UniCredit sells EUR 930m worth of assets to Fimit fund

Italian bank UniCredit has sold part of its real estate portfolio to the Omicron Plus Immobiliare fund run by Italian property fund manager Fimit for EUR 800 mln. The bank is retaining the use of the buildings as well as a 33% stake in the fund. Omicron is being invested by institutional investors including Fimit's listed investment vehicle Beta Immobiliare, which bought 1,200 units of Omicron for a total of EUR 30 mln.

Unicredit, whose real estate portfolio worldwide is worth EUR 7 bn, has sold a portfolio of 72 real estate properties with a total market value of EUR 930 mln. The portfolio, with 300,000 m² of total surface, includes trophy assets such as the bank's Broggi head office in Milan's Piazza Cordusio, and the its offices in Parma, Bologna and Florence.

The buildings are let with long term leases of 18 years, with a renewable option for six years. Fimit was advised by law firm Studio Grimaldi & Associati and Leonardo & Co.

UniCredit was rumoured to sell the assets to Fimit in November, with Italian media reporting that the sale could fetch up to EUR 1.8 bn, involving around 200 buildings. In December the bank warned that it was looking instead at a smaller deal as a result of 'the current adverse market conditions'.

Last week Fimit also completed the acquisition of 284 properties from bank Intesa Sanpaolo for a total of EUR 850 mln. The assets, which offer over 420,000 m² of commercial space, were transferred before the New Year to Fimit's Omega real estate fund. Fimit is retaining around 30% of the fund's units, with 70% being held by several institutional investors including Intesa Sanpaolo, Fondiaria Sai as well as pension funds Inarcassa and Enasarco.