Banca di Roma is, with the help of Lazard as its advisor, preparing for the launch of a €560m (L1.1trn) spin off operation.
The bank’s board yesterday gave the go-ahead to the agreement signed with Pirelli Real Estate and Morgan Stanley Real Estate Fund. The operation will allow Bancaroma to reduce its property activity and increase its financial activity.
A property trading group led by Cesare Geronzi will buy 48% of the total property assets sold, while Morgan Stanley’s fund will control 38% and Pirelli will buy the remaining 14%.
Il Sole 24 Ore, 16 October 2001, p35
