Italian property company Beni Stabili has announced plans to invest €3.4m (DM 6.6m) in Berlin-based developer RSE Projektmanagement, to take a 10% stake in the company. The move brings Beni Stabili in close contact with the pan-European alliance formed between RSE/WCM in Germany, Prima in Spain and Maag Holding in Switzerand.
The companies, which are all listed in their respective markets, have built a cross-border network via equity swaps and purchases over the last two years.
Beni Stabili is a spin-off from the Italian banking group Sanpaolo IMI, which was floated last November. The company, with a market capitalisation of €635m (Lira 1.23bn), owns a diversified portfolio with 179 properties. Over the next two years the management intends to optimise the portfolio and concentrate on offices and retail space. This will be complemented by operations in niche markets such as hotels and sheltered homes, offering high yielding development opportunities.
A statement from Beni Stabili said the company saw the link-up with RSE as an opportunity to enter new markets, capitalising on the knowledge of local partners. At the same time, Beni Stabili will become an exclusive partner for initiatives of the group in Italy and a preferred partner in Europe.
