Intesa Sanpaolo begins the valorisation of part of its real estate assets, an operation worth over 500 million euros. The group led by Carlo Messina has signed an agreement with Coima «to evaluate the best opportunities in the real estate sector to enhance the properties of the banking group in the changed market context».
In essence, the agreement provides for the transfer to investment vehicles managed by Coima Sgr of a real estate portfolio of the bank with a total value of over 500 million euros, taking into account the evolution of strategies in real estate compared to the strong acceleration given to the achievement of ESG objectives in the sector”.
With this operation, in some way, Intesa Sanpaolo is giving an example of what CEO Messina has been suggesting the State should do for some time, namely the valorisation of a 300 billion euro real estate asset which would significantly reduce public debt. Intesa has neither debt nor cash problems, also in light of the record result in 2023 (7.7 billion), but demonstrates the importance of active management of properties.
The operation will lead to a significant reduction in the banking group’s real estate assets. In detail, the assets involved in the operation are three properties in Rome in via dei Crociferi and in Milan in via Clerici/Piazza Ferrari and in Via Verdi, and further properties in the process of being released or disposed of in the coming months, in various cities between Turin, Rome, Brescia, Bergamo, Bologna, Padua and Florence.
Upon contribution, Intesa Sanpaolo will receive shares of Coima vehicles which will be identified based on the type of properties included in the portfolio and the related valorisation strategy.
In Intesa’s 2022-2025 plan, on the other hand, “Smart property management” is envisaged. In particular we read that «the initiatives connected to it provide for a strong acceleration towards the new way of working for the instrumental properties and a significant modernization of the working environments in the management spaces».
As regards non-instrumental properties, full valorisation of the assets is envisaged through sales and active management such as, for example, leasing or creation of new businesses.
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Intesa Sanpaolo values properties for 500 million euros: assets transferred to Coima
Japan wants to promote the Middle Corridor together with Azerbaijan
– 2024-04-26 11:26:11
The Japan International Cooperation Agency (JICA) is considering providing support to strengthen the logistics functions of the Middle Corridor.
As Day.Az reports, a source in the company told Trend about this.
“Azerbaijan’s advantageous geographic location, attractive government incentives and commitment to improving the business environment make it a desirable destination for investors seeking opportunities in both established and emerging sectors. Azerbaijan’s advantageous position as a country connecting Europe and Asia has encouraged investment in its transport infrastructure, including the development of roads, railways and ports. JICA is currently considering support to strengthen the logistics functions of the Middle Corridor,” the department said.
The organization recalled that in 2022, JICA signed a loan agreement on project financing with Masdar Azerbaijan Energy LLC, which is implementing a solar photovoltaic station project in Azerbaijan.
“This is the first large-scale solar power project (230 MW) in Azerbaijan, in which both construction and operation will be carried out by a private company. The Azerbaijani government intends to adhere to the Paris Agreement and aims to increase the share of renewable energy sources to 30 percent by 2030. This project will contribute to achieving these goals and ensure stable supply of electricity. JICA is ready to continue supporting such public-private partnership projects in the renewable energy, transport and logistics sectors in Azerbaijan,” the source added.
JICA also noted that the priorities of the organization’s activities in Azerbaijan are economic infrastructure, social sector and human resource development. Infrastructure development is important to support growth, driven primarily by oil production, as well as the development of the non-oil sector. Since the country is classified as an “upper middle income country”, JICA’s ODA lending operations are limited in the following 4 areas: i) Environment; ii) Human Resource Development; iii) Disaster protection and recovery measures; and iv) Development of social infrastructure in urban areas to improve the standard of living of the urban poor.
JICA is the world’s largest bilateral development assistance organization with an annual operating budget of more than $15 billion. JICA makes a significant contribution not only to the development of Azerbaijan, but also to global development. JICA plays an important role as official development assistance for Japan.
JICA is Japan’s “one-stop shop” for ODA, offering a wide range of services such as grants, financing and investment, volunteers, technical cooperation and private sector partnerships. As one of the world’s largest bilateral aid agencies, JICA operates in more than 150 countries and regions and has approximately 90 overseas offices.
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Japan wants to promote the Middle Corridor together with Azerbaijan – 2024-04-26 11:26:11
GUIDELINES: It goes to the markets with a 30-year bond
– 2024-04-26 12:58:50
The Public Debt Management Organization is proceeding with the issuance of a new 30-year bond.
The bid book is expected to open possibly on Wednesday, market conditions permitting.
Mandate to the banks BNP Paribas, BofA Securities, Deutsche Bank, Goldman Sachs Bank Europe SE, JP Morgan and Piraeus Bank to lead the issuance of a 30-year bond maturing on June 15, 2054, the Hellenic Republic has given.
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GUIDELINES: It goes to the markets with a 30-year bond – 2024-04-26 12:58:50