The Carlyle Group Sells 15 Buildings to Beni Stabili S.p.A. SGR Fund

Milan – The Carlyle Group, the global private equity firm, has announced the sale of 15 residential buildings, located in central and northern Italy, to the 'Domus’ portfolio of the Beni Stabili S.p.A. SGR fund.

The Carlyle Europe Real Estate Partners' properties, totaling 40,000 square meters, include a detached building in San Marco Sestiere in Venice and an early 19th century building in Castello Square in Turin. As part of the transaction the remainder of the Jupiter portfolio, acquired by The Carlyle Group in March 2003 from SCIP (Public Buildings Securitization Company) has been completely exited, following a four-year process to add value through development works and leasing.

"The Beni Stabili management team has recognised expertise in real estate management and we are delighted that the "Domus" fund has acquired this prestigious portfolio of buildings," commented Guido Audagna, Managing Director of The Carlyle Group in Italy. "Our investment activity in Italy will continue to focus on acquisitions that provide an opportunity to add significant value through repositioning, renovation and enlightened asset management."

Lehman Brothers International (Europe) and IMI Bank (Intesa Sanpaolo Group) were Co-Placement Agents; legal advisor of The Carlyle Group was Clifford Chance.