San Paolo Imi is launching its property company Beni Stabili on the market today, attracting interest from several international investors.
Goldman Sachs is heading the operation, which will see San Paolo transfer part of its own property assets to Beni Stabili, while at the same time distributing the shares therein to its own shareholders.
However, the move is technically a re-launch, as the company was first quoted in 1953 on the old Venice exchange, then known as Sacip.
Beni Stabili’s currently focuses 85% of its activity on commercial property, but aims to increase this figure to 100% with plans to acquire premises in Milan and Turin. It generates a yield of around 6% to 7% at the moment. The company was estimated at €855m (L1,655bn) on 30 June 1999.
Corriere della Sera, 02 November 1999, page 20
