The vast real estate assets of the Benetton family could be divided between the four branches of the family. Neighboring sources therefore confirm the rumors published in Il Sole 24 Ore, which gave the decision to sell the vast portfolio that is in the hands of Edizione Property.
It is understood, explain the same sources, that the stores of the United Colors network should be excluded from the possible distribution. That is the real estate heart of the empire of colored sweaters which, moreover, are the largest part of the large portfolio of buildings. A share that should be around 50/60 percent.
Edition Property owns a wealth of prestigious properties including the Fondaco dei Tedeschi in Venice, the property in Place de l’Opéra in Paris and the property in Piazza Augusto Imperatore in Rome, subject to a renovation for the transformation in a Bulgari luxury hotel. Also in Rome there is also the building between the same square and Via del Corso which should house offices and retail spaces, in Milan Corso di Porta Vittoria 16 and Largo Toscanini 1, in Florence the building of the Merchandise Exchange, in Venice also the Ridotto block where the company owns retail spaces and the Monaco and Grand Canal hotel. And again in Paris Champs-Elysees 66. As of December 31, 2021, the assets of Edizione Property consisted of 98 properties, of which 58 in Italy, distributed in 13 countries around the world. Real estate rental revenues amounted to € 44.7 million (€ 38.8 million in 2020), and relate to the management of properties mainly for commercial use. The increase in revenues compared to 2020 is mainly attributable to the reduction in the discounts granted to tenants following the mitigation of the effects of the pandemic.
In recent weeks, according to what has been reconstructed, the safe in Ponzano Veneto is working on the spin-off of Edizione Property. As is known, this summer, the company had explored the sale, in bulk and not for individual buildings, of the assets. This was not a real tender, but a Citi-run bidding business. An exploration that had attracted the interest of various international subjects. Between these two in particular, Il Sole had reported again, they had then become proposals that arrived on the family table. That of the American giant Hines with Apollo Global Management and Coima. Hines and Apollo put 1.4 billion on the table, while Coima would have proposed a merger with Edizione Property.
The real estate assets, which total over 229 thousand square meters, would have a market valuation, according to the indications of the latest Edition balance sheet, of over 2 billion euros. However, now it seems that the idea of dividing the assets, excluding the shops that make up the Benetton Group, is being explored among the four branches of the family: those of Giuliana, Carlo, Gilberto and Luciano. In fact, it would be a question of going up the chain of control and dividing it into the holding companies that are above the Ponzano safe.