Impregilo closes sale of property in Garibaldi Republic project in Milan to Hines (IT)

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.

Source: Impregilo

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