INTESA SANPAOLO TO EXTRACT GREATER VALUE FROM ITS NON-CORE REAL ESTATE ASSETS
Turin - Milan, October 14th 2014 – Intesa Sanpaolo has today entered into an agreement concerning the transfer of a portfolio of its non-core real estate assets, consisting of some 113 properties totalling approximately 115,000 square meters. The portfolio will be transferred to a newly created Italian real estate fund which is managed by IDeA FIMIT SGR. The quotas will be purchased by funds managed by Colony Capital LLC for a price of around €175 million.
The transaction is expected to be completed by the end of the year and will generate a positive contribution to the Intesa Sanpaolo Group’s consolidated net income of around €40 million.
Last updated 14 October 2014 at 20:08