Beni Stabili closes acquisition of Comit Fund portfolio (IT)

Beni Stabili announces that it has today acquired 100% interests in two companies from Banca Commerciale Italiana's pension fund: Immobiliare Fortezza srl and Immobiliare Commerciale Prima srl. These companies in turn own the Comit Fund's property portfolio. The acquisition was carried out by BS Immobiliare 1 srl, a wholly owned subsidiary of the Beni Stabili Group. The transaction resulted in payment of transfer tax of €1,500,000. The price paid amounts to €1,106,000,000.

The property portfolio consists of: 24 entire buildings and 27 portions of properties for commercial use (around 252,000 square metres and about 82% of the whole portfolio), amounting to €806,000,000; and 5 entire buildings and 15 portions for residential use (approximately 57,000 square metres and around 18% of the whole portfolio), with a total value of €300,000,000. Around 92% of the portfolio is located in Lombardy, with 74% of these properties in the centre of Milan.

The Beni Stabili Group will finance the purchase primarily via a €725,000,000 loan put up by a syndicate of banks, with San Paolo IMI acting as the "Agent bank", Banca IMI as the "Mandated lead arranger" and Banca Antonveneta as the "Joint mandated arranger". The remaining €381,000,000 will be funded from liquidity.
In view of the nature of its location and the quality of property involved, most of the commercial portfolio is to be added to the "investment portfolio". The residential portfolio and part of commercial will be added to the trading portfolio.

Source Beni Stabili

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