Beni Stabili signs preliminary contract for sale of property portfolio worth €255m (IT)

Beni Stabili and the Carlyle and Operae with the advisory of Lehman Brothers, have signed a preliminary contract for the sale of properties with a total value of €255m.

The properties have been selected from the Beni Stabili Group's trading portfolio, of which they represented just under 45% (as at 31 December 2004).

The sale will generate a capital gain of €55.2m for the Beni Stabili Group, equal to 28% of the book value of the properties.

The transaction closing date will be sometime between today and 30 June.

Payment will take place in two instalments: 50% at the time of closing and the second 50% at the end of November 2005.

"The transaction just completed," commented Aldo Mazzocco and Massimo de Meo, Beni Stabili's joint Managing Directors, "enables us to sell a large part of our trading portfolio, taking us beyond 70% of our sales target for 2005 in volume terms and 80% in revenue terms".

Source: Beni Stabili

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