TELECOM ITALIA PORTFOLIO HAS BEEN KEY FOR BENI STABILI … In 2000, Beni Stabili invested in Telecom Italia’s first sale and lease-back (€2.9bn portfolio) The portfolio included Telecom Italia most strategic properties
2000
Sale & lease-back >
227 asset
>
21 year leases
67% of Beni Stabili total portfolio
BENI STABILI
2002-2006
Portfolio refinancing Securitisation
2014
Termination of securitisation
2015
Major lease extension 15-year firm
2016
>
Lease extension from 6.4 to >15 years
Landmark re-financing of Telecom Italia portfolio (€ 810 m)
>
Agreed capex plan on selected strategic assets (€ 38 m)
Acceleration of Beni Stabili announced strategy
>
Buyback by TI of large technological assets at OMV (€ 126 m)
41% of Beni Stabili total portfolio
A TRANSFORMING DEAL
2
A TRANSFORMING DEAL
… AND TODAY IT IS A QUALITATIVE APPEALING INVESTMENT … Geographically Diversified Portfolio with Strong Concentration in Northern Italy
145 assets let to TI
100% Italy €98m passing GRI 100% occupancy 14+6 years average lease maturity
Attractive location Macro: 80% (by value) in top 4 cities + Northern region
Other Centre & South 20%
Milan 17% Rome 10% Naples 11% Turin 3%
Other North 39%
3%
Trentino Alto Adige 1% Friuli Venezia Giulia
Vale D’ Aosta
28%
80% of the portfolio vs 51% in June 2016
-8 points
58%
A completely reshaped and improved real estate and financial profile BENI STABILI
A TRANSFORMING DEAL
6
A TRANSFORMING DEAL
CLOSING REMARKS
To sum up, this milestone transaction … A better quality portfolio: improved real estate and balance sheet quality In line with European peers It is just the beginning: stronger capacity for the development pipeline/acquisition plan
A new stage of the announced company strategy BENI STABILI
