Italy's social security agency INPS (Istituto Nazionale Previdenza Sociale) has unveiled plans to sell 75 office properties across the country starting from this year. According to President Antonio Mastrapasqua, the state-owned institute is preparing for the 'largest real estate disposal ever realised by a public administration in Italy'.

Speaking to Italian newspaper Il Messaggero, Mastrapasqua said that INPS will put a 175,000-m2 portfolio of 75 assets on the market, with the aim of generating capital gains of EUR 84 mln.

The fund plans to hold an auction in the coming weeks which will allow it to identify a private partner for the sale, which will unlock capital of around EUR 400 mln.

In 2012, INPS will also start the marketing of the assets owned by its local agencies throughout Italy, which are valued at around EUR 200 mln.