INPS sold its stake in DeA Capital Real Estate for 40 million euro to the company DeA Capital Partecipazioni, wholly owned by DeA Capital.
"The operation is part of the process, started by INPS starting from 2017, of the progressive disposal of the real estate assets not intended for the Institute's instrumental purposes and of the related investments in this sector", reads the INPS note.
With the acquisition of 29,7% of the shareholding held by the National Social Security Institute, the parent company therefore rises to 94% of the share capital of DeA Capital Real Estate (the remaining 6% is held by the Carispezia Foundation).
The operation - says Dea Capital - is financed "entirely with own resources" and "is in line with the pro-rata share of the book equity of DeA Capital Real Estate Sgr".
The company also provides for an earn-out mechanism, for a maximum of 4,5 million over the three-year period 2019-2021, linked to the achievement of certain objectives of new assets under management by the asset management company itself.
“This transaction is part of the strategy to strengthen our Alternative Asset Management platform, with a development path that we are pursuing both in Italy, where we are already market leaders, and selectively abroad, where we recently launched our first initiative in the field of French real estate”, said Paolo Ceretti, managing director of DeA Capital.
