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Disposal of Omicron Plus Fund units and further contribution of real estate properties to the same Fund

UniCredit Real Estate S.C.p.A. ("URE") has entered into an agreement to dispose of 3,200 units held in Fondo Omicron Plus Immobiliare ("Omicron Plus Fund"), managed by Fondi Immobiliari Italiani SGR S.p.A. ("Fimit"), to an affiliate of GIC Real Estate ("GIC RE"), the property investment arm of the Government of Singapore Investment Corporation, for a total consideration of approximately Euro 78 million.


On 30 December 2008, URE had completed the contribution of a portfolio consisting of 72 commercial real estate properties with a total contribution value of approximately Euro 800 million to Omicron Plus Fund, following which the majority of fund's units was placed with institutional investors and a minority was retained by URE.


With this sale of fund units to GIC RE, URE has completed the disposal of all the Omicron Plus Fund units held since December 2008, realizing a positive impact of ca. 3.5 bps on Group's Core Tier 1 ratio and a capital gain of approximately Euro 163 million in 2009 (of which ca. Euro 131 million in the third quarter 2009) net of taxes and transaction costs, in addition to Euro 282 million already accounted for in 2008.


Furthermore, consistently with the ongoing rationalization process relating the Group's real estate properties, today URE finalized the contribution of an additional portfolio of real estate assets, consisting of 179 commercial real estate properties for an overall contribution value of approximately Euro 530 million, to the same Omicron Plus Fund, following which new fund units have been issued and are expected to be placed to qualified investors to be identified by Fimit by May 2010.


All real estate properties comprised in the second contribution will be leased-back to the Group through rental agreements with an 18 year term, with an option for a further 6 year extension, and structured to provide the Group with the necessary flexibility required to manage its commercial banking network.


Financial advisors are UniCredit Corporate & Investment Banking acting for UniCredit Group and Leonardo & Co. acting for Fimit.
Placement agent of the transaction is BNP Paribas Corporate Finance.
Legal advisors are Studio Legale Gianni Origoni Grippo & Partners acting for UniCredit Group, Studio Legale Grimaldi e Associati acting for Fimit, Studio Legale Chiomenti acting for GIC, while the banks financing the fund were advised by Legance Studio Legale Associato.



Milan, September 30, 2009





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