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Report: Monte dei Paschi receives 3 binding offers for real estate portfolio

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Report: Monte dei Paschi receives 3 binding offers for real estate portfolio

U.S. funds The Blackstone Group Inc. and Hines Interests LP along with Italy-based Dea Capital Real Estate SGR have submitted binding offers for troubled Italian lender Banca Monte dei Paschi di Siena SpA's portfolio of real estate assets, Reuters reported Dec. 20, citing sources close to the matter.

One of the sources told the newswire the portfolio has a value of about €300 million, while another source said the package could be worth around €250 million to €270 million. The binding offers for the portfolio were initially set at the beginning of December, with Monte dei Paschi expected to make a final decision on the potential buyer at the end of January 2020, according to the sources.

Earlier in the year, the Siena-based bank put up a sale of a portfolio of real estate assets in different cities in Italy to strengthen its capital and comply with a strict restructuring plan agreed with the European Central Bank following its bailout in 2017 — part of which was a commitment to sell at least €500 million worth of real estate assets by 2021, the report noted.