Beni stabili spins off and partially sells the Telecom Italia properties and prepares investments for 200 million. The general manager of the group, Alexei Del Pastro, illustrated the new strategic guidelines to the press on Tuesday morning.
Specifically, it confirmed the creation in 2016 of a Sicaf dedicated to the real estate portfolio of Telecom Italia, valued at approximately 1,5 billion, which will be 60% owned by Beni Stabili, while the remaining 40% will be sold to Predica ( Crédit Agricole group) and Edf Invest. Authorization from Bank of Italy is expected shortly.
The Sicaf will have its own business plan, focused on a sales plan of around 80 million a year for the next seven years. The portfolio is currently made up of around 150 properties, mostly telephone switchboard locations, which to date account for around 39% of the rents received by Beni Stabili. Through the transfer to Sicaf, Telecom Italia's rents will drop to 28% of the total. Contextually debt will be reduced by about 8 percentage points.
Through this operation the company will free up resources for around 300 million, which will be used above all for the acquisition of offices in Milan, but also to continue the development and redevelopment of the real estate portfolio. In particular, the renovation plans will affect four buildings in Milan and one in Turin. The main objective is to increase the percentage of properties held in the Lombard capital, bringing it to 80% from the current 58%.
Attention will also be paid to maintain a gross yield of between 5,5% and 6%.. Meantime the Symbiosis project continues, a large area south of Milan where up to 100 square meters of offices could be built, for which an initial contract has already been stipulated with Fastweb for 16 square metres. During this year, the project for via Schiavone should also take shape, another area to be developed located in the southern area of Milan close to the former Porta Romana railway station.
