Italy's bank Intesa Sanpaolo said it has started the process to list its EUR 1 bn real estate investment trust, IMMIT Immobili Italiani. The new company, which was founded in October 2007 through the spin-off of the bank's non strategic property portfolio, owns 285 assets representing about 470,000 m[sup]2[/sup] of commercial space. A significant share of the portfolio is represented by bank units, but the company also holds several prestigious buildings in Rome and Milan. Intesa Sanpaolo said that it expects the listing to be finalised by April 2008.
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