Telecom Italia completes real estate disposals already announced on 21 december 2005, last tranche of properties sold to the Spazio Industriale Fund

12/20/2006 - 00:00 PM

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TELECOM ITALIA COMPLETES REAL ESTATE DISPOSALS ALREADY ANNOUNCED ON 21 DECEMBER 2005, LAST TRANCHE OF PROPERTIES SOLD TO THE SPAZIO INDUSTRIALE FUND

THE VALUE OF THE TRANSACTION IS APPROXIMATELY 2.7 MILLION EURO, WITH A CONSOLIDATED GROSS CAPITAL GAIN OF ABOUT 1 MILLION EURO

POSITIVE IMPACT OF TOTAL DISPOSALS TO SPAZIO INDUSTRIALE FUND ON GROUP CONSOLIDATED FINANCIAL DEBT CIRCA 290 MILLION EURO, PRE-TAX

Telecom Italia announces that today – in the context of its programme of real estate disposal for a total value of over 1 billion euro, approved by the Board of Directors on 21 December 2005 – Olivetti Multiservices, a company 100%-owned by Telecom Italia SpA, transferred the last tranche of 7 properties to the closed-end fund denominated Spazio Industriale.

The value of the transaction is approximately 2.7 million euro, with a consolidated gross capital gain of circa 1 million euro.

Total transactions with the Spazio Industriale fund have had a positive impact of Group financial debt of approximately 290 million euro, before taxes.

Stakes in the Spazio Industriale fund have been sold to institutional investors headed by Cypress Grove International Funds, and participated with a minority stake by Pirelli & C. Real Estate.

 

Milan, 20 December 2006