Italy seizes Gaddafi assets worth $1.4 bn

Rome : Assets worth $1.1 billion euros (about $1.4 billion) belonging to Libya's Gaddafi family were seized by the Italian police.

The assets included stocks, real estate, a share of the Juventus soccer team and a Harley Davidson motorcycle, police said late Wednesday.

Then Libyan leader Muammar Gaddafi had cozied up to the Italian government and business leaders and in the process Libya was permitted to invest petroleum profits in oil company Eni, arms maker Finmeccancia, and automobile manufacturer Fiat.

The country built up a 7.5 stake in Unicredit, sparking outrage that a North African rogue tyrant could have a powerful voice in Italy's largest bank. It cost Unicredit chief executive Alessandro Profumo his job.

All deals were off when Italy joined its NATO allies in bombing Gaddafi's military in support of a rebel movement. Italy froze 3.6 billion euros worth of property belonging to Libya.

Eventually, Gaddafi and his three sons were killed. The assets, authorities believe belong directly to the Gaddafis, were impounded at the behest of the court.

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Carrefour Says Dia Spinoff Is Best Option After Approaches Come to Nothing

The retailer, based in Boulogne-Billancourt, intends to list Dia, the world’s third-largest discounter, in Madrid on July 5, pending approval. The move is part of a plan, which includes spinning off 25 percent of Carrefour’s property assets in France, Italy and Spain as it focuses on the Carrefour brand.

Carrefour repeated in a statement today that it expects sales and operating income to rise this year, boosted by expansion in China and higher sales in Brazil. Western Europe remains difficult and soaring raw-material prices are limiting the ability to negotiate with suppliers, Carrefour said.

Bank of Italy to sell of real estate portfolio

The Bank of Italy announced this week that it is selling off a big chunk of its real estate portfolio, including a large number of residential properties.
RTI (Consortium) Colliers International Italia – EXITone has won the agency contract to sell the assets which are valued at more than €300 million.

The portfolio, RTI (Consortium) Colliers International Italia – EXITone told OPP this week “consists of former bank branches and some residential units distributed throughout Italy, with a total surface area of ca. 240,000 SQM. Among the assets are some prestigious buildings located in major Italian cities.”

The public tender, which was published in May 2010, gives Colliers International Italia and EXITone three years to sell the properties. They have set up an international strategic committee with the heads of investment from Colliers offices in London, Paris, Madrid, Amsterdam and Frankfurt. This group has been given “the objective of defining the best sale strategies and guaranteeing the necessary visibility cross-borders,” says the consortium.

Colliers International is the third-largest commercial real estate services company in the world with 15,000 staff operating out of more than 480 offices in 61 countries

Italy's property sell-off: 9,000 lots in state sale Read more: http://www.thisismoney.co.uk/mortgages-and-homes/homes-abroad/article.html?in_article_

Fancy owning an island off the coast of Venice or Sardinia? If money is no object, one could soon be yours - as the Italian government is to sell off hundreds of treasures to reduce its national debt.About 9,000 buildings, palaces, beaches, islands and forts with an estimated value of more than £3bn are among the items that will become available at the end of this month. Italy's growing debt stands at £1.18 trillion. Among the most expensive and picturesque assets on sale is the Caprera island chain, part of the La Maddelana archipelago off the north-east coast of Sardinia.