Italian property company Beni Stabili said that it is in exclusive talks to buy part of the €6.4bn (L9trn) real estate portfolio of Telecom Italia. Reportedly, the purchase would amount to around €4.3bn (L8.3trn).
If the deal comes off, the purchase would be carried out with US investment bank Lehman Brothers as co-investor. Telecom Italia, Italy’s former phone monopoly, is spinning off its massive property portfolio to free money for investment in its core business. Lehman has acted as Telecom Italia’s adviser in a series of deals since the phone company was taken over by Olivetti last year.
Beni Stabili is one of Italy’s largest quoted property companies. It was spun out of San Paolo IMI last November. San Paulo IMI remains its largest shareholder, holding 16% of the equity.
