Italian transport company Atac has announced plans to sell over EUR 400 mln worth of warehouse and office properties in Rome.

During a presentation of the disposal programme held at the Expo Italia Real Estate fair in Milan, Gioacchino Gabbuti, CEO of Atac Patrimonio said the properties are no longer strategic to the core business of the cash-strapped Rome-based company.

'We have divided the portfolio in two sections: six assets will be directly put on the market, while other 11 properties will be divested after partnering with a development partner which will refurbish and reposition the assets,' Gabbuti said.

The portfolio includes city-centre properties which were formerly used by Atac as warehousing or office facilities. The first part of the portfolio includes SSE Nomentana, SSE San Paolo, Area Cave Ardeatine, SSE Etiopia, and the offices at Via Tuscolana 178 and 171 - 173. The assets in need of refurbishment include properties at Via di Portonaccio and Trastevere, as well as the Ostiense Garbatella area, with potential to develop 28,000 m2.

According to Gabbuti, the company is looking for an Sgr fund management company to create and manage a fund which will own most of the assets. 'We hope to be operational by the end of the month,' he added.