Beni Stabili SpA SIIQ agreed to purchase a 17-asset portfolio of core banking offices in Milan from Italian retail bank Credito Valtellinese Group in a sale-leaseback deal worth €117.7 million, including transfer fees.

The properties in the portfolio, including Piazza San Fedele 4 and Milan Corso Magenta, will be leased back to entities belonging to Credito Valtellinese through double-net leases with minimum durations of between nine and 12 years.

The portfolio has a gross leasable area of around 21,700 square meters, and the company expects to receive more than €7 million in gross rents, implying an initial passing yield of 6.0%.

Beni Stabili expects to close the deal by June 30, with the exception of two properties subject to a pre-emption right in favor of the Italian Cultural Heritage authorities. Closing for the latter properties is scheduled for the third quarter.

This deal is also covered in this story based on an announcement by Credito Valtellinese.