ROME (dpa-AFX) - Italian lender Intesa Sanpaolo S.p.A. (IITSF, ISNPY) agreed Tuesday to sell a portfolio of properties that is not used to funds managed by US-based global private real estate investment firm Colony Capital LLC at a price of about 175 million euros.
The portfolio consists 113 properties with a total area of about 115,000 square meters and includes some prestigious buildings such as a palace in the historical center of Florence, and former branches of savings banks group.
The portfolio of 'not used' properties will initially be transferred to a newly established real estate fund under Italian law that will be managed by IDeA FIMIT SGR. The shares which will be acquired by funds managed by Colony Capital.
IDeA FIMIT was established in October 2011 as the result of the merger between two of the main players in the Italian market, Fimit SGR and First Atlantic Real Estate SGR or FARE SGR.
Colony Capital has in the past executed similar deal with a portfolio of villas with Italian banking giant UniCredit SpA (UNCFF) and French lender BNP Paribas (BNPQY, BNP.L).
Intesa Sanpaolo noted that the transaction is expected result in a positive contribution of 40 million euros in terms of consolidated net income by the end of the year for it.
Turin, Milan-based Intesa Sanpaolo is said to be one of the few banks in the world that is already Basel 3 compliant in terms of capital ratios and liquidity.
In Milan, Intesa Sanpaolo shares closed Tuesday's regular trading at 2.26 euros, up 0.03 euros or 1.35% on a volume of 220.28 million shares.
Copyright RTT News/dpa-AFX