Coima, Hines, Blackstone put up offers for €300m MPS portfolio

A €300 mln real estate portfolio being sold by Italy's historic lender Monte dei Paschi di Siena is understood to have received several offers by a September 16 deadline.

Non-binding bids include local investor Coima as well as US groups Hines and Blackstone. MPS is expected to shortlist bidders in the next couple of weeks.

The portfolio comprises several trophy buildings such as the bank’s historic offices in Milan’s via Santa Margherita as well as in Rome’s via del Corso.

The process is the latest in a number of sales by the banking sector in Italy for a total of nearly €1 bn. Banca Ifis, advised by Mediobanca, has just received non-binding offers for two properties located in Milan’s Corso Venezia valued at around €80 mln. Interested parties include a joint venture of Prelios and Ardian, Goldman Sachs, Coima and Hines.

Also, Orion Capital Managers is understood to be in negotiations to acquire the historic headquarters of BNL in Rome’s via Veneto area for a price of €200 mln while US private equity group Bain Capital is in the front-running to acquire some €200 mln of property assets from Italian lender Banca Popolare di Vicenza (BPVI) in administration.

‘If the sales go through at reasonable prices, they will certainly encourage further disposals by the banking sector,’ says a market expert who wishes to remain anonymous. ‘Certainly so far the processes seem to confirm foreign institutional investors’ interest in the Italian property market.’


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