Fondazione Enpaia, the insurance agency of Italian agricultural and forestry employees, has announced the sale of a significant portion of its real estate portfolio.
The operation, with a total market value of over €110 mln, is part of the three-year investment plan approved by Enpaia's Board and envisages using the proceeds for new, higher-yield real estate investments.
Of the total, €85 mln are residential properties (around 250 flats) and €25 mln are office buildings.
The real estate units are left over from previous disposals made to tenants, all located in Rome mostly in different buildings.
Fondazione Empaia president, Giorgio Piazza, said: ‘The operation is the final act of a divestment path that will lead to reinvesting the proceeds in new-generation properties equipped with modern construction standards and fitted with ESG certifications to have better performance in terms of market returns.’
The block divestment procedure or beauty contest will consist of two stages.
During the first stage, interested parties will submit non-binding bids and will be shortlisted after a selection process.
The second stage envisages the submission of a binding offer for the purchase of the entire portfolio.
Fondazione Empaia aims to close the entire operation with the deed by the end of 2023.