Property trade-in for Italy's Ministry of Defence

The Italian Ministry of Defence can trade its residential portfolio with local government properties. A new amendment introduced yesterday in the 'Finanziaria', the State annual financial budget, allows the Ministry, directed by Arturo Parisi, to get rid of military properties through an exchange with property owned by the local government.

The Italian Ministry of Defence can trade its residential portfolio with local government properties. A new amendment introduced yesterday in the 'Finanziaria', the State annual financial budget, allows the Ministry, directed by Arturo Parisi, to get rid of military properties through an exchange with property owned by the local government.

Since 1993, the Ministry of Defence is obliged to transfer the ownership of all unused military property to the Government Property Agency (Agenzia del Demanio). This includes 240 barracks, emptied out after the end of the military draft.

The trade-in is to be managed by the Ministry together with the Agenzia del Demanio. It supports article 17 of the 'Finanziaria', also introduced this year to boost the Ministry’s property divestment. The Ministry of Defence has to transfer all unused goods to a value of EUR 4 bn to the national Government property Agency before July 2008.

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