Italian Government Sells Two Poste Italiane Buildings

The Italian government is to launch the second tranche of its property securitisation operation next week. The operation, which will run until the end of the summer, is designed to reducing gross expenditure by 4bn euros. The properties involved are residential buildings owned by seven prudential insurance companies, the Italian railway company FS and the Italian post office Poste. The properties of these last two are worth 334m euros and 324m euros respectively. The application forms will be sent to Italian banks on May 15. Lehman Brothers has joined forces with Italian banks Mediocredito and Banca IMI for the operation while Deutsche bank and Morgan Stanley are still looking for an Italian partner