Grandi Stazioni, the Italian railways station management company, will be split in three arms, GS Retail, GS Rail (infrastructure) and GS Real Estate. The last one will include property close to the stations, for an equity value of EUR 20-30 million. Before the summer, an international tender will be launched to find the future buyer for the retail arm, while the real estate arm may be sold in the future.
Grandi Stazioni, which manages Italy’s 14 largest rail stations, is 60%-owned by Italian state railways Ferrovie dello Stato and 40%-owned by Eurostazioni. The railway stations managed by Grandi Stazioni include more than 500 stores opened so far, which will become 900 at the end of the renovation works; 700 million visitors every year, and 1.5 million of square meters of real estate. The sale is said to attract sovereign funds, private equity firms, real estate and retail operators.