The Impregilo Group has closed the sale to Hines of a property forming part of the "Garibaldi Republic project". The sale generated proceeds of 42 million and a capital gain at consolidated level of approximately 5 million.
Specifically, the transaction involved the sale by Impregilo's I.L.I.M. subsidiary (Iniziative Lombarde Immobiliari) of 100% of Anita Srl, a special purpose vehicle set up as the holding for a property in the Garibaldi Republic project. It took place as envisaged by a contract signed with the Hines fund more than two years ago.
The sale is consistent with Impregilo's strategy to strengthen its focus on its core business and dispose of non-strategic assets.
"The transaction marks the first real step in our plan to reduce capital employed in non-core businesses," said Alberto Lina, Chief Executive Officer of Impregilo S.p.A.