Italian investor Borletti Group, asset manager Icamap and specialist French fund Antin Infrastructures have successfully acquired Italy's Grandi Stazioni Retail, which leases commercial space at large rail stations. The cost of the transaction has reached €953 million (US$1.1 billion).

According to sources, this privatization, among others planned, will help reducing Italy's high public debt by granting new funds to state-owned railway company Ferrovie dello Stato, which held 60% stake in Grandi Stazioni. The remaining 40% belongs to Eurostazioni, a private investment vehicle.

The procurement, which started in November, will be completed now with both shareholders's approval.

According to sources,  Ferrovie dello Stato Chief Executive Renato Mazzoncini said:

"The sale is a key step in our broader strategy to focus on our core business of infrastructure and transport."