Edison announces the signing of an agreement for the sale and lease of its Foro Buonaparte headquarters in Milan
The sale transaction to IDeA Fimit sgr will provide Edison with available resources to invest in Italy, with the aim to become market leader in renewable energies and expand its retail customer base.
Milan, July 27, 2017 – Edison announces the signing of a preliminary agreement with IDeA Fimit sgr, the De Agostini Group’s Asset Management Company specialized in real estate funds, for the sale and lease of the Foro Buonaparte headquarters in Milan. The transaction on the buildings located in Milan at Foro Bonaparte 31 and 35 is worth 272 million euros.
Together with the disposal of ITG and of the 7.3% interest in Adriatic LNG, for an amount of 225 million euros, it will generate a total gross capital gain of approximately 70 million euros by the end of 2017.
The transaction is part of Edison’s non-strategic asset disposal plan and will provide support in the short term to the Company’s business development projects, which mainly focus on retail and services, renewable energy and energy efficiency, where Edison intends to become market leader. In this respect, Edison confirms the strategic importance of the Italian market and of its investments in this country: despite operating in a challenging environment with the energy industry undergoing major transformations, the Company is continuing to implement its action plan based on distinctive industrial skills, financial soundness and innovation, which have characterized the company since its establishment. Edison has made significant progress in this direction and is convinced that, by pursuing its objective to build together a sustainable energy future, the Company will continue to create value for the market, local communities, for all its people and, more in general, for all its stakeholders.
Under the agreement announced today, Edison transfers the ownership of the properties to an IDeA Fimit sgr fund, and simultaneously signs a lease agreement to the same properties for 12 years, renewable for a further 6 years under the same terms, at the best market conditions for this kind of transaction. The agreement also entitles Edison to repurchase the properties located in Milan at Foro Bonaparte 31 and 35. The transaction closing is expected within November 2017.
IDeA Fimit is the leading Italian Asset Management company in the real estate sector, with about 10 billion euro of assets under management.
Lazard acts as sole financial advisor to Edison. For the legal aspects of the transaction, Edison was assisted by the law firm Gatti Pavesi Branching, IDeA Fimit by Chiomenti.
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Edison
Edison is a leading Italian and European player in the procurement, production and sale of electricity, in the provision of energy and environmental services thanks also to its subsidiary Fenice and in the E&P sector. Founded over 130 years ago, Edison has contributed to the electrification and development of Italy. It now operates in Europe, Africa and the Mediterranean area, employing 5,000 people. Edison’s electric power plants have a total capacity of 6.5 GW.
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