MILANO – A twist in the RCS-Via Solferino affair. The company led by urban Cairo repurchased the property that houses the Corriere della Sera headquarters from Blackstone, sold by the publishing house to the US fund in 2013. The transaction would also close the legal dispute between the two parties. The agreement reached provides for an outlay for RCS of approximately € 70 million: € 59.9 million for the purchase of via Solferino and € 10 million in Blackstone as compensation for legal expenses. The agreement concerns only the portion of the property currently occupied by the newspaper, then valued at 30 million, and on which it paid 18 million rent, 2 million a year from the sale. The agreement reached, explains a joint press release from RCS Mediagroup and Kryalos SGR in the name and on behalf of the Delphine Kryalos Fund) and Blackstone “involves a reciprocal waiver of all shares and RCS has agreed to pay a contribution of 10 million to the expenses incurred. by Blackstone “.
The story
The property had been sold by the previous owner for 120 million euros. A figure that Urbano Cairo, once he became the owner of RCS, had judged too low and therefore decided to open a long legal dispute with Blackstone. Dispute which, according to the US fund, would have prevented Blackstone from completing the sale of the property to Allianz for 250 million euros. A dispute that lasted until the arbitration award called to settle the issue found Cairo’s request for compensation to be groundless. In turn, however, the US fund has initiated a lawsuit in the United States, asking for 600 million dollars in 2021 for the non-sale and for reputational damages. Now the agreement between the parties closes every dispute once and for all.