BPU Banca reaches agreement for the sale of Immobiliare Serico to Pirelli RE and Lehman Brothers (IT)

The BPU Banca Group has reached an agreement for the sale of 100% of Immobiliare Serico, a subsidiary to which a business line relating to real estate properties non functional to the Group's activities was transferred, to a consortium led by Pirelli RE and Lehman Brothers for a total consideration of €150 million.

The assets sold consist of 150 premises, with a total surface area of approximately 137.000 built m² located mainly in Lombardy (54%), Puglia (21%) and Calabria (24%) and mainly for residential use; approx. 65% are rented.

For the BPU Banca Group the operation involves the sale of a company to which non business properties amounting to less than 10% of the Group's total real estate assets were transferred and it generates a gross profit of approx. €54 million and a net profit of approx. €37 million.

The operation forms part of the Group strategy of focusing on its core banking business and optimising its capital base, and generates a further improvement in Group capital ratios of approximately 0,11% (i.e. on the basis of the estimates as at 31st March 2005, an increase in Core Tier 1 from 6,61% to 6,72%, in Tier 1 from 7,43% to 7,54% and in the Total Capital Ratio from 10,70% to 10,82%).

The operation is subject to the obtainment of the required authorisations.

BPU Banca was assisted in this transaction by Lazard and by Studio Pedersoli e Associati and, for legal aspects concerning Immobiliare Serico, by Studio Legale Palmieri-Collarile.

Source: BPU Banca

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