August 11, 2022

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Agreement with Blackstone, RCS buys historic headquarters of «Corriere» – Corriere.it

there Historic headquarters Corriere della Sera via Solferino Repurchased from The Red Cross of Urbano Cairo. The building, located in the center of Milan, was sold in 2013 by the publishing house to the American Blackstone Trust. From now on the building has been repurchased. The transaction ends the dispute related to the previous sale. The news pushed Rcs stock higher on the stock exchange: shares were held with a theoretical rise of more than 10%, then closed the session with a jump of 15.08% (to €0.702), better performance for the list with Cairo Communication shares (+13.46%).

Operation details

Rcs Mediagroup, Kryalos in name and on behalf of the Delphine Fund and Blackstone – reads the joint press release issued by Rcs Mediagroup, Kryalos and Blackstone – Announcing the settlement of the dispute relating to the sale of the real estate complex located in Milan to Crialos in 2013 via Solferino / Via San Marco / Via Balzan. The dispute began in July 2018 with a request from RCS to declare this sale void. In November 2018, arbitration began at the Arbitration Chamber in Milan and the legal proceedings initiated by Blackstone in New York. In May 2020 and May 2021, arbitration awards of the Milan Arbitration Court established the validity of the 2013 sale. The agreement reached includes a mutual assignment of all shares and RCS has agreed to pay a contribution of €10 million to the expenses incurred by Black Stone. Moreover, RCS will acquire, at a price of 59.9 million euros, the building in Via Solferino, the historical site of Corriere della Serapart of the real estate complex in dispute.

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Cairo’s satisfaction

We are pleased to have reached a settlement agreement with Kryalos and Blackstone regarding all ongoing disputes – announced the President and CEO of RCS Urbano Cairo – and for the opportunity to buy back the historic headquarters in Via Solferino. We accept the decisions of the arbitral tribunal and the Court of Appeal, which ascertained the correctness of Kryalos and Blackstone’s actions and no wrongdoing or bad faith in relation to the 2013 transaction. Thus, RCS acknowledges that Blackstone or Kryalos have not engaged in any unfairness and regrets the inconvenience caused by the dispute. Finally, we thank Dr. Claudio Calabi for his contribution to reaching this agreement. Paolo Botelli, Managing Director of Kryalos, said: “We have always been sure that we have acted professionally and for the benefit of our shareholders, and we are satisfied with the positive resolution of this dispute.