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Beni Stabili, Telecom Italia and Lehman Brothers sell Telemaco Immobiliare to Whitehall

07/05/2002 - 12:00 PM

The three companies will sell 45%, 40% and 15% of shares respectively

Beni Stabili, Telecom Italia and Lehman Brothers announce the sale of Telemaco Immobiliare S.p.A.´s entire share capital to Mirtus, a company indirectly controlled by the American real estate investment trust, Whitehall, which is promoted by the Goldman Sachs group.

Owned by Beni Stabili, Telecom Italia and Lehman Brothers, with 45%, 40% and 15%   respectively, Telemaco Immobiliare was founded at the beginning of 2002, after IM.SER. S.p.A. transferred a branch of the business comprising 195 properties previously owned by Telecom Italia.

At the time that the agreement with Whitehall was signed, Telemaco´s real estate was composed of 120 properties.  Since it was founded, the Company has assigned 75 properties and achieved a considerable capital gain.  Leased in large numbers to Telecom Italia and ranging over the whole of the national territory, the properties in Telemaco´s current portfolio total approximately 970, 000 square metres.

Closing is scheduled for the end of July.  The value of the transaction is approximately one billion euros, including Telemaco´s net borrowing.  The total minimum value of the three sellers´ shareholdings is estimated at approximately 570 million euros, with a positive economic impact of approximately 380 million euros. Some price adjustments are expected in favour of the three sellers following the closing, depending on the situation at the closing date and on the return value of some assets during 2002.

Lehman Brothers acted as financial adviser to Beni Stabili and Telemaco while Lazard Real Estate advised Telecom Italia. Gianni Origoni Grippo & Partners and Delli Santi Albertazzi & Partners acted as Legal advisors to the sellers.