Beni Stabili Siiq, Italy's largest listed property company, has reported a 5% increase in net profit to just over EUR 40 mln in the first nine months of the year, versus EUR 38 mln in the same period a year before.

In a statement for the presentation of its third-quarter results, the Milan-listed property firm also said it has secured a new EUR 155 mln credit line for the Garibaldi complex in Milan, including EUR 82 mln to refinance a portion of debt expiring in December 2012.

The company had net debt of EUR 2.26 bn at end-September 2011, compared to EUR 2.21 bn a year before. Its loan to value ratio durrently stands at 51.3%.

The office-focused group owns a portfolio valued at EUR 4.4 bn with assets located predominantly in Northern Italy.