Immsi creation following the split-up of the real estate branch of Sirti S.p.A. (Telecom Italia Group)

The company was set up in 2000 following the split-up of Sirti S.p.A. from the company's real estate branch: since February 11th, 2000 the ordinary shares of the Company have been listed on the Italian Stock Exchange (Borsa Italiana). In this period, Immsi S.p.A.’s activities are mainly related to the rent of real estate properties and buildings in order to exploit the business opportunities offered by the market, with reference with both properties acquired on the market and properties belonging to the Telecom Italia Group.


Immsi acquisition from the Telecom Italia Group and change of mission

Until November 22nd, 2002 Immsi S.p.A. was directly controlled by the Telecom Italia Group which, at that date, had sold its stake (equal to 45% of ordinary shares) to the company Omniapartecipazioni S.p.A., in its turn controlled by Roberto Colaninno through the holdings Omniainvest S.p.A. and Omniaholding S.p.A.. Following this disposal, Omniapartecipazioni S.p.A. has launched a Public Tender Offer (PTO) on the residual outstanding ordinary shares of the Company: the PTO ended on January 13th, 2003 and brought the stake owned by Omniapartecipazioni S.p.A. up to 50.35%.


Kick-off of Immsi Real Estate disposal plan and Company leverage

During 2003, the Company’s business activities developed in line with the newly implemented operating strategy and on the basis of the plans outlined by the new majority shareholders of the Company. In this context significant changes were made to the corporate mission which enabled, on one hand, to develop the traditional business of property management through dynamic new investments with potentially high returns and, on the other hand, the possibility to acquire and develop substantial equity investments in industrial and service companies, while at the same time taking on the strategic and management responsibilities. Moreover, the Company has started to implement the new strategic plan which aims to develop the traditional, purely asset-based model to an income-based one which better reflects market trends, paying particular attention to development and/or management projects in the residential, commercial, tourism and hotel sectors. In this context, as a first and introductory test phase of the plan and with the aim of diversifying the current asset allocation, the Company approved a plan of property disposals so as to unlock funds in order to finance further industrial projects and new property activities.


0.5% Capitalia stock acquisition

Following the resolution to acquire an equity investment in Capitalia S.p.A., Immsi S.p.A. acquired on the market a stake equal to approx. 0.5% of the banking group’s share capital. The equity investment, along with purchases made by Omniaholding S.p.A., which indirectly controls Immsi S.p.A., amounting overall to about 1% of the share capital, enabled the Company to join the newly established voting trust in Capitalia S.p.A..


Apuliae constitution

As part of the re-positioning of Immsi S.p.A.’s property activities, the ad hoc association of companies established in 2003 by Immsi S.p.A. (managing associate) won the tender of the Lecce Province for the concession of the executive project, works and management of the “ex Colonia Scarciglia” property in Santa Maria di Leuca, to be converted into a tourist resort. Upon completion, the Santa Maria di Leuca structure will comprise a 5 star luxury hotel with 72 rooms and a fitness area. In order to carry out the project, Immsi S.p.A. established Apuliae S.p.A., a company with registered offices in Lecce.


Piaggio Group acquisition

On 23 October, the most significant transaction of 2003 from the industrial viewpoint saw Immsi S.p.A. complete the negotiation for the acquisition of a significant equity investment in the Piaggio Group. The objective of the Piaggio acquisition is to add value to a historical Italian industrial group with brands recognised and appreciated throughout the world, also by means of balancing its main financial and economic indicators which will be possible following the restructuring of its debt and by its industrial relaunch. Following this acquisition, Immsi S.p.A. began submitting consolidated financial statements, starting with FY 2003.


RCN Group acquisition

At the end of May 2004, Immsi S.p.A. completed the acquisition of Rodriquez Cantieri Navali S.p.A. trough the purchase of a control stake in the holding vehicle RCN Finanziaria S.p.A.. The company acquired operates – also trough other companies of the RCN group – in the naval sector, manufacturing and marketing hovercraft, ferries, defence vessels and pleasure boats.


Is Molas acquisition

On October 2004 Immsi S.p.A., through its subsidiary Is Molas S.r.l., successfully bid in a bankruptcy auction for a business complex in the Comunes of Pula and Villa San Pietro (CA) on a site of some 3,900,000 square metres, and including a hotel complex, sports complex and ancillary systems, and the potential to create residential and tourist accommodation complexes. In this context, the Company has implemented an important project to develop the entire residential hotel complex for holiday makers, and to extend the existing golf courses (with the creation of a further 18-hole-golf course), for which the Company turned to internationally renowned professionals, including the Architect Fuksas, Gary Player, Golf Vacanze and Ai Engineering.


Aprilia acquisition

On December 2004 the Piaggio Group purchased 100% of the capital of Aprilia S.p.A., a company that manufactures and markets motorcycles, motor vehicles and vehicle components, as well as accessories and sports goods, with the brands “Aprilia”, “Moto Guzzi” and “Moto Laverda”. The unification of the two groups has created the fourth-largest producer of two-wheeled motorised vehicles in the world. The new group is able to offer a complete and differentiated range of products able to cover all segments of the market. With this operation the activities of the new Piaggio group assume a global dimension, both geographically and in terms of production, able to face the competitive challenge that, at world level, mainly involves competitors from outside the EU.


Listing of Piaggio Group

Since July 2006, the ordinary shares of Piaggio & C. S.p.A. have been quoted at the Mercato Telematico Azionario (Telematic stock market) of the Italian Stock Exchange.


Investment in Alitalia - CAI

In 2008, within the framework of the project for integrating and relaunching the business of Alitalia, Immsi S.p.A. acquired a stake equal to 7,08% in the company Alitalia – Compagnia Aerea Italiana S.p.A.