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The Fiat Group's
policy of disposing of non-automotive assets to allow it to
focus on its core activity of building cars has continued
today with the announcement that it has sold its 10 percent
residual stake in real estate operator IPI to Risanamento,
the property arm of the Zunino Group.
"Fiat Partecipazioni sold its 10 percent residual stake in
IPI to Risanamento S.p.A. for a counter-value of
approximately 25.7 million euros, thus recording a gain of
approximately 9 million euros at the consolidated level,"
detailed a brief statement issued by Fiat Spa this morning
in Turin. "The transaction was envisaged in the agreements
signed with Risanamento in March 2003 and is consistent with
the Group’s strategy of focusing on its core automotive
business, the press release added.
IPI is a major
operator in the Italian real estate industry with property
activities that spread into Europe. IPI, which directly
invests in real estate transactions,
has assets of
more than 200 million euros under its management, and
operates from offices in Turin (covering the North West of
Italy), Milan (North East), Florence (Central) and Rome
(Central East and Islands).
In 1978 IPI S.p.A. was founded as
agency company of the Toro Assurance Group and it was listed
on the Italian Stock Exchange. 14 years later in 1992 the
property management of Toro and the real estate activities
of the Fiat Group were merged into IPI, which became the
real estate agency, management and advisory company of the
Fiat Group.
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Risanamento S.p.A. is the Zunino Group’s listed
property company. The Group, which is named after
its founder Luigi Zunino, has been working in the
real estate sector since the early 1980s. |
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Fiat's policy of disposing of non-automotive assets
to allow it to focus on its core activity of
building cars has continued today with the
announcement that it has sold its 10 percent
residual stake in real estate operator IPI to
Risanamento, the property arm of the Zunino Group. |
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In 1996 IPI acquired a portfolio of Fiat
non-core assets. In 2003 Fiat Group sold 55 percent, and
then 75 percent of the IPI share capital to Risanamento
S.p.A. In January 2005 Risanamento sold 65 percent of IPI
S.p.A. to Coppola Group.
Risanamento
S.p.A. is the Zunino Group’s listed property company. The
Group, which is named after its founder Luigi Zunino, has
been working in the real estate sector since the early
1980s. Their work initially focused on the commercial
segment, but later evolved towards the renewal and
development of strategic areas in Italy and abroad.
Risanamento S.p.A. came into being following the merger of
Bonaparte S.p.A. and Risanamento Napoli S.p.A.. Risanamento
S.p.A. is a company that embodies both tradition and
innovation; it is the issue of a merger between two
complementary enterprises, long-established Risanamento
Napoli S.p.A. and dynamic new company Bonaparte S.p.A.
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