale last March, together with other 15 premises located across Italy for a total value of EUR 800 mln.