REAL ESTATE ACTIVITIES TRANSFERED FOR AROUND
1,580 MILLION EUROS
In signing up to the “Tiglio Project” the Olivetti– Telecom Italia Group will transfer real-estate, land and activities worth approximately 1,580 million euros. In particular Olivetti’s contribution will be approximately 223 million euros, with gross capital gains of approximately 70 million euros, representing a 32% margin over the overall transferral; Telecom Italia’s contribution will be around 1,304 million euros, with gross capital gains of 170 million euros, representing a 33% margin excluding the Im.SER propriety subject to previous transactions and related capital gains over the overall transferral; Seat Pagine Gialle will contribute approximately 53 million euros, with gross capital gains of around 4 million euros representing an 8% margin. The implementation of the project is subject to obtainment of financing and to the transfer 40% of Im.SER (60% owned by Beni Stabili and 40% by Telecom Italia) real-estate to Telecom Italia Group.
Olivetti and Telecom Italia, at the end of the project and in several stages will achieve a net liquidity of 211 and 692 million euros respectively.
According to the terms of the agreement Olivetti, Telecom Itaila and Seat Pagine Gialle, will bring property, land and staff in charge of real estate asset-management activities, to two newly founded companies; at a later date they will also transfer the abovementioned assets to a closed-end real-estate fund.
This operation marks a further development stage in the project, approved by the board of directors of Olivetti, Telecom Italia and Seat Pagine Gialle in March 2002, to integrate real-estate assets and entities that provide the companies themselves with real-estate services, in order to maximize their value.