Ailing Italian Bank Puts Crown Jewel Properties Up for Sale

Banca Monte dei Paschi di Siena SpA is preparing to sell as much as 600 million euros ($686 million) of real-estate assets including buildings near some of Italy’s most famous monuments as part of a plan to boost capital, people with knowledge of the matter said.

The Italian bank is working with property adviser Duff & Phelps REAG to market a package of office buildings and other properties, the people said, asking not to be identified as the process is private. The offering, which includes Monte Paschi assets in the centers of Milan, Rome, Padua and Florence, will begin as soon as March, they said.