Italian property company Beni Stabili has announced plans to invest ¬3.4m (£2.1m) in Berlin-based developer RSE Projektmanagement, giving it 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 (£387m), owns a diversified portfolio with 179 properties.
EGi News 09/03/2000
