Telecom Italia and Beni Stabili sell property company Telemaco

Telecom Italia, Italian property firm Beni Stabili and Lehman Brothers said on Friday they had agreed to sell their real estate joint venture, Telemaco, in a deal worth about one billion euros. Telemaco will be sold to Mirtus, which is indirectly controlled by Goldman SachsÂ' real estate unit Whitehall.

Telecom Italia -- which is selling off core assets to cut debts -- and Beni Stabili said in January they were in talks to sell Telemaco Immobiliarie to Whitehall.

Telemaco owns 120 properties around Italy that once belonged to Telecom Italia and were rented out to the group.

Until FridayÂ's agreement, Telemaco was 40 percent owned by Telecom Italia, 45 percent by Beni Stabili and 15 percent by Lehman Brothers.

Around EUR 570 mln of the total value of the deal corresponded to the value of the company, with the rest in debt. Telecom Italia stands to make a capital gain of EUR 152 mln from the sale, with Beni Stabili making EUR 171 mln and Lehman Brothers EUR 57 mln.

(source: Telecom Italia and Reuters)

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