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Credito Valtellinese boosts CET1 ratio with real estate sale

Credito Valtellinese SpA agreed to sell and rent back a real estate portfolio worth €115.4 million.

The buildings in question are mostly in Milan and the surrounding region. Other parties to the sale include Credito Siciliano SpA and Stelline Real Estate; the buyer was Beni Stabili SpA SIIQ. The sale price reported by the bank is exclusive of transfer fees.

The sale will generate a capital gain for Creval of about €70 million. On finalization of the transaction, expected by the end of the first half, Creval's common equity Tier 1 ratio will rise about 51 basis points, based on its balance sheet as of Dec. 31, 2016.

BNP Paribas Corporate Finance acted as financial adviser to Creval, with Studio Legale Galbiati, Sacchi e Associati providing legal advice.

This deal is also covered in this story based on an announcement by Beni Stabili.