Italian lender UniCredit to sell property assets worth 2.5b euros

Milan

UNICREDIT SpA is planning to sell 2.5 billion euros (S$3.9 billion) of property, including the home of one of the world's oldest pawn shops, as Italy's biggest lender seeks to strengthen its balance sheet.

Office buildings, bank branches, retail outlets and residential units in Italy, Germany and Austria are among the assets the Milan-based lender plans to market within two years, according to Paolo Gencarelli, head of UniCredit's real estate unit. Austrian sales are forecast to generate 1.2 billion euros, he said.