BENI STABILI S.p.A. an asset of 11,705 sqm of offices located in Milan via San Nicolao for approx. €114.5 m. The price for the asset is above book value and implies a net exit yield of 4.2% based on a residual lease maturity of approx. 4 years.
The building was acquired in 2002 in the context of a sale and lease back with a leading Italian bank. It was then vacated in 2011 and completely refurbished to highest market standard by Beni Stabili and promptly let to Luxottica. The disposal completes the asset management cycle for the property allowing to fully benefit of the positive momentum of Milan's real estate market.
This transaction, alongside the recent acquisition of a Milan focused portfolio for €118 million and 6% yield (announced on June 6th), confirms the proactive asset rotation strategy of Beni Stabili through the disposal of mature or non-strategic assets and the reinvestment of the proceeds into new properties featured by prime locations in Milan and interesting yields as well as value creation perspectives.
The closing of the transaction is expected to take place by July 3rd, 2017.
The deal should be considered as a related party transaction, since Luxottica Group S.p.A. is a company controlled by a Director of Beni Stabili Siiq. Considering the value of the transaction, the deal represents a "transaction of greater importance", according to the Company's Procedure and the relevant applicable regulation on related parties transactions.
At the same time, given the nature of "ordinary transaction" of the deal (according to the abovementioned Procedure and regulation), the Company applied the relevant "case of exclusion" provided in the same regulation.
The proposal regarding the transaction was submitted to the Board of Directors on May 3, 2017 and has been considered in line with the market.
For more information: Beni Stabili Siiq
Investor Relations - Barbara Pivetta - +39.02.3666.4682 - barbara.pivetta@benistabili.itMedia Contact - Barbara Ciocca - +39.02.3666.4695 -barbara.ciocca@benistabili.itSEC and partners Srl
Matteo Steinbach - +39.346.1063989 - steinbach@secrp.it Michele Calcaterra - + 39.335.461985 - calcaterra@secrp.it
Beni Stabili Siiq, a leading property company in the Italian real estate sector
Beni Stabili is the leading property player in the Italian real estate market with total assets of 4.0 bn euro. Our assets portfolio is sited in key locations of North and Central Italy's major cities and consists mainly of offices. We pursue the appreciation of our assets to increase profitability and create value for our clients, partners and shareholders.
As a major player in office investment and development, we foster pioneering solutions to improve the environmental performance of our buildings for the well-being of our clients' employees. With this is mind we are developing in Milan a new business area dedicated to smart working: Symbiosis.
Beni Stabili is listed on the Milan and Paris Stock Exchanges and operates through its main offices of Milan and Rome. Beni Stabili belongs to the Foncière des Régions group, a leading real estate player in Europe who owns and manages an 19bn euro portfolio located in the most attractive metropolitan cities of France, Germany and Italy
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Beni Stabili S.p.A. published this content on 27 June 2017 and is solely responsible for the information contained herein.
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