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Completed the split of Imser, a real estate company 60%-owned by Beni Stabili, 40%-owned by Telecom Italia

10/24/2002 - 12:00 PM

Today the split of Imser S.p.A., a real estate company 60%-owned by Beni Stabili and 40%-owned by Telecom Italia, established following Telecom Italia´s property spin-off undertaken in 2000, was finalized.

Following the split, 100%-controlled Telecom Italia Company EMSA Srl will acquire a real estate portfolio consisting of 158 buildings with a balance sheet value of around €820 million (prior to depreciation). This portfolio will become part of Progetto Tiglio.
Lazard acted as advisor to Telecom Italia for this operation.

Under the terms of the agreement, Imser 60 Srl is taking over a real estate portfolio comprising 227 buildings with a balance sheet value of some €1,230 million (prior to depreciation). This company will be 98% owned by Beni Stabili (directly and through 100% Beni Stabili subsidiary Immobiliare Italia), and 2% owned by Telecom Italia. Imser 60 is in the final stages of restructuring its debt through the securitization of cash flow generated by rental fees from its properties. Lehman Brothers and Morgan Stanley are lead arrangers for this deal.