Deals
UniCredit Cuts Property Burden With $1.7 Billion Sales Last Year
- Italian bank sold two thirds of $2.8 billion target in 2015
- Lender plans to set up fund to convert and sell branches
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UniCredit SpA, Italy’s biggest bank, raised about 1.5 billion euros ($1.7 billion) selling real estate in Austria, Italy and Germany last year, completing more than half of the company’s four-year disposal target.
“Our disposal plan of offices and former headquarters is proceeding at a fast pace as investors showed huge interest for our assets,” Paolo Gencarelli, head of UniCredit’s real estate unit, said in an interview in his Milan office. “We have a pipeline of 1 billion euros of disposals.”