Bpm bank announced that it has sold through securitization a portfolio of over 330 properties owned for non-instrumental use, whose overall balance sheet value is equal to approximately 295 million euros.
The “Square di Banco Bpm” project
The operation, called “Square” project and aims to achieve the objectives of rationalisation of the real estate assets envisaged in the 2023-2026 strategic plan, 26, which provides for the disposal of 50% of the non-instrumental assets
Following the operation, the value of the non-instrumental real estate assets of the bank will fall to 479 million euros, compared to 915 million recorded at 30 September 2023.
La the transfer will be carried out in several tranches, starting from the end of 2024, and will involve a securitization vehicle managed by Phoenix Asset Management and SPpf Investment Management.
The sale price will be aligned with the fair value of the properties. The operation will have a Economic impact on the third quarter of 2024 and “will result in an estimated charge to the income statement of approximately 18 million, net of the related tax effects,” as stated in the press release.
