Beni Stabili acquires office portfolio for €118m in Milan
Beni Stabili signed a preliminary agreement to acquire a portfolio of core banking offices from the Credito Valtellinese Group through a sale and leaseback transaction. The portfolio consists of 17 properties (including 2 long-term leasehold rights) that will be leased-back to entities belonging to the Credito Valtellinese group by virtue of double-net lease agreements with minimum durations varying between 9 and 12 years(besides a 6-year extension option at the hand of the tenant).
The property portfolio, which includes some central and iconic assets in Milan as Piazza San Fedele 4 (next to Piazza San Fedele 2 building already owned by Beni Stabili) and Milan Corso Magenta 59-63, totals a GLA of circa 21,700 sqm and it is mostly focused in Milan which represents more than 82% of the acquisition price of the portfolio. The portfolio, fully let to Credito Valtellinese Group, is significantly concentrated on the top 3 assets located in central Milan which represent more than 71% of total acquisition price, while other assets are bank branches (retail and offices) which are featured by a retail-like profile and are expected to enjoy a good level of potential market liquidity thanks to their intrinsic features and location.
Credito Valtellinese Group is a mid-size Italian retail bank operating in 11 Italian regions and focused on wealthiest Northern Italy regions, particularly on Lombardy. With more than €20bn direct funding and 440 bank branches, mostly located in Northern Italy, it is listed on the Italian Stock Exchange.
“This acquisition allows our group to consolidate our exposure in the Milan real estate office market. Once again, this transaction proves our capacity to create value through the selective and strategic rotation of properties in our target market. We are honored to start this new partnership with Credito Valtellinese, one of the historical leading banks active in Northern Italy” said Alexei Dal Pastro, General Manager of Beni Stabili.
Source : Beni Stabili