The 93,552m2 area – worth €4.2m – was acquired by Biesse via a land exchange with its controlling shareholder BiFin SrL.
The deal involved Biesse exchanging an industrial building it no longer uses on its main production site in Pesaro. The building, currently rented out, is worth €3.5m.
The agreement also involves a cash payment of €1.63m, but Biesse said it would realise an advantage for all its investors of a capital gain of about €3.3m. Biesse said the acquired land included a 30,000m2 area suitable for construction of additional production facilities.
“The exchange is particularly convenient as it allows Biesse to limit the financial payment, to realise the sale of an asset that is no longer strategic, and at the same time to allow it not to let slip a unique opportunity to develop its main production site.”
Biesse said the area in question represented the only available opportunity for any expansion of the group’s production site.
The deal came about after Bifin contacted local real estate agents to seek potential buyers. Bifin holds a 58.46% shareholding in Biesse and is controlled by Giancarlo Selci, Biesse chief executive.
