The process of selling Grandi Stazioni retail, the company that operates the 14 major railway stations in 11 Italian cities, is being set in motion. The French private equity firm Antin, which holds 65% of the capital, and the two minority partners, the Icamap fund (23%) and Maurizio Borletti’s Borletti Group (11%), have appointed Ubs to manage the reorganization through their London-based banking team.
There is a certain level of competition expected for the deal, which will intensify at the end of March when expressions of interest from institutional investors are due to be submitted to the shareholders of Grandi Stazioni. Sovereign wealth funds from the Middle East are expected to participate, including Adia and Mubadala from the United Arab Emirates, and Qia from Qatar.
However, according to sources close to the operation, investment vehicles from European insurance companies such as Predica or funds that invest in infrastructure and real estate like the French company Altarea, which won the bid for Cento Stazioni in 2019, or the Swedish firm Eqt, could also emerge. These destinations will attract more tourists, especially if the high-speed rail lines are expanded.
The consortium assembled around Antin, which acquired Grandi Stazioni from FS and Eurostazioni (in turn held by Edizione, Vianini, Pirelli, and Sncf) seven years ago, had invested approximately one billion at the time. Today, the asking price is around 1.5 billion.
Depending on the agreement with the new buyer, Borletti and Icamap may reinvest as minority partners. Antin’s exit from the capital is certain, as the firm had invested in Grandi Stazioni through its second fund, which, launched in 2014, has increased the value of a large part of its holdings.