Telecom Italia sells Milan headquarters for 75 mln euros

MILAN, March 31 Mon Mar 31, 2014 12:52pm EDT

MILAN, March 31 (Reuters) - Telecom Italia has sold its Milan headquarters to Fondo Inarcassa RE for 75 million euro ($103 million) in a sale-and-leaseback deal with the Italian property fund, it said on Monday.

The deal is part of Telecom Italia's planned 4 billion euros of asset and bond sales to raise cash for much-needed investment to upgrade its domestic network.

A Telecom Italia statement said that it had signed a long-term rental contract for the building, which will continue to host its main offices in Milan.

The building is located in a prestigious area in the city centre, next to the Milan bourse. ($1 = 0.7256 Euros) (Reporting by Danilo Masoni; Editing by David Goodman)

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