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You are here:  Home / Science News / Telecom Italia sells off some property

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Telecom Italia sells off some property

Published: Dec. 29, 2005 at 11:21 AM
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ROME, Dec. 29 (UPI) -- Telecom Italia said Thursday it sold $575.99 million (486 million euros) worth of real estate to a group of international investors.

The investors were led by Morgan Stanley Real Estate Funds and Pirelli & C Real Estate. The sell-off is expected to reduce Telecom Italia's debts by $445.62 million (376 million euros).

The company had announced plans to sell off parts of its property assets on Dec. 21.

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