Beni Stabili Development S.p.A., wholly owned by Beni Stabili S.p.A. Siiq, announces the purchase from LaGare S.p.A., of the 31.8% of the share capital of Sviluppo Ripamonti S.r.l.; the remaining stake of 68.2% is owned by Beni Stabili Development Milano Greenway S.p.A., a company focused in real estate development projects in Lombardy which is held at 80% by Beni Stabili Development S.p.A. and at 20% by Greenway Costruzioni S.r.l..
With this deal Beni Stabili Development S.p.A. fully takes over – directly or through Beni Stabili Development Milano Greenway S.p.A. – the Sviluppo Ripamonti S.r.l., whose only asset is the ex Prada areas between Adamello, Ortles, Orobia and Vezza d’Oglio roads, immediately located south of Porta Romana railway yard in Milan, around 2 kilometres south of Piazza Duomo.
The simplification of the shareholding structure of Sviluppo Ripamonti S.r.l. will improve the operating effectiveness and the financial management of the development project, that envisages the development of a dozen of office buildings, for around overall 100,000 m², formed as an urban campus and designed by Antonio Citterio Patricia Viel and Partners architecture firm.
The new business complex will be the natural pipeline of the next generation office buildings developed by Beni Stabili Group in Milan, after having successfully completed the refurbishment of the Garibaldi complex and of the new department stores of Excelsior Milano.
The deal has been approved by the Board of Directors of Beni Stabili on February 12th, 2013. The Board of Directors, after taking note of the opinion made by the independent advisor Pricewaterhouse & Coopers Advisory S.p.A., related to the adequacy and reasonableness of the acquisition price, approved the completion of the transaction that took place today.
The price of the stake, in line with the appraisal made by the independent advisor, is equal to €14.5mln.
The deal constitutes a significant related party transaction, according to the “Regulation containing provisions relating to Transactions with Related Parties” adopted by the company, given the fact that (i) the counterparty is LaGare, a company indirectly controlled by Mr Sergio Erede, related party of Beni Stabili and (ii) the assets materiality ratio exceeds the threshold of 2.5%, envisaged by the company procedure and applicable to this transaction. However, since the deal is an “ordinary” operation according to the above-mentioned procedure, the company has made use of the related exemption from the comprehensive application of the procedure itself.
Source: Beni Stabili