BENI STABILI SPA Beni Stabili SICAF on Telecom Italia portfolio has been granted authorization by Bank of Italy

Transparency directive : regulatory news

25/01/2017 18:08

Beni Stabili SICAF on Telecom Italia portfolio has been granted authorization
                            by Bank of Italy

Milan - 25 January 2017: Bank of Italy has granted authorization to Beni
Stabili, the leading property company in the Italian real estate sector, to set
up the Italian Real Estate SICAF to which the Group will contribute all of its
Telecom Italia portfolio (EUR1,543 million, based on the appraisal values
established at the end of June 2016) along with the associated debt (EUR810
million).

Beni Stabili will keep 60% of the share capital of this new regulated
investment vehicle, while two major international investors, Crédit Agricole
Assurances, and EDF Invest, the investment division of the EDF Group, will each
acquire from Beni Stabili a 20% stake in the SICAF.

The SICAF shall be incorporated in Q1 2017.

As a reminder, this landmark transaction, of which the terms have been set up
in November 2016, confirms the appeal of Italian real estate for long-term
international investors and constitutes a key stage in the strategy initiated
by Beni Stabili at end-2015:

- Diversifying further its tenant base. Four years ahead of its 2020 goal, Beni
  Stabili almost achieves its tenant diversification target with a Telecom
  Italia exposure, that will be 28% of its portfolio after the SICAF operation
  and provide with a good balance between prime offices  and TI solid and
  long-term cash-flows. When Beni Stabili announced its strategic targets with
  its FY 2015 results, it had 41% of its portfolio in value rented to Telecom
  Italia.

- Strengthening capital structure. After this transaction, which represents an
  equivalent of around EUR620 million of Telecom Italia assets, the LTV will be
  below 45% vs 50% at end-June 2016.

- Increasing its exposure in Milan, with 58% of the portfolio vs 51% at
  end-June 2016 and a 80% target by 2020.

For more information:

Beni Stabili Siiq

Investor Relations -
Barbara Pivetta - +39.02.3666.4682 - barbara.pivetta@benistabili.it

Media Contact -
Barbara Ciocca - +39.02.3666.4695 - barbara.ciocca@benistabili.it

SEC and partners Srl

Matteo Steinbach - +39.346.1063989 - steinbach@secrp.it

Michele Calcaterra - + 39.335.461985 - calcaterra@secrp.it

Beni Stabili Siiq, a leading property company in the Italian real estate
sector

Beni Stabili is the leading property player in the Italian real estate market
with total assets of 4.0 bn euro. Our assets portfolio is sited in key
locations of North and Central Italy's major cities and consists mainly of
offices. We pursue the appreciation of our assets to increase profitability and
create value for our clients, partners and shareholders.

As a major player in office investment and development, we foster pioneering
solutions to improve the environmental performance of our buildings for the
well-being of our clients' employees. With this is mind we are developing in
Milan a new business area dedicated to smart working: Symbiosis.

Beni Stabili is listed on the Milan and Paris Stock Exchanges and operates
through its main offices of Milan and Rome. Beni Stabili belongs to the
Foncière des Régions group, a leading real estate player in Europe who owns
and manages an 18bn euro portfolio located in the most attractive metropolitan
cities of France, Germany and Italy

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21/12/2018 14:57

BENI STABILI SPA Beni Stabili SICAF on Telecom Italia portfolio has been granted authorization by Bank of Italy

Transparency directive : regulatory news

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