Italy's Coin To Buy Upim In Retail Tie-Up - Source

MILAN (Dow Jones)--Gruppo Coin SpA (GCN.MI) has agreed to buy smaller competitor Upim, a deal that would create Italy's biggest department store chain, a source familiar with the agreement said Thursday.

Speaking on condition of anonymity, the person confirmed newspaper reports published earlier in the day that valued the deal at more than EUR1 billion.

Under the terms of the deal, Upim's shareholders--Investitori Associati, Deutsche Bank Real Estate Opportunities Group, Pirelli & Co. Real Estate SpA (PRS.MI) and Gruppo Borletti--and its creditors--Unicredit SpA (UCG.MI) and Natixis (KN.FR)--will get a 7.5% stake in Coin, according to one newspaper, La Repubblica.

Borgo di Vagli, Tuscany

Life at the Borgo

24.11.2009 11:47:32 Realpoint is pleased to offer our clients a luxury Tuscan lifestyle at the unique Borgo di Vagli. Located close to Mercatale Cortona in the heart of the Tuscan countryside, Borgo di Vagli is a meticulously restored 14th century hamlet surrounded by a protected area of olive groves, fruit trees and ancient oaks. From the terraces, you can enjoy panoramic views of the breathtaking Tuscan hills, including a spectacular view of the 10th century Pierle castle.

(live-PR.com) - For those who love the authentic Tuscan experience, Borgo di Vagli now offers a unique and affordable ownership opportunity. This fractional ownership resort enables owners to enjoy virtually unlimited vacations in your Tuscan country home for a fraction of the price of whole ownership. Owners receive a 1/10th undivided interest in a residence category which incorporates a right over the

Vatican bank accused of laundering money

In its latest issue published on Friday, the magazine claims prosecutors are probing transactions totalling 180 million euros handled between 2006 and 2008 by Vatican bank (IOR) accounts held at Unicredit’s branch near the Vatican in Rome’s Via della Conciliazione.

Some of the funds came from the sale and purchase of real estate, and the banking operations allegedly breaking money laundering laws. Prosecutors told the magazine that they would in the next few days to question Unicredit's senior management over the suspect operations.

Pirelli RE 9-mth loss widens, hikes savings goal

MILAN, Nov 4 (Reuters) - Italy's Pirelli & C Real Estate SpA (PCRE.MI) posted a wider nine-month net loss on Wednesday, as restructuring costs and writedowns weighed, and raised its savings target for 2009. The net loss widened to 57.9 million euros ($85.37 million) from 12.9 million euros a year earlier. That was less than two analysts' forecasts for a loss of 63 million euros and 70 million euros. Income fell 33 percent to 199 million euros, Pirelli RE, a unit of industrial group Pirelli & C SpA (PECI.MI), said.

Pirelli RE upped its full-year cost savings target to 65 million euros, from 50 million euros, after booking 47 million euros up to September.

It also reiterated its full-year forecast for earnings before interest and tax. At 1222 GMT, Pirelli RE shares were up 2.1 percent at 0.5350 euros, little changed after the results.

Tuscan Real Estate Slows Down

The market for luxury residences in Tuscany has hit a rough patch for the first time since the euro doubled the cost of property — and of nearly everything else, too — almost a decade ago. While "la crisi," a nickname for the global financial crisis, has not affected Tuscany's real estate market as deeply as it has hit parts of France and the whole of Spain, the area is experiencing its own, softer slide.

Across Tuscany, closing prices in the luxury sector have fallen 10 to 20 percent from where they were two years ago, according to four agents who work around the region. In neighboring Umbria, Mr. Dragoni said, prices have dropped as much as ¤1,000, or $1,400, per square meter, from a peak of ¤4,000.

Italy real estate to grow at end 2010

MILAN, July 21 (Reuters) - The Italian real estate market has stabilised but growth will have to wait until the end of 2010 at the earliest, the chief executive of Italy's Beni Stabili (BNSI.MI: Quote, Profile, Research) Aldo Mazzocco said on Tuesday.

"We are playing in defence but we're glad to do that since most of our European competitors are playing (behind) the goal (line)," Mazzocco said speaking at an analyst presentation.

Mazzocco said he expects conditions on the Italian property market to remain tough in the coming months, adding he sees the second half of the year in line with the first half with the same kind of buyer - families and private investors.

But if the market has perhaps steadied "we won't see the first signs of growth before the end of 2010, early 2011", he said.