MILAN, March 31 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)