Italy's Sicilcassa pension fund has reportedly selected three potential buyers for the final stage of bidding to acquire its EUR 300 mln real estate portfolio in Italy.
Italy's Sicilcassa pension fund has reportedly selected three potential buyers for the final stage of bidding to acquire its EUR 300 mln real estate portfolio in Italy.
According to news reports in the Italian media, frontbidders in the race to buy the 50 buildings and 400 apartments include fund manager EstCapital and an entrepreneurial group led by Messina's accountant Michele Ligrelli. The properties, which include the landmark Castelnuovo building in Palermo, are located on the island of Sicily and in the Lazio region of Italy.
The sale of the portfolio is part of the pension fund's plan to reimburse 5,200 pension holders. Unicredit will provide debt of up to 50% for the acquisition.
Sicilcassa unveiled plans to sell the assets last year, with the bidding process running from June last year until mid-September. Mediobanca is advising Sicilcassa on the operation.
