Beni Stabili, Italy’s largest quoted property company, has a new major shareholder. Compagnia Finanziaria d’Investimento (CFI) has taken a 29.8 % stake in the company, which has a market capitalisation of €900m (L1.7trn).
CFI, already active in real estate, is owned by the Benetton family, Leonardo Del Vecchio, Vaccari, FINCEM and 15 other private and institutional shareholders. The Beni Stabili stake was sold by SanPaolo IMI, Compangnia SanPaolo, MPS, and BSCH, the founding shareholders in the company from which Beni Stabili was spun.
Dr Leonardo Del Vecchio has been made non-executive chairman, while Eng Mazzocco and Massimo De Meo were appointed managing directors, both taking the role of CEOs. Marco Doglio has also joined Beni Stabili as the new CFO. He is also in charge of investor relations and previously held key positions in Autostrade and Aeroporti di Roma.
Deutsche Bank equity analysts confirmed their buy recommendation at the target price of € 0.74. On the current share price of € 0.535 this proposes a 38% upside based on NAV calculations.
Last year Beni Stabili took control of IM.SER, which owns part of the property portfolio of Telekom Italia. Beni Stabili had teamed up with Telecom Italia and Lehman Brothers to manage part of Telecom Italia’s property assets.
